|By Marketwired .||
|May 12, 2014 07:00 AM EDT||
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/12/14 -- Fortis Inc. (TSX:FTS) ("Fortis" or the "Corporation") President and Chief Executive Officer ("CEO") H. Stanley Marshall today announces that he will retire as President and CEO and Director of the Board of Directors of Fortis, effective December 31, 2014. Mr. Marshall's career with Fortis spans 35 years and he has been at the helm as President and CEO for more than 18 years.
The Board of Directors of Fortis today announces that Barry Perry, Vice President, Finance and Chief Financial Officer of Fortis will succeed Mr. Marshall as CEO, effective December 31, 2014. As part of the transition process, Mr. Marshall will relinquish his role as President to Mr. Perry on June 30, 2014.
Mr. Marshall, 63, has led Fortis since 1996 when he was appointed President and CEO. Under his leadership, Fortis has grown into the largest investor-owned gas and electric distribution utility in Canada, and the Corporation's total assets have grown almost twentyfold from less than $1.0 billion in 1996 to $18.6 billion today.
"I'm very proud of what we have achieved at Fortis over the last 25 years. I want to thank all of those dedicated employees, both past and present, who have contributed to our success. Fortis is strong and well-positioned for greater success in the years ahead. I have absolute confidence in Barry and the team to make it happen," says Mr. Marshall.
"I would like to take this opportunity to thank Stan Marshall for his exemplary leadership over the past two decades," says David Norris, Chair of the Board. "Under Stan's vision of profitable growth through strategic acquisitions, our regulated electricity and gas utility business has been transformed in terms of both size and geographic diversity. Stan's significant accomplishments include the Corporation's expansion in western Canada through the acquisition of the Aquila electric utility assets in Alberta and British Columbia in 2004, the acquisition of Terasen Gas in British Columbia in 2007 and our initial entry into the United States with the acquisition of New York State utility Central Hudson Gas and Electric in 2013. Since Stan became CEO in 1996, our total shareholder return is approximately 855% and the average annual total shareholder return is approximately 13%."
"Stan will leave Fortis with a strong foundation and forward outlook," notes Mr. Norris. "Upon closing of the acquisition of UNS Energy in Arizona, the Corporation's total assets will increase to approximately $25 billion and Fortis utilities will serve more than three million electricity and gas customers. On behalf of the Board, I would like to personally thank Stan for his leadership and tremendous contributions as President and CEO to the growth and success of Fortis and for his invaluable assistance to the Board in the succession process."
"We are pleased to announce Barry Perry as the next President and CEO of Fortis. Barry is highly regarded and widely respected within the Fortis organization and throughout our industry for his extensive knowledge of our business and strong leadership skills. The Board members unanimously agree that he is the right person to continue to build on Stan's legacy of success," says Norris. "Over the past several months, the Board has undertaken an extensive executive assessment process as part of our broader succession planning. This process confirmed that we have an exceptional group of talented senior executives and leadership depth within our organization which, in many respects, is due to the guidance and mentoring by Stan as CEO over the years."
"I am delighted that the Board has chosen Barry as my successor. Barry brings a continuity of strategy, culture and values shared by our Board, senior executive team and across our organization," says Mr. Marshall.
"Over his tenure, Stan focused on growing our utility business profitably while ensuring we met our obligation to serve our customers," says Barry Perry. "I intend to maintain that focus as we continue to pursue our vision to be a leader in the North American utility industry. I would like to thank the Board and Stan Marshall for having the confidence in me to lead this strong organization."
Mr. Perry joined the Fortis organization in April 2000 as Vice President, Finance and Chief Financial Officer ("CFO") of Newfoundland Power Inc. He has served as Vice President, Finance and CFO of Fortis since January 2004.
About Fortis: Fortis is the largest investor-owned gas and electric distribution utility in Canada with total assets of approximately $18.6 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for approximately 90% of total assets and serve approximately 2.5 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investment is comprised of hotels and commercial real estate in Canada.
Fortis includes forward-looking information in this material within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on assumptions developed using information currently available to the Corporation's management. Although Fortis believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect the Corporation, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and to the heading "Business Risk Management" in the Corporation's annual and quarterly Management Discussion and Analysis. Except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
Manager, Investor and Public Relations
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 5, 2015 01:45 PM EST Reads: 1,421
Docker has acquired software-defined networking (SDN) startup SocketPlane. SocketPlane, which was founded in Q4, 2014, with a vision of delivering Docker-native networking, has been an active participant in shaping the initial efforts around Docker’s open API for networking. The explicit focus of the SocketPlane team within Docker will be on collaborating with the partner community to complete a rich set of networking APIs that addresses the needs of application developers and network and system...
Mar. 5, 2015 01:45 PM EST Reads: 915
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Mar. 5, 2015 01:45 PM EST Reads: 649
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
Mar. 5, 2015 01:45 PM EST Reads: 3,358
The results of a global study commissioned by CA Technologies reveal that mobile and desktop applications have become the new battleground for brand loyalty. In today’s software-driven world, where consumers are more discerning about what they expect from applications, the reality is that businesses that fail to deliver a positive application experience risk losing as much as a quarter of their customer base. “Consumers no longer view applications as nice-to-have novelties. They now have a hug...
Mar. 5, 2015 01:27 PM EST Reads: 164
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Mar. 5, 2015 01:15 PM EST Reads: 1,334
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures...
Mar. 5, 2015 01:00 PM EST Reads: 1,040
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Mar. 5, 2015 01:00 PM EST Reads: 1,701
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Mar. 5, 2015 01:00 PM EST Reads: 1,407
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
Mar. 5, 2015 01:00 PM EST Reads: 1,469
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Mar. 5, 2015 01:00 PM EST Reads: 1,126
IBM has announced that SoftLayer will offer OpenPOWER-based servers as part of its portfolio of cloud-based services. With the new offering, clients will be able to select OpenPOWER-based “bare metal” servers when configuring their cloud-based IT infrastructure from SoftLayer, an IBM company. Leveraging the OpenPOWER Foundation design concept, the servers were developed to help clients better manage data-intensive workloads on public and private clouds. Increasingly cloud technologies, bot...
Mar. 5, 2015 01:00 PM EST Reads: 366
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, op...
Mar. 5, 2015 12:45 PM EST Reads: 735
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Mar. 5, 2015 12:30 PM EST Reads: 3,378
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your onlin...
Mar. 5, 2015 12:00 PM EST Reads: 3,697