NiSource (NI) CEO Joe Hamrock to Retire
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NiSource Inc. (NYSE: NI) today announced that, as a result of a long-planned succession process, its Board of Directors has appointed Lloyd Yates as the company's next President and CEO, effective February 14, 2022. At that time, Joe Hamrock will facilitate the CEO transition for a short time in a non-executive role, after which time he will retire to pursue various personal and philanthropic interests. Mr. Yates, who joined the company's Board in 2020, will continue to serve as a director.
"This leadership transition reflects a long and thoughtful process undertaken over the last year and comes at the right time for NiSource," said NiSource Chairman Kevin T. Kabat. "Joe has always been transparent with us about his long-term goals, which gave us the opportunity to conduct an extensive process to identify and evaluate over a dozen external and internal candidates, including candidates identified by a nationally leading executive search firm engaged by the Board. That process resulted in the selection of Lloyd Yates. Mr. Yates brings significant energy and regulated utility experience, as well as a proven operational track record of improving safety, reliability and customer experience and managing gas and electric infrastructure modernization initiatives."
In addition to serving on the NiSource Board since March of 2020, Mr. Yates is a seasoned executive in the regulated energy industry, having most recently served as Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region for Duke Energy Corporation. In that role, he was responsible for aligning customer-focused products and services to deliver a personalized end-to-end customer experience to position Duke Energy for long-term growth, as well as for the profit/loss, strategic direction and performance of Duke Energy's regulated utilities in North Carolina and South Carolina. His experience includes profit/loss responsibility for public utilities with $20 billion in revenue and public company director experience, serving on the boards for prominent industrial and professional services companies Sonoco, American Water Works and Marsh and McLennan.
"This is a tremendous opportunity to lead NiSource on our next phase of growth and transformation," said Mr. Yates. "Since joining the Board, I have had the chance to get to know the company and its talented leadership team well, and I am eager to work together with Joe on the transition and my colleagues and fellow directors in furthering our transformation efforts. I plan to conduct a review of the business with the goal of ensuring that we are positioned to drive value for shareholders and customers longer term, and I look forward to further discussing our strategic initiatives at an investor day that we will hold in the coming months."
Mr. Kabat continued, "On behalf of the entire Board, I would like to thank Joe for his outstanding leadership and deep commitment to the company over the last decade. During his tenure, Joe has helped transform NiSource into a pure play, regulated utility with scale across highly attractive markets, while instilling an unrelenting focus on safety and reliability, realigning the company's organizational structure to drive efficiency and advancing sustainability and renewable energy initiatives. Joe's efforts have driven results for NiSource and value for shareholders – expanding the company's rate base to over $14 billion, with an expectation to drive 10% to 12% additional compound annual rate base growth through 2024 and delivering greater than 30% total shareholder return over the last 12 months ended January 26, 2022 – far outpacing the industry and broader market."
"I am incredibly proud to have had the opportunity to serve NiSource over the past decade and believe that the company is well positioned to continue building on its current momentum and deliver growth and value creation for years to come," said Joe Hamrock. "I am grateful to the NiSource team for their dedication and hard work in helping us build the foundation we have today. I have had the pleasure of working with Lloyd as a fellow director and am confident he is the right next leader with the experience and vision necessary to propel NiSource to new levels of success."
As part of the transition, Mr. Hamrock will retire from the Board of Directors, also effective February 14, 2022. The company today also announced the retirement from the Board of longtime director Carolyn Woo and the appointments of Sondra Barbour and Cassandra Lee to the Board (see separate release).
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