TORONTO, April 26, 2017 /CNW/ - Hydro One Limited (TSX:H)
today announced that Michael Vels,
Chief Financial Officer, will be leaving Hydro One effective
May 19, 2017 to assume the position
of Executive Vice President and Chief Financial Officer of Empire
and its wholly-owned subsidiary Sobeys Inc.
"We appreciate Michael's many contributions to Hydro One during
his tenure," said Mayo Schmidt,
President and Chief Executive Officer of Hydro One. "Over the past
two years, Michael has been instrumental in transitioning Hydro One
into an investor owned utility following the successful completion
of the Initial Public Offering in 2015. On behalf of the Hydro One
team we wish Michael all the very best in his new endeavors."
Hydro One will commence an immediate search for a CFO
successor.
About Hydro One Limited:
We are Ontario's largest
electricity transmission and distribution provider with more than
1.3 million valued customers, $25
billion in assets and annual revenues of over $6.5 billion. Our team of 5,500 skilled and
dedicated employees proudly and safely serves suburban, rural and
remote communities across Ontario
through our 30,000 circuit km high-voltage transmission and 123,000
circuit km primary distribution networks. Hydro One is committed to
the communities we serve, and has been rated as the top utility in
Canada for its corporate
citizenship, sustainability, and diversity initiatives. We are one
of only four utility companies in Canada to achieve the Sustainable Energy
Company designation from the Canadian Electrical Association. We
also provide advanced broadband telecommunications services on a
wholesale basis utilizing our extensive fibre optic network. Hydro
One Limited's common shares are listed on the Toronto Stock
Exchange (TSX: H). For more information about everything Hydro One,
please visit www.HydroOne.com.
All Employee Message from Mayo
Good morning,
I regret to inform you that Michael
Vels, Chief Financial Officer, has accepted an executive
position as Chief Financial Officer with Empire Company
Limited.
As many of you are aware, Michael joined the company in early
2015 just before my arrival. During his time with the company, his
accomplishments have been significant which include successfully
launching our initial public offering and transitioning our company
into an investor owned utility. In addition, Michael has been
instrumental in leading our DX and TX filing with the Ontario
Energy Board.
I want to personally thank him for his camaraderie and
assistance with my integration into the organization. On behalf of
the company and executive leadership team I want to wish him many
continued successes as he embarks on this next chapter.
Mike's last day with Hydro One will be May 19, 2017 and we will begin the process of
selecting his replacement as soon as possible.
Mayo
Note to BOD
Dear Colleagues:
I am writing to inform you that Mike
Vels has accepted an executive position as CFO with Empire
Company/Sobeys Inc. and will be leaving Hydro One effective
May 19, 2017.
Mayo today advised ELT members and a select number of our
employees of this development. As this information constitutes a
material event requiring disclosure, we will issue a press release
before markets open tomorrow.
Mike will attend the board and committee meetings on May 4/5,
and this will afford us an opportunity to acknowledge the many
significant contributions he has made to Hydro One over the past
two years. Mayo will also provide us his thoughts on this important
role and how he plans to fill it as expeditiously as possible.
David
Question and Answers
Why has your CFO decided to leave so early in his
tenure?
Mike Vels has been with this
company for over two years and in that period helped execute a
successful IPO and secondary offering, as well as overseeing Hydro
One's first ever five year distribution rate filing. At this time,
Mike is taking an opportunity with another organization to serve as
their CFO. We wish him well in his future endeavors.
With both the Ombudsman and CFO leaving in quick succession,
what does this say about the environment at Hydro One?
Both Mike Vels and Fiona Crean decided timing was right to take new
opportunities in organizations outside the Energy sector. Over the
past two years, Hydro One has built a diverse and highly
experienced leadership team and, as with any team of this caliber,
members will often be in high demand. In his two years with the
Company, Mike helped execute a successful IPO and secondary
offering, as well as overseeing Hydro One's first ever five year
distribution rate filing.
Have you found a new CFO?
We have initiated an executive search to find Mike's replacement
and have every expectation that this search will yield a candidate
that will fit well with Hydro One's diverse and highly experienced
executive leadership team.
SOURCE Hydro One Limited