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
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
To paraphrase someone famous, "The definition of insanity is to do something the same way over and over again and expect a different result". Humans are creatures of habit and when it comes to storage, old habits die hard. Why do we continue to put our faith in legacy storage providers when they haven't invented anything new in decades. Sure, they re-badge their products every couple of years to make their messaging look modern, but ultimately, it's the same old stuff with a new coat of lipsti...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, 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 opportuni...