Oct. 24, 2003 — The Board of Directors of Newfoundland Power Inc. announced that Karl W. Smith has been appointed as the new president and CEO effective Jan. 1, 2004.
“Karl Smith has a wealth of experience and knowledge in the utility industry, particularly in the areas of finance, operational efficiency and regulation,” said Bruce Chafe, Chair, Board of Directors, Newfoundland Power Inc. “Karl has played a key role in the growth and diversification strategy at Fortis Inc. (Fortis) that has lead the company to have holdings throughout Canada, the United States, Central America and the Caribbean. He has greatly contributed to the strong performance of Fortis which has reported record earnings for the past three consecutive years.”
Smith has held the position of Vice President, Finance and Chief Financial Officer with Fortis since 1999. From 1995 to 1999 he was Vice President and Chief Financial Officer for Newfoundland Power, and prior to that held the positions of Vice President, Finance, Fortis Trust and Vice President, Finance, Fortis Properties.
“Karl’s proven ability to deliver results and maximize value for customers and shareholders will build on the solid foundation of success at Newfoundland Power,” added Chafe. “His leadership style and strong belief in developing the strengths and talents of employees as a key to success will complement the Company’s management team. We look forward to Karl rejoining the Newfoundland Power team.”
Smith will replace Philip G. Hughes, President and Chief Executive Officer, who will be leaving Newfoundland Power to join Fortis effective December 31, 2003 to lead the integration of the recently announced Aquila acquisition in Alberta and British Columbia into the Fortis Group of Companies.
All the common shares of Newfoundland Power Inc. are owned by Fortis Inc., a diversified, international, electric utility holding company with assets of $2 billion and annual revenues of approximately $800 million. The Common Shares, Subscription Receipts and First Preference Shares, Series C of Fortis Inc. are traded on The Toronto Stock Exchange under the symbols FTS, FTS.R and FTS.PR.C, respectively. Fortis Inc. information can be accessed at www.fortisinc.com.
With a customer base of approximately 220,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability of electrical supply in the most cost-efficient manner possible. For more information on Newfoundland Power’s programs, services and community partnerships, please visit www.newfoundlandpower.com.