ST. JOHN'S, NEWFOUNDLAND AND LABRADOR, Mar. 25, 2010 (Marketwire) -- Fortis Inc. (TSX:FTS) reported today that Mr. Randy Jespersen, President and Chief Executive Officer, Terasen Inc., a direct wholly owned subsidiary of Fortis Inc., has announced his retirement, effective June 30, 2010. Upon Mr. Jespersen's retirement, Mr. John Walker, President and Chief Executive Officer of FortisBC Inc., will also become President and Chief Executive Officer of Terasen Inc. Mr. Jespersen will remain a Director of the Terasen Inc. Board of Directors, serving as Vice Chair, and will represent Terasen on the Advisory Board of the newly formed Energy Policy Institute of Canada.
"Randy has played a significant role in the ongoing success of Terasen, while building on the company's excellent record of public and employee safety and high environmental standards," says Stan Marshall, President and Chief Executive Officer, Fortis Inc. "We extend our gratitude to him for his leadership, commitment and valuable contribution since Fortis acquired Terasen in 2007.
"With John as President and Chief Executive Officer of both our companies in British Columbia, we are assured a consistent focus and strategy in the delivery of energy to our customers," says Marshall. "The new leadership structure will not affect the day-to-day operations of Terasen and FortisBC and both companies will continue to operate under their current names."
"Our combined operations in British Columbia have assets of $6.4 billion and have planned $2 billion in capital expenditures over the next five years," explains Marshall.
Mr. Walker has more than 27 years' experience with the Fortis Group of Companies. He began his career in utility operations with Newfoundland Power Inc. Mr. Walker was appointed President and Chief Executive Officer, FortisBC in 2005. He has advised on the development of B.C. energy policy, having served as a member of the B.C. Climate Action Team, and he is currently on the Task Force Group on Resource Development under the Green Energy Advisory Task Force. Mr. Walker serves as a director on numerous boards including Terasen Inc., FortisBC Inc., FortisAlberta Inc., the Canadian Electricity Association and the Sauder School of Business Faculty Advisory Board, University of British Columbia.
"Our number one focus remains providing our customers with safe, reliable energy at the most reasonable possible cost," concludes Marshall.
Fortis Inc. is the largest investor-owned distribution utility in Canada, with more than $12 billion in total assets and fiscal 2009 revenues totalling more than $3.6 billion. The Corporation serves approximately 2.1 million gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upper New York State. It also owns hotels and commercial real estate across Canada. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.