Welcome!

News Feed Item

Fortis President & CEO H. Stanley Marshall to Retire Board Appoints Fortis VP, Finance & CFO Barry Perry as Successor

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.

For more information, visit www.fortisinc.com or www.sedar.com.

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.

Contacts:
Donna Hynes
Manager, Investor and Public Relations
Fortis Inc.
709.737.2800

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...