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Contact said McDaniel’s resignation, effective from January 30, meant he would not be standing for re-election at the upcoming 2004 annual meeting.
McDaniel advised the Contact board that, in view of the EME restructuring, he did not feel that he could devote the time and effort he deemed appropriate for his role as a Contact director.
Perhaps responding to media speculation that a cash-strapped EME might sell its 51% stake in Contact, McDaniel said EME remained committed to continuing close involvement with Contact at board level.
He said EME intended to nominate EME senior vice-president and chief financial officer Kevin Smith to fill the vacancy created by his resignation.
Last November EME secured a commitment letter for an US$800 million loan intended to provide “bridge financing to asset sales, including the sale of some or all of its international operations”.
Contact chairman Phil Pryke said: "The board has accepted Mr McDaniel's resignation with regret. Tom has many years of experience in the energy sector, enabling him to make thoughtful contributions to board discussions."
