TAQA says CEO Carl Sheldon has decided to step down

February 26, 2014 - 9:50:56 am

ABU DHABI: Carl Sheldon has decided to step down as chief executive and member of the board of directors of Abu Dhabi National Energy Co (TAQA), the state-run energy and water company said on Wednesday.

The company's leadership structure will change after Sheldon leaves in April. The company did not give a reason for his departure but a source familiar with the situation said Sheldon, who has been at TAQA for six years, wanted to be closer to his family in the United States.

Edward LaFehr, who now leads TAQA's North American operations, will take on all Sheldon's current responsibilities in a new chief operating officer role, based in Abu Dhabi.

"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," Hamad Al Hurr Al Suwaidi, chairman of TAQA's board, said of LaFehr.

"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."

TAQA has investments in Canada's oil and gas sector and in the U.S. power industry, and has expanded into 11 countries over the last eight years.

Because of growing staff numbers in its offices around the world, TAQA announced in December that it would reduce staff numbers in Abu Dhabi as part of a cost-cutting drive.

Sheldon will remain as chairman of Jorf Lasfar Energy Co, TAQA's newly listed Moroccan power business, and will serve as an advisor to the TAQA board, the company said. (Reuters)