Eversource Energy Announces Leadership Changes Effective May 4, 2022

Rhea-AI Summary

Eversource Energy (NYSE: ES) has announced the retirement of Chief Financial Officer Philip J. Lembo, effective immediately. John M. Moreira, previously Senior Vice President and Treasurer, has been elected as the new CFO. Lembo will continue as a non-executive Senior Strategic Advisor focusing on offshore wind investments. Moreira has 22 years of experience with Eversource and will oversee the company’s financial operations, supporting an $18 billion, five-year investment program aimed at upgrading and modernizing its delivery networks, benefiting approximately 4.4 million customers.

Positive

• John M. Moreira's promotion may bring fresh perspectives and strong leadership to Eversource's financial operations.
• The $18 billion investment program highlights Eversource's commitment to enhancing and decarbonizing its delivery networks.

Negative

• The transition in leadership may raise concerns about continuity and the impact on ongoing financial strategies.

Philip J. Lembo Retiring as Chief Financial Officer

John M. Moreira Elected Chief Financial Officer and Treasurer

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)-- Eversource Energy (NYSE: ES) today announced that Phil Lembo is retiring as Chief Financial Officer and as part of the company’s leadership succession plan John Moreira, the company’s Senior Vice President and Treasurer, has been elected as Chief Financial Officer, effective today. Lembo, 66, has served as Eversource’s Chief Financial Officer since May 2016, and will continue to serve the company until later this year as a non-executive Senior Strategic Advisor focusing on strategic options for Eversource’s offshore wind investments.

Moreira has worked at Eversource and its predecessor companies for 22 years. He was promoted to the role of Senior Vice President - Finance and Regulatory and Treasurer in 2018. As Chief Financial Officer, he will oversee Eversource Energy’s finance, accounting, investor relations, budgeting, insurance, risk management, supply chain, regulatory, real estate and facilities functions. He will also remain Eversource Energy Treasurer.

Moreira is a certified public accountant and holds a master’s degree in business administration from Curry College and a bachelor’s degree in accounting from the University of Massachusetts - Dartmouth.

“I’ve known and worked with John for 22 years and he has been a key leader in the finance organization during that time,” said Joe Nolan, Eversource’s President and Chief Executive Officer. “His extensive knowledge of our industry, breadth of experience within the finance and accounting discipline, and strong leadership skills make him the ideal person to assume the company’s top financial role going forward.”

“I’d also like to thank Phil for his dedicated service and outstanding contributions to Eversource as Chief Financial Officer, and his extraordinary leadership in the Finance and Accounting area over his 38-year career,” Nolan added. “I am pleased he will remain as Senior Advisor to provide important guidance to the company as we examine strategic options for our offshore wind business.”

Moreira said, “I am honored and grateful to assume leadership of Eversource’s financial organization and thank Phil for all of the guidance and leadership he has provided to me and the broader finance team during his tenure first as Treasurer and then as Chief Financial Officer. I look forward to leading our incredible team and working to maintain Eversource’s strong financial position on behalf of our customers, communities, and investors. We are very well positioned to execute Eversource’s $18 billion, five-year investment program to upgrade, modernize and decarbonize our delivery networks for the benefit of our 4.4 million electric, natural gas and water customers.”

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2021 and recognized as one of America’s Most JUST Companies. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,200 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006187/en/

Caroline Pretyman

617-424-2460

caroline.pretyman@eversource.com

Source: Eversource Energy

FAQ

Who is the new Chief Financial Officer of Eversource Energy?

John M. Moreira has been elected as the new Chief Financial Officer of Eversource Energy.

What is the reason for Philip J. Lembo's retirement?

Philip J. Lembo is retiring as part of the company's leadership succession plan.

What will Philip J. Lembo's role be after retiring as CFO?

After retiring, Lembo will serve as a non-executive Senior Strategic Advisor focusing on offshore wind investments.

What is the significance of the $18 billion investment program for Eversource Energy?

The $18 billion investment program is aimed at upgrading, modernizing, and decarbonizing Eversource’s delivery networks, benefiting 4.4 million customers.