TAQA appoints new CFO

The Abu Dhabi National Energy Company “TAQA”, a publicly listed company on the Abu Dhabi Securities Exchange, would like to announce that Doug Fraser, Chief Finance Officer (CFO), is leaving the company to return to Canada. Doug announced his intentions earlier this year and the company has used its time to identify the right successor. 

Stephen Kersley has been appointed as the CFO, and will take up his duties from 22 May 2011. Stephen's appointment as CFO comes after many years of wide-ranging experience at Shell. He brings more than 20 years of corporate finance, strategic planning and management experience to TAQA, having recently served as Vice President – Finance. Stephen will be based in the company’s corporate headquarters in Abu Dhabi, United Arab Emirates and will provide input and financial leadership to the company and have responsibility for the development and execution of the financial strategy.    

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said, “Over the past three years, Doug has made a significant contribution to TAQA’s financial management and investor relations. For some time, Doug has made clear his wish to return to Canada, to spend more time with his family. We are grateful to Doug for his service and wish him well in all his future endeavours.” 

Carl Sheldon, General Manager, commented, “We are very appreciative of Doug's contribution to TAQA and we wish him well for the future. We have taken the time to find the right replacement and are pleased to have found someone with Stephen’s knowledge and experience. His expertise and track record at Shell will be a significant asset to TAQA as we continue to deliver the company's strategy and realise our full potential." 

Doug Fraser, outgoing Chief Financial Officer, commented, "It was a very difficult decision to leave and I have enjoyed my time at TAQA, particularly working with my colleagues. My plan is to return home to Canada to be closer to my family, which is a better fit for my goals and aspirations at this stage in my life. I believe TAQA has a bright future and I wish my colleagues all the best." 

Stephen Kersley, incoming Chief Financial Officer, commented, “TAQA has grown tremendously over the last few years, building a robust global energy business. I look forward to working with the team to help take the business through the next stage of its development.” 

Doug will remain with the company until 30 June 2011 allowing sufficient time for a seamless transition.