- After 20 years at Fortis (FTS), Barry Perry has made the decision to retire from his position as President and CEO, effective December 31
- David Hutchens, Chief Operating Officer of Fortis and CEO of UNS Energy, will replace Barry as of next year
- The company also revealed an C$800 million increase to its five-year capital investment plan, which now totals $19.6 billion
- A 5.8 per cent increase in quarterly dividends to 50.5 cents per share was also announced
- Fortis (FTS) is currently up 0.19 per cent and is trading at $53.00 per share
After 20 years at Fortis (FTS), Barry Perry has made the decision to retire from his position as President and CEO.
Having held the position as chief executive since 2015, Barry’s career spans 35 years and includes a host of top-tier positions at the electric and gas utility company.
He will be succeeded by David Hutchens, current Chief Operating Officer of Fortis and CEO of UNS Energy, who will assume the role as of next year.
Commenting on his retirement, Barry said he is humbled to have spent the past two decades of his career with Fortis.
“Fortis has become a North American utility leader focused on a cleaner energy future.
“I have absolute confidence that David and the team will continue to serve our customers well, advance our strategy and grow Fortis for years to come,” he added.
In addition to Barry’s retirement, the company also revealed an C$800 million increase to its five-year capital investment plan, which outlines total expenditures of $19.6 billion from 2021 until 2025.
This includes a $5.1 billion investment in its US-based ITC business, which will allow for the expansion of system capacities, improved reliability through system upgrades and the provision of customer access to more cost-effective renewable energy.
A further $4.4 billion will go towards FortisBC to bolster natural gas and electric infrastructure, along with $3.8 billion for Arizona-based UNS Energy to support transmission, distribution and generation infrastructure.
“The new five-year plan supports our investment-grade credit ratings and dividend growth, providing stability for our shareholders,” Barry continued.
To that end, Fortis announced a 5.8 per cent increase to its quarterly dividends, representing a total of 50.5 cents per share, payable on December 1, 2020.
Fortis (FTS) is currently up 0.19 per cent and is trading at $53.00 per share at 10:48am EDT.
