May 2, 2014
David G. Hutchens, a 19-year employee of Tucson Electric Power (TEP) who has served as the company’s President and Chief Operating Officer, assumes an expanded role as Chief Executive Officer of TEP and its parent company, UNS Energy Corporation (NYSE: UNS).
Hutchens, 48, succeeds Paul J. Bonavia, who retires today as the companies’ top executive as part of a previously announced succession plan established by the UNS Energy Board of Directors. Bonavia, 63, will remain Executive Board Chair of UNS Energy. Hutchens retains his seat on the UNS Energy Board, as well as his role as President.
“I’m honored to assume leadership of a company where I’ve spent my career working with talented, hard-working employees who are absolutely devoted to serving our customers,” Hutchens said. “Our commitment to customers and the communities we serve will continue to be the key to our success as we enter a new era in the utility industry.”
Hutchens’ tenure begins as UNS Energy seeks approval of its proposed acquisition by Fortis, Inc. (TSX:FTS), Canada’s largest investor-owned gas and electric distribution utility company. The company would remain headquartered in Tucson under local control with current management and staffing levels. The transaction, which remains subject to the approval of the Arizona Corporation Commission (ACC) and other conditions, is expected to be finalized by the end of 2014.
Hutchens moved from Minneapolis to Tucson to attend the University of Arizona, where he received a bachelor’s degree in aerospace engineering and later an MBA with an emphasis in finance. He served as a nuclear submarine officer in the U.S. Navy and worked as an engineer before joining TEP, UNS Energy’s largest subsidiary, in July 1995. He advanced to various management positions and became a Vice President in January 2007 before being named President in December 2011 and COO in August 2013.
Hutchens and his wife, Cathy, a Tucson native, have been married for 25 years and raised their two daughters in Tucson. Both David and Cathy actively support a variety of charitable causes. Hutchens is a member of the Southern Arizona Leadership Council, the Tucson Conquistadores, Salpointe Catholic Education Board of Directors, the Tucson Regional Economic Opportunities (TREO) Board of Directors and the DM 50, and is a past board president of 88-CRIME.
“Dave has been an integral part of initiatives that have made UNS Energy a financially stronger, more efficient company,” Bonavia said. “With his strong ties to the community and strategic vision, I’m fully confident that Dave will provide the leadership necessary for UNS Energy’s continued success.”
UNS Energy is a Tucson, Arizona-based company with consolidated assets of approximately $4 billion. UNS Energy's primary subsidiaries include Tucson Electric Power (TEP), which serves approximately 414,000 customers in southern Arizona, and UniSource Energy Services (UES), provider of natural gas and electric service for approximately 243,000 customers across Arizona. To learn more, visit uns.com.
Statements included in this news release and any documents incorporated by reference which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Exchange Act. Forward-looking statements may be identified by words including “anticipates,” “intends,” “estimates,” “believes,” “projects,” “expects,” “plans,” “assumes,” “seeks,” and similar expressions. Forward-looking statements including, without limitation, those relating to UNS Energy’s and its subsidiaries’ future business prospects, revenues, proceeds, working capital, investment valuations, liquidity, income, and margins, as well as the timing and consequences of the Fortis acquisition, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors, including those identified from time-to-time in the forward-looking statements. Those factors include, but are not limited to: the possibility that various conditions precedent to the consummation of the Fortis transaction will not be satisfied or waived; the ability to obtain regulatory approvals of the Fortis transaction on the timing and terms thereof; state and federal regulatory and legislative decisions and actions; regional economic and market conditions which could affect customer growth and energy usage; weather variations affecting energy usage; the cost of debt and equity capital and access to capital markets; the performance of the stock market and changing interest rate environment, which affect the value of our pension and other retiree benefit plan assets and the related contribution requirements and expense; unexpected increases in O&M expense; resolution of pending litigation matters; changes in accounting standards; changes in critical accounting estimates; the ongoing restructuring of the electric industry; changes to long-term contracts; the cost of fuel and power supplies; cyber attacks or challenges to our information security; and the performance of TEP's generating plants; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. UNS Energy and its subsidiaries undertake no obligation to update publicly any forward looking statements, whether as a result of new information, future events, or otherwise. Given these uncertainties, undue reliance should not be placed on the forward-looking statements.
For more information:
UNS Energy Corporation
88 E. Broadway
United States, 85702
Contact person: Joseph Barrios, Media Contact
UNS Energy Corporation
Tel: (520) 884-3725
Contact person: Chris Norman
Financial Analyst Contact
Tel: (520) 884-3649