TORONTO, Aug. 17 /CNW/ - The Board of Directors of Toronto Hydro
Corporation today announced that, as part of its leadership succession
planning strategy, David S. O'Brien, President and Chief Executive Officer,
Toronto Hydro Corporation, has advised the Board that he will retire, as
President and Chief Executive Officer, effective September 30, 2009. The Board
also announced that it has appointed Anthony Haines, currently the President
of Toronto Hydro-Electric System Limited (THESL) to the position of President
and Chief Executive Officer of Toronto Hydro Corporation, effective October 1,
2009. Mr. Haines will continue in his role as President of THESL. Mr. O'Brien
has agreed to remain with the Corporation until December 31, 2009 to effect an
orderly transition in leadership.
"Since joining Toronto Hydro as President and CEO in 2004 Mr. O'Brien has
brought the Corporation to the forefront of Ontario's electricity industry and
has established the organization as one of the leading energy companies in
North America" said Clare R. Copeland, Chairman of the Board, Toronto Hydro
Mr. O'Brien has overseen the successful streamlining of the Corporation's
operations and has reinforced its commitment to workplace and public safety.
He managed the successful sale of Toronto Hydro Telecom Inc. in 2008 and
directed the development of Toronto Hydro's award-winning electricity
conservation and demand management programs. He also led the development of an
industry-leading Corporate Responsibility framework for the company.
Anthony Haines joined the Toronto Hydro Corporation team in 2005 as Chief
Administrative Officer and in 2006 was promoted to President of Toronto Hydro
Electric-System Limited. "Since coming on board he has strategically
restructured the utility and led it through several successful regulatory
hearings that have solidified and reinforced the financial strength of the
company", said Mr. Copeland.
Mr. Haines has overseen the installation of smart meter and back office
data management systems that have enabled THESL to lead the province and all
North American utilities in the implementation of time-of-use rates. He has
launched a formal Customer Relationship Management program, backed-up by the
largest capital construction program in Toronto Hydro's history, involving the
upgrading of the electricity grid in neighbourhoods across Toronto. Mr. Haines
has also launched a workforce renewal program, the recruitment of new trades'
personnel to replace retiring workers, and has established a deeply-rooted
workplace and public safety culture within the utility.
Toronto Hydro Corporation (the "Corporation") is a holding company which
through its wholly-owned subsidiaries:
Toronto Hydro-Electric System Limited ("THESL") - distributes electricity
and engages in conservation and demand management ("CDM") activities; and
Toronto Hydro Energy Services Inc. ("TH Energy") - provides street
lighting services and develops energy efficiency products and services.
The City of Toronto is Toronto Hydro Corporation's sole shareholder.
Certain portions of this press release may constitute forward-looking
information. Forward-looking information means disclosure regarding possible
events, conditions or results that is based on assumptions about future
economic conditions and courses of action or attributable to third parties. In
some cases, forward-looking information can be identified by terminology such
as "may", "will", "should", "expect", "anticipate", "believe", "estimate",
"predict", "potential", "continue", "plan" and similar expressions or the
negative of these terms or other comparable terminology. Although the
Corporation believes that it has a reasonable basis for the forward-looking
information included in the press release, such information is subject to a
number of risks, uncertainties and assumptions that may cause actual events,
conditions or results to differ materially from those contemplated by the
forward-looking information. Some of the factors that could cause such
differences include legislative or regulatory developments; financial market
conditions, general economic conditions and the ratings assigned to the
corporation or its affiliates or their debt securities by rating agencies. The
corporation has no obligation nor any intention to update publicly or to
revise any of the forward-looking information included in the press release
after the date thereof, whether as a result of new information, future events
or circumstances or otherwise.
For further information:
For further information: Tanya Bruckmueller,
firstname.lastname@example.org, W: (416) 542-2621, C: (416) 903-0440