ST. JOHN'S, Newfoundland and Labrador, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today announced the retirement of Jim Laurito, Executive Vice President, Business Development, Chief Technology Officer effective December 31, 2021 and the appointment of Stuart Lochray as Senior Vice President, Capital Markets and Business Development effective September 8, 2021.
"Jim Laurito has had a tremendously successful career in the energy sector," said David Hutchens, President and CEO, Fortis Inc. "His experience, insights and leadership have been invaluable to our Company and our industry. We wish him all the best in his retirement."
Prior to his executive roles with Fortis, Jim served as President and CEO of Fortis utility Central Hudson Gas & Electric, and of both New York State Electric & Gas Corporation and Rochester Gas and Electric Corporation. He serves on the Board of Bowman Consulting Group Ltd., as well as several industry boards, including the Edison Electric Institute, American Gas Association, American Gas Foundation (Chair) and the Alliance for Transportation Electrification (Chair).
"We are pleased to welcome Stuart Lochray as Senior Vice President, Capital Markets and Business Development to our team," said David Hutchens. "Stuart brings 18 years of international finance and investment banking experience with Scotiabank to a role that will be key in executing our strategy."
Stuart has held progressively more responsible positions with Scotiabank, most recently serving as Managing Director and Head US Corporate and Investment Banking in Houston, Texas where he led and managed 225+ professionals throughout Corporate and Investment Banking, Equity Capital Markets and Global Business Payments. Stuart has also served as Managing Director in various other areas of investing banking with a focus on the power and utilities sector.
His career has spanned North America and the United Kingdom, as well as Pakistan. A Master of Engineering and MBA graduate, Stuart has had a longstanding business relationship with Fortis, providing guidance through numerous financial transactions, mergers and acquisitions.
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2020 revenue of $8.9 billion and total assets of $56 billion as at June 30, 2021. The Corporation's 9,000 employees serve utility customers in five Canadian provinces, nine US states and three Caribbean countries.
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Ms. Stephanie Amaimo
Vice President, Investor Relations
Ms. Karen McCarthy
Vice President, Communications and Corporate Affairs