Doug Haughey, Chair of the Board of Directors (the "Board") of
Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today
announced the retirement of Barry Perry, President and CEO, from
Fortis and the Board, effective December 31, 2020. David Hutchens,
currently Chief Operating Officer of Fortis and CEO of UNS Energy,
will succeed Perry and join the Board, effective January 1, 2021.
Perry made a personal decision to retire after a
nearly 35-year career, over 20 of which were with Fortis. He has
led the Corporation since 2015. Prior to his current position, he
served as President from June 30, 2014 to December 31, 2014 and as
Vice President, Finance and Chief Financial Officer of Fortis for
10 years. The Board's long-term CEO succession plan positioned the
Corporation well for this transition and following a comprehensive
process the Board confirmed Hutchens as Perry's successor.
"I'm humbled to have spent the past two decades of
my career with Fortis. It's been an incredible journey to lead the
company during a time of such transformational growth. Thank you to
our employees, both past and present, for contributing to the
success of Fortis," said Barry Perry. "Fortis has become a North
American utility leader focused on a cleaner energy future. I have
absolute confidence that David and the team will continue to serve
our customers well, advance our strategy and grow Fortis for years
to come."
In expressing his support for Hutchens, Perry said:
"David has decades of utility experience, including as CEO of our
subsidiary UNS Energy in Arizona. He has a deep understanding of
our business, strategy and culture, is forward-focused, an
innovative thinker and most importantly, shares the values of
Fortis."
Hutchens was appointed Chief Operating Officer of
Fortis in January 2020 while concurrently serving as the CEO of UNS
Energy. In this position, Hutchens was integral in the development
of the Corporation's strategic business plan and led initiatives on
safety and operational excellence. In his prior role, he served as
Executive Vice President, Western Utility Operations with Fortis
beginning in January 2018. In this role, Hutchens maintained his
responsibility as President and CEO of UNS Energy and provided
oversight of the operations of FortisBC and
FortisAlberta.
"I would like to sincerely thank Barry Perry for
his outstanding leadership and immense contributions over the past
20 years," said Doug Haughey. "Barry led the Corporation's
acquisition of our largest business, ITC Holdings, the listing of
Fortis on the New York Stock Exchange and, following our strategic
expansion into the United States, he successfully pivoted the
Corporation toward organic growth. Total shareholder return during
Barry's leadership of Fortis was 105%, or approximately 12% per
year. Furthermore, Barry advanced many priorities at the
Corporation, including safety, diversity and inclusion,
sustainability, investor relations and cybersecurity."
"We are pleased to announce David Hutchens as the
next President and CEO of Fortis," said Haughey. "David has been a
key leader in the Fortis organization and offers a unique
combination of operational and regulatory expertise in both the
electric and gas sectors. David is the right choice to advance the
Corporation’s growth strategy and support a cleaner energy
future."
Hutchens has been with UNS Energy for 25 years,
advancing through various management positions, overseeing
wholesale energy trading and marketing, and energy efficiency and
resource planning. He assumed the position of President and CEO,
UNS Energy in May 2014. He earned a Bachelor of Aerospace
Engineering and a Master of Business Administration from the
University of Arizona and is a former nuclear submarine officer in
the U.S. Navy. David is a member of the Edison Electric Institute's
Board of Directors, the Western Energy Institute Board of Directors
and numerous other charity and civic organizations.
"I'm excited about leading Fortis into a new
chapter of growth driven by our transition to a cleaner energy
future," said David Hutchens. "Our continued focus on energy
delivery, our effective business model supporting our growth
strategy, proven dividend track record and outlook, and our strong
ESG profile make Fortis a premium North American utility. With my
colleagues, I look forward to leading this incredible company,
inspiring excellence in customer service and strengthening our
partnerships with community and industry."
"Fortis will remain a Canadian-headquartered
company and our success in this evolving industry will continue to
be built on our strong foundation of safety, culture,
responsibility, and commitment to our customers, employees and
communities," said Hutchens.
"I’d like to thank Barry for his tremendous
contributions to Fortis," said Hutchens. "His insights, passion and
leadership are widely recognized in our industry and have been
greatly appreciated by those of us fortunate enough to work closely
with him."
About FortisFortis is a
well-diversified leader in the North American regulated electric
and gas utility industry, with 2019 revenue of $8.8 billion and
total assets of $56 billion as at June 30, 2020. The
Corporation's 9,000 employees serve utility customers in five
Canadian provinces, nine U.S. states and three Caribbean
countries.
Fortis shares are listed on the TSX and NYSE and
trade under the symbol FTS. Additional information can be accessed
at www.fortisinc.com, www.sedar.com, or www.sec.gov.
A .pdf version of this press release is available
at: http://ml.globenewswire.com/Resource/Download/bceba61e-4eff-4c3f-ad1b-eb930ef36aaf
For further information
contactInvestor Enquiries:Ms. Stephanie Amaimo Vice
President, Investor RelationsFortis
Inc.248.946.3572investorrelations@fortisinc.com
Media Enquiries:Ms. Karen McCarthyVice President,
Communications and Corporate AffairsFortis
Inc.709.737.5323media@fortisinc.com
Fortis (NYSE:FTS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fortis (NYSE:FTS)
Historical Stock Chart
From Sep 2023 to Sep 2024