FortisBC President and CEO to head Terasen in new combined leadership
VANCOUVER, BC — Randy Jespersen, President and CEO of Terasen Inc., a direct, wholly-owned subsidiary of Fortis Inc., announced his intention to retire effective June 30, 2010. Upon his planned retirement, John Walker, President and CEO of FortisBC Inc., will also become President and CEO of Terasen Inc.
Since joining Terasen in 1996, Jespersen has held various roles including his appointment as President of Terasen Gas Inc. in 2002. Under his leadership, Terasen has delivered value to customers and shareholders alike. He has led the company through major restructurings and project developments while achieving an excellent record of public and employee safety and high environmental standards. Jespersen will remain a Director of the Terasen Inc. Board, serving as Vice Chair, and will represent Terasen on the Advisory Board of the newly-formed Energy Policy Institute of Canada.
"Randy has played a significant role in Terasen's success and we thank him for his leadership, which has seen the company contribute greatly to the energy, environmental and economic framework of British Columbia and to Fortis Inc.'s considerable holdings in the province," says Stan Marshall, President and CEO, Fortis Inc., who is also Chair of the Terasen Inc. Board of Directors.
Effective July 1, John Walker will assume the position as President and CEO of Terasen Inc. in addition to remaining President and CEO of FortisBC Inc., a role he has held since 2005. Walker has more than 27 years with the Fortis group of companies since he began his career in utility operations with Newfoundland Power Inc. He has advised on the development of B.C. energy policy, having served as a member of the B.C. Climate Action Team, and he is currently on the Task Force Group on Resource Development under the Green Energy Advisory Task Force. He is a Director on numerous Boards including Terasen Inc., FortisBC Inc., Fortis Alberta Inc., the Canadian Electricity Association and the Sauder School of Business Faculty Advisory Board, University of British Columbia.
"With John as President and Chief Executive Officer of both our companies in British Columbia, we are assured a consistent focus and strategy in the delivery of energy to our customers," says Marshall. "The new leadership structure will not affect the day-to-day operations of Terasen and FortisBC and both companies will continue to operate under their current names."
"Our combined operations in British Columbia have assets of $6.4 billion and have planned $2 billion in capital expenditures over the next five years," explains Marshall.
All officers of FortisBC, Terasen and Terasen Gas will remain with the organization within a structure to best support the combined leadership.
"Together FortisBC and Terasen deliver more energy than any other B.C. utility. The leadership team will oversee operations that can uniquely offer customers a variety of integrated energy solutions to best meet their current and future energy needs including alternative energy, electricity, natural gas and propane," says John Walker.
Fortis companies in B.C. collectively serve approximately 1.1 million customers in more than 135 communities and employ more than 1,800 British Columbians. Fortis companies believe in being active partners with the communities they serve and support community-based organizations and initiatives in addition to encouraging employee volunteerism.
FortisBC Inc., an indirect wholly owned subsidiary of Fortis Inc., is an integrated regulated electric utility based in Kelowna, British Columbia. Focused on the safe delivery of reliable and cost-effective electricity, FortisBC serves approximately 159,000 customers directly and indirectly through wholesale utilities in the southern interior of B.C. FortisBC owns and operates four regulated hydroelectric generating plants and approximately 7,000 kilometres of transmission and distribution power lines.
Terasen Inc., a direct wholly owned subsidiary of Fortis Inc., is the largest distributor of natural gas in British Columbia, serving approximately 940,000 customers or 96 per cent of gas users in the province. Its regulated natural gas and piped-propane transmission and distribution business is carried out by Terasen Gas Inc., Terasen Gas (Vancouver Island) Inc. and Terasen Gas (Whistler) Inc.
Fortis Inc. is the largest investor-owned distribution utility in Canada, with more than $12 billion in total assets and fiscal 2009 revenues totalling more than $3.6 billion. The Corporation serves approximately 2.1 million gas and electricity customers.