AVANGRID Appoints Catherine S. Stempien President & CEO of Avangrid Networks

Rhea-AI Summary

AVANGRID (NYSE: AGR) announced the appointment of Catherine S. Stempien as President & CEO of its subsidiary, Avangrid Networks, effective March 15. Stempien succeeds retiring Tony Marone, who has been with the company for 33 years. With extensive experience at Duke Energy, where she led operations serving over 1.8 million customers, Stempien is anticipated to bring new ideas to enhance service delivery and sustainability initiatives for AVANGRID's 3.3 million customers across New York and New England.

Positive

• Catherine S. Stempien brings significant leadership experience from Duke Energy.
• Her appointment is expected to drive innovation and enhance service delivery for AVANGRID.
• Stempien's leadership may strengthen AVANGRID's position in the sustainable energy market.

Negative

• Transition in leadership could raise concerns about continuity in strategic direction.

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today the appointment of Catherine S. Stempien to the role of President & CEO of its subsidiary, Avangrid Networks. Stempien succeeds Anthony (Tony) Marone, who is retiring.

AVANGRID appoints Catherine S. Stempien as President & CEO of AVANGRID Networks (Photo: Business Wire)

“We appreciate all of Tony’s contributions to the AVANGRID family of companies over the last 33 years and wish him and his family all the best in the future,” said Dennis V. Arriola, CEO of AVANGRID.

Stempien will lead AVANGRID’s largest business unit, serving 3.3 million customers with electric and gas service through eight companies in Maine, Connecticut, New York and Massachusetts.

“Catherine is a leader focused on delivering great outcomes for customers, employees, communities, and shareholders and we’re excited about the new ideas she will bring to AVANGRID,” said Arriola. “Her experience and leadership will help guide our Networks organization as we build the grid of the future and achieve our goal of becoming the leading sustainable energy company in the United States.”

“I’m thrilled to join AVANGRID as we write the next chapter of serving our customers and our communities with clean energy solutions that meet increasing demand and fuel our local and regional economies,” said Stempien.

Stempien joins AVANGRID from Duke Energy where she is currently the President of Duke Energy Florida, an electric utility serving more than 1.8 million customers. Previously, she held a variety of roles at Duke including Senior Vice President of Corporate Development and various leadership positions in the company’s legal department. Prior to joining Duke in 2003, Stempien had a successful career as an in-house attorney at AT&T. Stempien, a native of Connecticut, holds a Juris Doctor degree from Boston University School of Law and a Bachelor of Arts degree in Government from Dartmouth College. She also completed the Advanced Management Program at Harvard Business School.

Stempien has served on various boards including the Florida Chamber of Commerce, the Florida Council of 100, Enterprise Florida, YWCA of Central Carolinas, and a variety of educational institutions.

Stempien’s appointment is effective March 15. She will relocate to Connecticut and report to Arriola.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006058/en/

FAQ

Who is the new CEO of AVANGRID Networks?

Catherine S. Stempien has been appointed as the new President & CEO of AVANGRID Networks.

What is the effective date of Catherine S. Stempien's appointment?

Catherine S. Stempien's appointment is effective March 15.

What was the reason for Tony Marone's departure from AVANGRID?

Tony Marone is retiring after 33 years with AVANGRID.

What experience does Catherine S. Stempien bring to AVANGRID?

Stempien previously served as President of Duke Energy Florida and held various leadership roles at Duke Energy.

How many customers does AVANGRID serve?

AVANGRID serves approximately 3.3 million customers across New York and New England.