TC Energy Appoints New CFO

TC Energy Corporation’s board has appointed Sean O’Donnell, currently the company’s senior vice-president for capital markets and corporate planning, to succeed Joel Hunter as executive vice-president and chief financial officer (CFO) effective May 15.

The appointment follows Hunter’s decision to leave the company to pursue another opportunity in the energy sector, TC Energy said in a news release Wednesday.

Hunter will remain with TC Energy until July 1 to support its 2024 strategic priorities, including the intended spinoff of South Bow, while working closely with O’Donnell to ensure a smooth transition, the company said. The new liquids pipelines company, South Bow, will focus on “enhancing the value of its unrivaled asset base by increasing capacity on underutilized portions of the system and increasing connectivity to additional receipt and delivery points”, TC Energy said.

In July 2023, TC Energy announced plans to spin off its liquid pipelines business after a two-year strategic review, saying it can “better execute” business opportunities with two separate entities.

“Throughout his over 26 years with the company, Joel has been a valued member of the TC Energy team, and a distinguished contributor to our success,” TC Energy President and CEO François Poirier said. “He has developed significant depth within the CFO leadership team that will allow for a seamless transition and provide continuity as we deliver on our priorities. We wish Joel all the best in his next opportunity”.

“Sean’s wealth of energy industry experience combined with his tenure in corporate finance and private equity, are in direct alignment with our strategic priorities”, Poirier noted. “Sean was brought on to the TC Energy team through a thoughtful talent planning process to enhance our leadership capabilities and is a reflection of our deep bench strength across the organization. I have had the pleasure of working with Sean previously, and he is an exceptional and highly experienced leader who shares our core values”.

O’Donnell joined the company in November 2023 as senior vice-president for capital markets and corporate planning, where he leads the finance, corporate planning and evaluations functions within the CFO group.

Prior to joining TC Energy, O’Donnell served as an operating partner of Quantum Capital Group, a leading energy-focused private equity firm. During his 13 years at Quantum, he served on the firm’s investment committee and on the board of over a dozen Quantum portfolio companies across North America and Europe, overseeing investments in the upstream, midstream and liquefied natural gas (LNG) sectors, in conventional and renewable power plants, and in other energy transition infrastructure investments, according to the release. He also served as the CFO of Quantum’s first US independent power company and of the firm’s LNG export facility in Mexico.

Before joining Quantum, he was a managing director in the Power & Utility investment banking group at J.P. Morgan.

Last month, TC Energy Corporation announced the sale of its Prince Rupert natural gas transmission entities to the Nisga’a Nation and Western LNG. A jointly owned subsidiary of the Nisga’a Nation and Western LNG LLC has entered into a binding agreement with TC Energy to acquire all of its outstanding shares in Prince Rupert Gas Transmission Holdings Ltd. and the limited partnership interests in Prince Rupert Gas Transmission Limited Partnership, collectively called PRGT.

PRGT is a wholly owned subsidiary of TC Energy and the developer of a natural gas pipeline project in British Columbia and a potential delivery corridor that would further unlock Canada as a secure, affordable and sustainable source of LNG.

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