Ascendant Group Ltd, the parent company of power utility Belco, has appointed Robert Schaefer as chief financial officer.

Mr Schaefer replaces Mark Takahashi, who is retiring.

Sean Durfy, Ascendant’s president and chief executive officer, said: “Rob brings to the company extensive experience in the North American power and gas business.

“Rob’s background in regulated and deregulated markets with experience spanning finance, mergers and acquisitions, business development and marketing functions will serve us well as we move into a new regulatory environment and chapter of growth for our company.”

Mr Schaefer has spent close to 30 years in the energy business with experience in Canada, US and Europe.

Ascendant said his key accomplishments included spearheading new market entry and growth, development of renewable power projects, negotiation of long-term power-purchase agreements and transformational business transactions.

His previous experience includes positions at Transalta Corporation, TransCanada Pipelines and EnMax Corporation.

Mr Schaefer holds a Bachelor of Commerce degree from University of Calgary and is a Chartered Accountant.

Mr Durfy added: “On behalf of the board of directors, I would like to take this opportunity to thank retiring CFO, Mark Takahashi, for his contributions to Ascendant Group Ltd over the past three years.

“Mark has played the central role in moving our financial reporting to International Standards, driving improved financial performance, providing expertise on Regulatory Authority matters and has been instrumental in preparing the company to raise the debt financing required for Belco’s capital plan.”