The Board of Directors of Manitoba Hydro has announced that Robert B. Brennan, President and Chief Executive Officer, is to retire after nearly 47 years of service at the Crown Corporation.

Brennan has worked his entire professional career at Manitoba Hydro, where he has also served as Senior Vice-President, Finance and Administration and Chief Financial Officer. His tenure as President and CEO began in 1990. Since his appointment, Brennan has overseen significant growth as Manitoba Hydro fulfilled its mandate to provide affordable and reliable energy to Manitobans in every corner of the province. He leaves office as the corporation experiences its strongest financial position in its history.

Among his many accomplishments, Bob Brennan has been instrumental in strengthening Manitoba Hydro’s relations with northern Manitoba communities, establishing profit-sharing agreements with Aboriginal peoples, increasing energy exports, introducing one of the most successful demand-management (Power Smart) programs in North America and building one of the most environmentally-responsible commercial buildings in the world – the corporation’s headquarters in downtown Winnipeg. Brennan also facilitated important acquisitions over the years, including Centra Gas, Winnipeg Hydro and the purchase of the DC line and converter equipment from the Government of Canada.

“Bob Brennan has dedicated his professional life to Manitoba Hydro and this province,” said Manitoba Hydro Board Chairman Vic Schroeder. “We are aware that replacing such an outstanding and visionary leader will be a challenge. But thanks to Bob’s leadership, Manitoba Hydro is well positioned to handle the transition. The corporation is moving into a new phase of its history as we embark on new infrastructure and export initiatives, and so the timing for new leadership is suitable.”

The search for a new CEO is well underway, said the Board.”The CEO search process began in April of this year, following Bob’s notice that he planned to retire,” said Schroeder. “Taking into account the great talent available at Manitoba Hydro, our search will start internally with all suitable candidates being considered. We’ll also be conducting a global search to ensure we find the most qualified candidate to fill the position of CEO.”

The board has selected international search firm Odgers Berndston to assist in finding a new CEO. The search is expected to take several months and the board anticipates the process and a new appointment will be completed in early 2012. Until that time, Brennan will continue as President and CEO.

“We are looking for a CEO who can keep Manitoba Hydro on a sound financial footing as the corporation undertakes a capital expansion program and pursues new export contracts, while protecting the environment, building stronger relationships with Aboriginal communities, maintaining among the lowest energy rates in North America and continuing to provide the high quality of customer service Manitobans have come to expect,” Schroeder said.