CMS Energy and Consumers Energy announced that Thomas (Tom) J. Webb is named Vice Chairman, after 15 years as Executive Vice President and Chief Financial Officer where he played a vital role on the team which led CMS Energy's financial turnaround and growth. Webb also announced plans to retire Nov. 1, 2017. In his role as Vice Chairman, he will be responsible for duties determined by Chief Executive Officer Patricia K. Poppe.
Rejji P. Hayes, former Executive Vice President and Chief Financial Officer of ITC Holdings, Inc. (ITC), will succeed Webb as CMS Energy and Consumers Energy Executive Vice President and Chief Financial Officer on May 1, 2017.
Webb served in the CFO role since joining the company in 2002. For the past 15 years, he helped shape the CMS Energy strategy to deliver consistent financial results. Under Webb's leadership, the Company's market capitalization increased to more than $12.7 billion today from a low of $503 million in 2003, with 14 consecutive years of exceeding earnings' expectations.
"During his tenure, Tom embraced the challenge the company faced and helped our team with a successful financial transformation," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "In part due to his strategic leadership, and tenacious focus on customers AND investors, we are now recognized by investors worldwide as a company that delivers consistent, industry-leading financial performance."
Hayes joined ITC in Novi, MI as Vice President, Finance and Treasurer in 2012 and served as Chief Financial Officer from 2014 to 2016. In his role as CFO, Hayes was responsible for the company's accounting, tax, mergers and acquisitions, internal audit, investor relations, treasury, financial planning and analysis, management reporting and risk management functions. He most recently co-led the strategic review that resulted in the sale of ITC to Fortis Inc., a leading North American utility holding company. Under Hayes' tenure as CFO, ITC's market capitalization increased from approximately $4.7 billion to $7 billion.
Prior to joining ITC Holdings Corp., Hayes held strategy and financial leadership roles for Exelon Corporation, Lazard Freres & Co., Banc of America Securities and Merrill Lynch. He earned an MBA from Harvard Business School and a bachelor's degree from Amherst College.
"Rejji brings critical utility and public company CFO experience and much of the same strategy and financial acumen that Tom provided to benefit customers and investors," added Poppe. "We're pleased to have him join our team to continue delivering world class performance."