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
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, 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. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., 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. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.