Spectra Energy elects CEO Gregory Ebel as chair of the board of directors Spectra Energy announced that the board of directors has elected Gregory L. Ebel to serve as chair of the board of directors. Ebel, who has been president and CEO since January 2009, replaces William T. Esrey who is retiring after serving as chair for the past five years. The company also announced that F. Anthony Comper has been elected as independent lead director. Comper, originally elected to the board in 2007, is the former chair and retired president and CEO of BMO Financial Group and will serve as a member of Spectra Energy's corporate governance and audit committees. Both of these appointments will be effective immediately.
Spectra Energy upgraded to Buy from Neutral at UBS UBS upgraded Spectra Energy to Buy citing favorable risk/reward. The firm said the commodity market overhang is overstated given Spectra's infrastructure being predominantly FERC regulated and long dated contracts, and its growth rate is unchanged while peers have been forced to lower growth forecasts.