|By Marketwired .||
|May 12, 2014 07:00 AM EDT||
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/12/14 -- Fortis Inc. (TSX:FTS) ("Fortis" or the "Corporation") President and Chief Executive Officer ("CEO") H. Stanley Marshall today announces that he will retire as President and CEO and Director of the Board of Directors of Fortis, effective December 31, 2014. Mr. Marshall's career with Fortis spans 35 years and he has been at the helm as President and CEO for more than 18 years.
The Board of Directors of Fortis today announces that Barry Perry, Vice President, Finance and Chief Financial Officer of Fortis will succeed Mr. Marshall as CEO, effective December 31, 2014. As part of the transition process, Mr. Marshall will relinquish his role as President to Mr. Perry on June 30, 2014.
Mr. Marshall, 63, has led Fortis since 1996 when he was appointed President and CEO. Under his leadership, Fortis has grown into the largest investor-owned gas and electric distribution utility in Canada, and the Corporation's total assets have grown almost twentyfold from less than $1.0 billion in 1996 to $18.6 billion today.
"I'm very proud of what we have achieved at Fortis over the last 25 years. I want to thank all of those dedicated employees, both past and present, who have contributed to our success. Fortis is strong and well-positioned for greater success in the years ahead. I have absolute confidence in Barry and the team to make it happen," says Mr. Marshall.
"I would like to take this opportunity to thank Stan Marshall for his exemplary leadership over the past two decades," says David Norris, Chair of the Board. "Under Stan's vision of profitable growth through strategic acquisitions, our regulated electricity and gas utility business has been transformed in terms of both size and geographic diversity. Stan's significant accomplishments include the Corporation's expansion in western Canada through the acquisition of the Aquila electric utility assets in Alberta and British Columbia in 2004, the acquisition of Terasen Gas in British Columbia in 2007 and our initial entry into the United States with the acquisition of New York State utility Central Hudson Gas and Electric in 2013. Since Stan became CEO in 1996, our total shareholder return is approximately 855% and the average annual total shareholder return is approximately 13%."
"Stan will leave Fortis with a strong foundation and forward outlook," notes Mr. Norris. "Upon closing of the acquisition of UNS Energy in Arizona, the Corporation's total assets will increase to approximately $25 billion and Fortis utilities will serve more than three million electricity and gas customers. On behalf of the Board, I would like to personally thank Stan for his leadership and tremendous contributions as President and CEO to the growth and success of Fortis and for his invaluable assistance to the Board in the succession process."
"We are pleased to announce Barry Perry as the next President and CEO of Fortis. Barry is highly regarded and widely respected within the Fortis organization and throughout our industry for his extensive knowledge of our business and strong leadership skills. The Board members unanimously agree that he is the right person to continue to build on Stan's legacy of success," says Norris. "Over the past several months, the Board has undertaken an extensive executive assessment process as part of our broader succession planning. This process confirmed that we have an exceptional group of talented senior executives and leadership depth within our organization which, in many respects, is due to the guidance and mentoring by Stan as CEO over the years."
"I am delighted that the Board has chosen Barry as my successor. Barry brings a continuity of strategy, culture and values shared by our Board, senior executive team and across our organization," says Mr. Marshall.
"Over his tenure, Stan focused on growing our utility business profitably while ensuring we met our obligation to serve our customers," says Barry Perry. "I intend to maintain that focus as we continue to pursue our vision to be a leader in the North American utility industry. I would like to thank the Board and Stan Marshall for having the confidence in me to lead this strong organization."
Mr. Perry joined the Fortis organization in April 2000 as Vice President, Finance and Chief Financial Officer ("CFO") of Newfoundland Power Inc. He has served as Vice President, Finance and CFO of Fortis since January 2004.
About Fortis: Fortis is the largest investor-owned gas and electric distribution utility in Canada with total assets of approximately $18.6 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for approximately 90% of total assets and serve approximately 2.5 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investment is comprised of hotels and commercial real estate in Canada.
Fortis includes forward-looking information in this material within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on assumptions developed using information currently available to the Corporation's management. Although Fortis believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect the Corporation, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and to the heading "Business Risk Management" in the Corporation's annual and quarterly Management Discussion and Analysis. Except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
Manager, Investor and Public Relations
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 21, 2017 07:45 AM EST Reads: 248
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 21, 2017 07:45 AM EST
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 21, 2017 07:30 AM EST Reads: 4,129
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 07:15 AM EST
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
Feb. 21, 2017 07:00 AM EST Reads: 5,225
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 04:30 AM EST Reads: 1,421
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 21, 2017 03:45 AM EST Reads: 871
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 21, 2017 03:30 AM EST Reads: 3,588
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Feb. 21, 2017 03:30 AM EST Reads: 7,563
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 21, 2017 03:00 AM EST Reads: 1,610
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 21, 2017 02:45 AM EST Reads: 1,359
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Feb. 21, 2017 02:00 AM EST Reads: 4,577
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Feb. 21, 2017 01:15 AM EST Reads: 3,283
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Feb. 21, 2017 01:00 AM EST Reads: 6,280
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Feb. 21, 2017 12:30 AM EST Reads: 727