The Board of Directors of Emera Inc. ("Emera") (TSX: EMA) announced that Chris Huskilson has provided notice of his intention to retire as CEO in 2018. Concurrently, the Board also announced it will appoint Scott Balfour, current COO and former CFO, as CEO upon Mr. Huskilson's retirement.
"I am delighted to announce that Scott will be our next CEO," says Jackie Sheppard, Chair of Emera. "Chris has been an outstanding CEO for more than 12 years and we understand and respect his desire to step down in 2018. Over the past several years, the Board and Chris have worked closely to develop a strong and experienced leadership team. The fact that we were able to select a successor internally is a testament to the depth of the leadership team and the succession work that has been done."
Mr. Balfour joined Emera as Executive Vice President and CFO in 2012, was appointed COO Northeast & Caribbean in March 2016 and Chief Operating Officer for Emera in November 2016. Mr. Balfour has also assumed responsibility for leading corporate strategy and is the Chair of the Board for most of Emera's affiliates.
"Since joining Emera, Scott has taken on increasing levels of responsibility and has played a key role in the growth of the company," says Sheppard. "Scott's strong leadership, financial acumen and experience at Emera as CFO and COO combined with the deep experience of the leadership team make this a natural next step for Emera."
As previously disclosed, Mr. Huskilson agreed to provide at least 12 months' advance notice of his desire to retire, allowing for a seamless leadership transition.
"With TECO integrated and adding to our existing growth platforms, Emera is ready for this leadership change," says Chris Huskilson, President and CEO of Emera. "The work the Board has done on succession planning, Scott's leadership experience and the strength of our organization gives me confidence in both the timing of this transition and the future of Emera."
The successful execution of its strategy has transformed Emera into one of the 20 largest North American publicly traded utilities, serving more than 2.4 million customers and becoming a member of the S&P TSX60. Mr. Balfour has worked closely with Mr. Huskilson and the entire leadership team over the past five years to deliver consistent shareholder and customer value and to create significant progress on the strategy, including the TECO acquisition and large scale projects such as the Maritime Link.
"It will be an honour to serve as CEO of Emera," says Scott Balfour, COO of Emera. "Emera is a great company, with a great team and an exciting future. I look forward to continuing our work together to capitalize on the growth opportunities ahead of us."
Chris Huskilson - President and Chief Executive Officer, Emera Inc.
Chris began his career with Nova Scotia Power in 1980. He was made Chief Operating Officer of Emera and Nova Scotia Power in July 2003 and President and Chief Executive Officer of Emera in 2004. Chris is a member of the Association of Professional Engineers of Nova Scotia. He serves on many for-profit and not-for-profit Boards of Directors. He is Past-Chair of the Greater Halifax Partnership, the Energy Council of Canada, and the Canadian Electricity Association. In 2013 he was named Canadian Energy Person of the Year. He was also named Clean Energy Champion in 2015 and received a honourary Doctorate from the University of New Brunswick in the same year. Chris will be inducted into the Junior Achievement Nova Scotia Business Hall of Fame in 2017. Chris holds a Bachelor of Science in Engineering and a Master of Science in Engineering from the University of New Brunswick.
Scott Balfour - Chief Operating Officer, Emera Inc.
Scott Balfour was appointed Chief Operating Officer for Emera Inc. in November 2016. Scott joined Emera in April of 2012 as Executive Vice President and Chief Financial Officer, before becoming COO Northeast & Caribbean in March 2016. Since joining Emera, Scott has played a key role in strategy development, driving growth and large projects, including the TECO acquisition and the Maritime Link. Following six years in commercial and corporate banking with TD Bank and the Royal Bank of Canada, Scott played a leading role in growing Aecon Group into Canada's largest publicly traded construction firm. Scott joined Aecon as CFO in 1994 and became President in 2005. During that time, Aecon grew from a $60 million regionally based road building company into a $2.8 billion global multi-disciplined contractor and infrastructure developer. Scott is the past Chair of the Ontario Energy Association Board of Directors. He also sits on the board of Martinrea International Inc. Scott holds an Honours Bachelor in Business Administration (HBBA) from Wilfrid Laurier University, and an MBA from the University of Western Ontario's Richard Ivey School of Business.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $29 billion in assets and 2016 revenues of more than $4 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera's common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at http://www.emera.com or at www.sedar.com