Fortis Inc. Announces Retirement of Executive Vice President, Business Development, Chief Technology Officer and Appoints Senior Vice President, Capital Markets and Business Development

Rhea-AI Summary

Fortis Inc. (TSX/NYSE: FTS) announced the retirement of Jim Laurito, Executive Vice President of Business Development and Chief Technology Officer, effective December 31, 2021. He is succeeded by Stuart Lochray as Senior Vice President, Capital Markets and Business Development, starting September 8, 2021. David Hutchens, President and CEO, recognized Laurito's contribution and welcomed Lochray, noting his 18 years of experience in finance and investment banking, particularly in the power and utilities sector. Fortis reported revenue of $8.9 billion in 2020 and possesses total assets of $56 billion.

Positive

• Appointment of Stuart Lochray is expected to enhance Fortis's capital markets strategy and business development efforts.
• Lochray's extensive experience and historical relationship with Fortis may facilitate smoother financial transactions.

Negative

• Retirement of Jim Laurito could lead to potential gaps in leadership experience within the Business Development sector.

ST. JOHN'S, Newfoundland and Labrador, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today announced the retirement of Jim Laurito, Executive Vice President, Business Development, Chief Technology Officer effective December 31, 2021 and the appointment of Stuart Lochray as Senior Vice President, Capital Markets and Business Development effective September 8, 2021.

"Jim Laurito has had a tremendously successful career in the energy sector," said David Hutchens, President and CEO, Fortis Inc. "His experience, insights and leadership have been invaluable to our Company and our industry. We wish him all the best in his retirement."

Prior to his executive roles with Fortis, Jim served as President and CEO of Fortis utility Central Hudson Gas & Electric, and of both New York State Electric & Gas Corporation and Rochester Gas and Electric Corporation. He serves on the Board of Bowman Consulting Group Ltd., as well as several industry boards, including the Edison Electric Institute, American Gas Association, American Gas Foundation (Chair) and the Alliance for Transportation Electrification (Chair).

"We are pleased to welcome Stuart Lochray as Senior Vice President, Capital Markets and Business Development to our team," said David Hutchens. "Stuart brings 18 years of international finance and investment banking experience with Scotiabank to a role that will be key in executing our strategy."

Stuart has held progressively more responsible positions with Scotiabank, most recently serving as Managing Director and Head US Corporate and Investment Banking in Houston, Texas where he led and managed 225+ professionals throughout Corporate and Investment Banking, Equity Capital Markets and Global Business Payments. Stuart has also served as Managing Director in various other areas of investing banking with a focus on the power and utilities sector.

His career has spanned North America and the United Kingdom, as well as Pakistan. A Master of Engineering and MBA graduate, Stuart has had a longstanding business relationship with Fortis, providing guidance through numerous financial transactions, mergers and acquisitions.

About Fortis
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2020 revenue of $8.9 billion and total assets of $56 billion as at June 30, 2021. The Corporation's 9,000 employees serve utility customers in five Canadian provinces, nine US 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/c69d48ff-5653-4d0c-bbc6-ccb538d76130

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

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

FAQ

Who is Jim Laurito and what is his role at Fortis?

Jim Laurito served as Executive Vice President of Business Development and Chief Technology Officer at Fortis Inc., with a successful career in the energy sector.

What is Stuart Lochray's experience before joining Fortis?

Stuart Lochray has 18 years of experience in international finance and investment banking, previously leading teams at Scotiabank.

When does Stuart Lochray start his role at Fortis?

Stuart Lochray will assume his position as Senior Vice President of Capital Markets and Business Development on September 8, 2021.

What are the expected impacts of management changes at Fortis?

The leadership change may bring fresh strategies and perspectives to Fortis's capital markets and business development.

What is Fortis's recent financial performance?

In 2020, Fortis reported revenue of $8.9 billion and total assets of $56 billion.