CALGARY, May 4 /CNW/ - Lorne Gordon, Chairman of the Board of Directors of Pembina Pipeline Corporation, a wholly-owned subsidiary of the Pembina Pipeline Income Fund (the "Fund") announced today that Douglas J. Haughey has tendered his resignation from the Board of Directors, effective immediately.
Mr. Haughey has accepted the position of President and Chief Executive Officer and Director of Provident Energy Trust and began his new role on April 28, 2010. As a result of potential conflicts of interest in his new position, Mr. Haughey, who joined Pembina's Board in 2008, has resigned.
"Doug has been an excellent Board member for Pembina, investing his valuable time, talent, passion and wisdom to help make our Company successful," said Mr. Gordon. "On behalf of Pembina's Board of Directors, I wish him well in his new role."
As a result of Mr. Haughey's resignation, Pembina's Board will be reduced to seven members. Pembina does not intend to immediately fill the vacancy created by Mr. Haughey's resignation, nor does it expect to nominate a replacement nominee at the Fund's annual general and special meeting being held in Calgary on May 7, 2010. Rather, the Board's Governance Committee is expected to examine Board composition and determine if there is a need to nominate additional members to the Board later in 2010.
Pembina Pipeline Corporation, a wholly-owned subsidiary of the Fund, transports crude oil and natural gas liquids produced in Western Canada, owns and operates oil sands pipelines and has a growing presence in midstream and gas services. Pembina's trust units (PIF.UN) and convertible debentures (PIF.DB.B) are traded on the TSX.