NOVI, Mich., May 25, 2016 /PRNewswire/ -- ITC Holdings
Corp. (NYSE: ITC) today implemented organizational changes to focus
leadership of its business units under its chief business unit
officer, consolidate select business functions under a chief
administrative officer, and continue to support the ongoing
development of its management team.
Having announced the agreement for ITC's acquisition by Fortis
Inc. in February 2016 for
approximately $11.3 billion, the
company's recent leadership changes are the latest step in an
ongoing organizational development process to enhance the company's
focus on its business units, grow and maintain a strong leadership
team for the company, ensure operational excellence, and position
the company for long-term success.
"We remain focused on delivering value for customers through
modernizing the electrical infrastructure of the United States and in other areas, while
also completing our pending transaction with Fortis Inc.," said
Joseph L. Welch, chairman, president
and CEO of ITC. "In seeking to accomplish that, I am dedicated to
ensuring that we have a strong leadership team at ITC to position
the company for long-term success. These latest organizational
changes are focused on those goals of mine, for the benefit of
customers, investors and our potential new owners."
Effective immediately, and reporting to Joseph L. Welch, president, chairman and
CEO:
- To consolidate leadership of the company's business units,
Linda Blair, executive vice
president and chief business unit officer, will be responsible for
leading the company's four regulated operating companies as well as
its grid development initiatives. Terry
Harvill will assume responsibility for all of the company's
grid development efforts including U.S. Regulated Grid Development
and International and Merchant Development as vice president of ITC
Holdings Corp. and president, ITC Grid Development. Mr. Harvill
will report to Ms. Blair. Simon
Whitelocke has been appointed as president of ITC Michigan,
which includes the responsibility for both ITCTransmission
and METC operating companies, and will report to Ms. Blair.
Krista Tanner, vice president ITC
Holdings Corp. and president, ITC Midwest and Brett Leopold, vice president of ITC Holdings
Corp. and president, ITC Great Plains, will continue in their
current roles, reporting to Ms. Blair.
- To consolidate leadership of select business functions,
Daniel Oginsky has been appointed
executive vice president and chief administrative officer. In this
role, Mr. Oginsky assumes responsibility for the company's
following functions: regulatory, federal affairs, marketing and
communications, human resources, strategic planning and enterprise
planning processes, state government affairs, and local community
and government affairs. Nina
Plaushin will continue in her role as vice president,
Regulatory, Federal Affairs, and Marketing and Communications, and
will report to Mr. Oginsky. Matt
Dills will continue in his role as vice president, Human
Resources and chief human resources officer and will report to Mr.
Oginsky. Mr. Oginsky previously served as executive vice president,
U.S. Regulated Grid Development.
- Jon Jipping remains executive
vice president and chief operating officer and will retain all of
his current functional responsibilities. In addition, Ron Hinsley will continue in his role as vice
president of Information Technology and chief information officer
but will report to Mr. Jipping.
- Rejji Hayes has been promoted to executive vice president and
chief financial officer and will retain all current functional
responsibilities. In addition, Gregory
Ioanidis has been appointed vice president, Financial
Planning and Analysis and Risk Management and will report to Mr.
Hayes. Mr. Ioanidis previously
served as vice president, business unit finance and rates.
Gretchen Holloway will serve as vice
president and treasurer and continue to report to Mr. Hayes.
- Christine Mason-Soneral remains
senior vice president and general counsel and will retain all
current functional responsibilities. Wendy
McIntyre, vice president and general counsel of Enterprise
Operations, will continue to report to Ms. Mason-Soneral and also
assume responsibility for the company's corporate compliance
program and be the company's chief compliance officer.
"I am pleased to have such an outstanding leadership team that
has consistently delivered and is poised for continued growth and
strong performance, particularly as we move forward to close the
Fortis transaction," commented Welch.
About ITC
ITC Holdings Corp. (NYSE: ITC) is the
nation's largest independent electric transmission company. Based
in Novi, Michigan, ITC invests in
the electric transmission grid to improve reliability, expand
access to markets, lower the overall cost of delivered energy and
allow new generating resources to interconnect to its transmission
systems. Through its regulated operating subsidiaries
ITCTransmission, Michigan Electric Transmission Company, ITC
Midwest and ITC Great Plains, ITC owns and operates high-voltage
transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load
exceeding 26,000 megawatts along approximately 15,700 circuit miles
of transmission line. ITC's grid development focus includes growth
through regulated infrastructure investment as well as domestic and
international expansion through merchant and other commercial
development opportunities. Additional information can be accessed
at www.itc-holdings.com or www.edgar.com. (ITC-itc-F)
About Fortis Inc.
Fortis Inc. is a leader in the
North American electric and gas utility business, with total assets
of approximately C$28 billion and
fiscal 2015 revenue of C$6.7 billion.
The Corporation's asset mix is approximately 96% regulated (70%
electric, 26% gas), with the remaining 4% comprised of
non-regulated energy infrastructure. The Corporation's regulated
utilities serve more than 3 million customers across Canada, the United
States and the Caribbean.
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electricity
transmission industry based upon information currently available.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Wherever
possible, we have identified these forward-looking statements by
words such as "will," "may," "anticipates," "believes," "intends,"
"estimates," "expects," "projects" and similar phrases. These
forward-looking statements are based upon assumptions our
management believes are reasonable. Such forward looking statements
are subject to risks and uncertainties which could cause our actual
results, performance and achievements to differ materially from
those expressed in, or implied by, these statements, including,
among others, the risks and uncertainties disclosed in our annual
reports on Form 10-K, quarterly reports on Form 10-Q and other
filings made with the Securities and Exchange Commission.
Because our forward-looking statements are based on estimates
and assumptions that are subject to significant business, economic
and competitive uncertainties, many of which are beyond our control
or are subject to change, actual results could be materially
different and any or all of our forward-looking statements may turn
out to be wrong. Forward-looking statements speak only as of the
date made and can be affected by assumptions we might make or by
known or unknown risks and uncertainties. Many factors mentioned in
our discussion in this release and in our annual and quarterly
reports will be important in determining future results.
Consequently, we cannot assure you that our expectations or
forecasts expressed in such forward-looking statements will be
achieved. Except as required by law, we undertake no obligation to
publicly update any of our forward-looking or other statements,
whether as a result of new information, future events, or
otherwise.
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SOURCE ITC Holdings Corp.