Fortis Inc. president and CEO Stan Marshall announced today he will retire at the end of the year.
Marshall, 63, has been with Fortis for 35 years — the last 18 of which he has been at the helm of the corporation.
"I'm very proud of what we have achieved at Fortis over the last 25 years,” Marshall said in a news release.
“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.”
Since being appointed president and CEO in 1996, Fortis has grown into the largest investor-owned gas and electric distribution utility in Canada. Its regulated utilities account for 90 per cent of total assets and serve more than 2.4 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.
The corporation's total assets have grown from less than $1 billion in 1996 to $18.6 billion today.
The board of directors of Fortis also announced today that Barry Perry, Vice President of Finance and Chief Financial Officer, will succeed Marshall as CEO effective Dec. 31.
As part of the transition process, Marshall will relinquish his role as president to Perry on June 30.
"I am delighted that the board has chosen Barry as my successor,” Marshall said. “Barry brings a continuity of strategy, culture and values shared by our board, senior executive team and across our organization."
Perry joined the Fortis organization in April 2000 as vice president, finance and chief financial officer of Newfoundland Power Inc. He has served as vice president, finance and CFO of Fortis since January 2004.
"Over his tenure, Stan focused on growing our utility business profitably while ensuring we met our obligation to serve our customers," Perry said. "I intend to maintain that focus as we continue to pursue our vision to be a leader in the North American utility industry.”
The chair of the Fortis board of directors, David Norris, said Marshall’s 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 the initial entry into the United States with the acquisition of New York State utility Central Hudson Gas and Electric in 2013.
Since 1996, total shareholder return is approximately 855 per cent and the average annual total shareholder return is approximately 13 per cent.
"Stan will leave Fortis with a strong foundation and forward outlook," Norris said.
"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.”