Welcome!

News Feed Item

Fortis Announces Executive Appointments

Karl Smith Named Executive VP, Chief Financial Officer

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 06/24/14 --

Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announces the following Executive Vice President ("EVP") appointments:

Karl Smith, President and Chief Executive Officer ("CEO"), FortisAlberta, will become EVP, Chief Financial Officer ("CFO"), Fortis, effective June 30, 2014;

John Walker, President and CEO, FortisBC, will become EVP, Western Canadian Operations, Fortis, effective August 1, 2014; and

Earl Ludlow, President and CEO, Newfoundland Power, will become EVP, Eastern Canadian and Caribbean Operations, Fortis, effective August 1, 2014.

"Karl, John and Earl, through their extensive utility experience and considerable leadership responsibilities throughout the Fortis Group, have each made a significant contribution to the value that Fortis has achieved for our shareholders and the reputation that Fortis has built for delivering quality service to customers," says Stan Marshall, President and CEO, Fortis.

"These executive appointments are a continuation of our management succession plan and will strengthen the ability of Fortis to achieve its vision to be a leader in the North American utility industry," says Barry Perry, who, as previously announced, will become President, Fortis, effective June 30, 2014, and President and CEO, Fortis, effective December 31, 2014, upon the retirement of Mr. Marshall.

Mr. Smith, CA, (B.Comm) has a career with the Fortis Group that spans more than 25 years. Mr. Smith was appointed President and CEO, FortisAlberta in 2007. Prior to then, he served as President and CEO, Newfoundland Power from 2004 through 2007 and as CFO, Fortis from 1999 through 2003. Mr. Smith currently serves as a Director on the Boards of FortisAlberta and CH Energy Group. He also serves as a Director on the Boards of the Western Energy Institute and the Canadian Electricity Association ("CEA") and is past Chair of CEA. Mr. Smith serves as Chair of the Board of Governors of Mount Royal University and is Chair of the Board of Junior Achievement of Southern Alberta.

Mr. Smith, as EVP, CFO, will provide financial leadership to the organization and has responsibility for the Corporation's finance, financial reporting and planning, audit, investor relations, tax and regulatory compliance, and mergers and acquisitions functions.

Mr. Walker (B.Sc., MBA) has a career with the Fortis Group that spans more than 30 years. He was appointed President and CEO, FortisBC Electric in 2005 and in 2010 he also became President and CEO, FortisBC Gas. Prior to his leadership positions at FortisBC, he served as President and CEO, Fortis Properties from 1997 through 2005. Mr. Walker currently serves as a Director on the Boards of FortisAlberta and FortisBC. He is also Chair of the Board of the Western Energy Institute, Vice-Chair of the Canadian Gas Association and a Director on the Board of CEA.

Mr. Walker, as EVP, Western Canadian Operations, assumes responsibility for FortisBC, FortisAlberta and non-regulated energy-related operations, including the Waneta Expansion hydroelectric generating facility ("Waneta Expansion") in British Columbia. The regulated operations in western Canada meet the energy needs of more than 1.6 million customers and, over the next five years, have a planned consolidated $4.3 billion in capital expenditures. The $900 million, 335-megawatt Waneta Expansion is the largest capital project currently underway by the Corporation. Fortis owns 51% of the Waneta Expansion and will operate and maintain the facility when it comes online, which is expected in spring 2015. Mr. Walker will continue to lead liquefied natural gas ("LNG") infrastructure expansion opportunities, including the recently approved $400 million Tilbury LNG expansion facility, located on the Fraser River, in Delta, British Columbia.

Mr. Ludlow, P.Eng., (B.Eng, MBA) has a career with the Fortis Group that spans more than 34 years. He was appointed President and CEO of Newfoundland Power in 2007. Prior to then, he served as President and CEO, Fortis Properties from 2005 through 2007, and as Senior Vice President ("VP"), FortisBC and VP, Operations, FortisAlberta from 2004 through 2005. Mr. Ludlow currently serves as a Director on the Boards of Newfoundland Power, Maritime Electric, FortisOntario and Caribbean Utilities. He also serves as a Director on the Board of CEA. Well known for his outstanding community work, Mr. Ludlow is Honorary Lieutenant Colonel of the Royal Newfoundland Regiment First Battalion and also serves as Chair of the Board of Governors, Commissionaires, Newfoundland and Labrador. He is past Chair of the Dr. H. Bliss Murphy Cancer Care Foundation.

Mr. Ludlow, as EVP, Eastern Canadian and Caribbean Operations, assumes responsibility for Newfoundland Power, Maritime Electric, FortisOntario, Fortis Turks and Caicos and Caribbean Utilities. He also assumes a role supporting the internal utility operations groups. Eastern Canadian and Caribbean regulated utilities collectively serve approximately 440,000 customers and, over the next five years, have a planned consolidated $1 billion in capital expenditures.

Corporate oversight responsibility for U.S. regulated utilities and Fortis Properties will remain with the President and CEO, Fortis. UNS Energy and Central Hudson collectively serve more than 1 million customers and, over the next five years, have a planned consolidated $2.3 billion in capital expenditures. Fortis expects to close the UNS Energy acquisition by the end of 2014. Fortis Properties owns and operates 23 hotels, comprised of more than 4,400 rooms, in eight Canadian provinces and owns and operates approximately 2.7 million square feet of commercial office and retail space, primarily in Atlantic Canada.

"The Fortis approach to operating standalone businesses, with separate management teams and Boards in each jurisdiction, will continue," says Perry.

The Board of Directors of FortisAlberta announced today that Phonse Delaney, EVP, Operations, Engineering and Information Technology, FortisAlberta, will succeed Karl Smith as President and CEO of FortisAlberta, effective June 30, 2014. FortisBC and Newfoundland Power are expected to make announcements in the near future regarding the upcoming appointments to the President and CEO position at their respective companies.

"Stan and I congratulate Karl, John, Earl and Phonse on their new roles with the organization, and we look forward to their continuing contribution to the success of Fortis," says Perry.

"This is a very exciting time for Fortis," continues Perry. "Our consolidated capital program is expected to exceed $8 billion for the five-year period through 2018. Contributions from our U.S. utility acquisitions and our capital program, including the completion of the Waneta Expansion in 2015 and the Tilbury LNG facility expansion in 2016, will support continuing growth in earnings per common share," he concludes.

About Fortis

Fortis is the largest investor-owned 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:
Ms. Donna Hynes
Manager, Investor & 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 this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
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 & ...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...