Mullen co-CEO stepping down

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Mullen Group Income Fund announced late Tuesday, Jan. 16, that Pat Powell has tendered his resignation as co-chief executive officer. Powell’s responsibilities will be assumed by Murray K. Mullen, chairman, and Stephen H. Lockwood, co-CEO and president.

Powell, who will remain as a director, joined the Fund concurrent with its June 2006 merger with Producers Oilfield Services, where he held the positions of chairman of the board and president. Prior to joining POS, he was the president of H.L. Powell, a family business that grew into a major oilfield service company in western Canada.

“Pat’s enthusiasm and knowledge of the industry will be missed on a day-to-day basis, but with his continued presence on the board, the fund will continue to benefit from Pat’s extensive expertise and customer relations,” says Murray K. Mullen, chairman.

The Fund is an open-ended income fund that owns a network of independently operated businesses. The Mullen Group is recognized as the largest provider of specialized transportation and related services to the oil and natural gas industry in western Canada, and as one of the leading suppliers of trucking and logistics services in Canada.