Fortis Announces Executive Changes

Rhea-AI Summary

Fortis Inc. announced the retirement of Nora Duke, EVP of Sustainability and CHRO, after a 36-year career. Effective July 1, 2022, Jim Reid will take on the role of EVP, Sustainability and Chief Legal Officer, managing sustainability, HR, communications, and government relations. Under Reid's leadership, the corporation aims for net zero direct emissions by 2050. Fortis is a diversified leader in the North American utility sector, recording $9.4 billion in revenue and $58 billion in assets as of March 31, 2022.

Positive

• Jim Reid's promotion signifies continuity in leadership and strategy, crucial for maintaining corporate governance.
• The commitment to achieve net zero direct emissions by 2050 aligns with current environmental standards and can enhance Fortis's market position.

Negative

• Nora Duke's retirement may initially disrupt leadership continuity in sustainability efforts.

ST. JOHN'S, Newfoundland and Labrador, May 05, 2022 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today announced the retirement of Nora Duke, EVP, Sustainability and CHRO after a 36-year career with the Corporation. Following on Ms. Duke's retirement, Jim Reid, currently EVP, Chief Legal Officer and Corporate Secretary, is appointed EVP, Sustainability and Chief Legal Officer effective July 1, 2022. Jim will assume oversight of sustainability, human resources, communications and government relations, in addition to his legal and governance portfolio.

"Throughout her longstanding career, Nora's strategic guidance and expertise have played a significant role in the growth and success of Fortis," said David Hutchens, President and CEO, Fortis Inc. "Her thoughtful leadership on sustainability, diversity and inclusion, and talent management has strengthened our workforce and positioned us well as a leader in the North American marketplace. On behalf of the entire team at Fortis, we thank Nora for her incredible service and wish her good health and happiness in her retirement."

Nora's career began at Newfoundland Power in 1986 where she advanced to Vice President, Customer and Corporate Services. Subsequently, Nora became the first-ever female CEO of a Fortis subsidiary, Fortis Properties, before taking on an Executive Vice President role at Fortis in 2015.

In his expanded role, Jim Reid will assume lead responsibility for the Corporation's sustainability and people strategies, including our commitment to net zero direct emissions by 2050.

"Since joining Fortis in 2018, Jim has become instrumental to the Corporation's overall business strategy while keeping a steady hand on our corporate governance," said Hutchens. "I am confident that Jim will continue to provide sound oversight and guidance as we progress our sustainability goals and develop diverse talent to lead our organization for the future."

Jim was previously a partner with Davies Ward Phillips & Vineberg LLP in Toronto where he practiced for 20 years. Prior to joining Fortis, he had a 15-year relationship with the Corporation, having advised on corporate governance matters, large capital market transactions, regulatory applications and mergers, and acquisitions in both Canada and the United States.

About Fortis
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2021 revenue of $9.4 billion and total assets of $58 billion as at March 31, 2022. The Corporation's 9,100 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.

A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/ce54b228-4251-482b-94de-d892c90da87d 

For more information, please contact
Investor Enquiries:
Ms. Stephanie Amaimo
Vice President, Investor Relations
Fortis Inc.
248.946.3572
investorrelations@fortisinc.com

Media Enquiries:
Ms. Karen McCarthy
Vice President, Communications and Corporate Affairs
Fortis Inc.
709.737.5323
media@fortisinc.com 

FAQ

Who is the new EVP of Sustainability at Fortis?

Jim Reid has been appointed as the new EVP of Sustainability and Chief Legal Officer effective July 1, 2022.

What are Fortis's revenue figures for 2021?

Fortis reported a revenue of $9.4 billion in 2021.

What is Fortis's plan for sustainability?

Fortis aims for net zero direct emissions by 2050.

How long did Nora Duke work at Fortis before retiring?

Nora Duke worked at Fortis for 36 years before her retirement.

What is the stock symbol for Fortis?

Fortis shares are traded under the symbol FTS on the TSX and NYSE.