‘Thank God I diversified:’ An Alberta business leader reflects on the province’s future

I had over-interpreted the chairman’s message.

“Compared to where we’ve been, we are really, really cautious,” Mullen said in an interview at his company’s Calgary office. “The deals I do today are only for our shareholders. If I do a deal, I consolidate this company and that company and I get rid of jobs because there is no growth in the economy.”

“We continue to see trends emerging that will undoubtedly alter the way we view the world, the way we see each other and the way we interact,” Mullen wrote. “It was an unforgettable year, one which seemed to consume me all too often, leaving precious little time to focus on those things that well, or for those that matter most.”

In 2012, when Alberta still was riding “this beautiful wave” caused by the post-crisis commodity boom an ultra-low interest rates, Mullen decided to reduce his company’s exposure to his home province’s dominant industry. Oil now accounts for about 30 per cent of business, compared with about 70 per cent not so long ago. The transition meant giving up on hundreds of millions of dollars in revenue and eliminating positions held by some 1,500 people.

Diversify! That’s the thing to do. Good reflex! canpoli

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