Dan Lonergan will replace Paul Smith as chief executive at Tenaska Capital Management (TCM) as of December 1, the asset manager said in a statement.
Smith will relinquish his role to focus on TCM's strategic initiatives, the company said. He will also continue to serve as a senior managing director of TCM, chairman of the TCM investment committee, vice chairman of Tenaska Energy, and a member of the Tenaska board of stakeholders.
Lonergan, who together with Smith helped found TCM in 2002, most recently served as senior managing director of TCM, as member of TCM’s investment committee and as member of the Tenaska board of stakeholders. He will continue in all of these roles, in addition to serving as chief executive, a company spokesperson said.
He has more than 25 years of experience in the energy and power industries in finance, strategic planning, business development, financial reporting, and administration. Lonergan joined Tenaska, an independent energy company, in 1997 as a vice president in the finance division. Before that, he held a variety of executive positions in the energy sector including vice president of finance for the non-regulated businesses of MidAmerican Energy Company.
An affiliate of Tenaska, TCM has approximately $3.5 billion in assets under management and focuses on investments in oil and gas midstream, energy services, and power generation.
Founded in 1987, Tenaska is involved in asset acquisition and management; fuel supply; natural gas exploration, production, and transportation systems; and electric transmission development.
Other Tenaska affiliates include Tenaska Marketing Ventures, Tenaska BioFuels, Tenaska Power Services, and recently launched Tenaska NG Fuels.