Organizational changes are latest steps to support company’s business unit focus, maintain a strong leadership team, and position the company for long-term success
NOVI, Mich., May 25, 2016 — 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.
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.