Taqa, the international energy and water company from Abu Dhabi, today said its CEO Carl Sheldon has stepped down.
“After six years at Taqa, Carl Sheldon has decided to step down as Chief Executive Officer and Member of the Board of Directors, effective at the Annual General Meeting in April,” the company said in a statement sent to Abu Dhabi bourse.
Sheldon will remain as Chairman of Jorf Lasfar Energy Company (JLEC), Taqa’s newly-listed Moroccan power business, and will serve as an Advisor to the Board of Directors of Taqa.
Under Sheldon, Taqa has evolved as a world-class operator of strategic energy infrastructure against the backdrop of tightening financial markets and volatile hydrocarbons prices.
Hamad Al Hurr Al Suwaidi, Chairman of the Board of Directors, said: “Carl has significantly strengthened the business across all our geographies and I am pleased that he will remain involved with Taqa. I would like to thank him for his great contribution and look forward to continuing to work with him in the future.”
Sheldon said: “I have been honoured to serve Taqa and Abu Dhabi for the past six years and I would like to thank the Board of Directors and all my colleagues for such a rewarding experience. I look forward to contributing to Taqa’s journey in the future.”
The leadership model at Taqa will change. Abdulla Saif Al Nuaimi, Vice Chairman, will take up a part-time executive role assuming responsibility for Taqa’s government and strategic relations and external affairs.
Sheldon will hand over all his responsibilities to Edward LaFehr, an experienced oil and gas executive who currently leads Taqa’s North American operation.
LaFehr takes on the newly-created role of Chief Operating Officer, based in Abu Dhabi. Joel Croteau, currently Vice-President of Development in North America, will succeed LaFehr as President of the North America business.
Al Suwaidi said: “I am delighted to welcome Ed as Chief Operating Officer. He has a deep knowledge of the energy industry and executive leadership experience in many of Taqa’s core regions including the Middle East, North America and Europe. He has led a strategic transformation of our North American business over the last 18 months and I look forward to him driving continuous improvements in the performance of the company.”
Al Nuaimi said: “Taqa has built up an enviable record as a world-class operator of large scale energy assets around the world and we will continue to be a reliable partner for strategic investments over the long term. We continue to see growth in our business and have several exciting opportunities in the pipeline.”