LONDON, Nov. 3, 2003 — The Board of Directors of National Grid Transco (NGT) announced that Rick Sergel, an executive director of NGT and president and chief executive officer of National Grid USA, has decided to retire, effective next summer.
Mike Jesanis, currently chief operating officer of National Grid USA, will succeed Sergel as both chief executive officer in the U.S. and NGT executive director at that time. Effective November 1, 2003, Jesanis will become president and continue as chief operating officer of National Grid USA.
NGT is an international energy delivery business whose principal activities are in the regulated electricity and gas industries in the U.K. and U.S. National Grid USA, a subsidiary of NGT, serves 3.2 million electricity customers in Massachusetts, Rhode Island, New Hampshire and New York and approximately 550,000 gas customers in New York. Its five retail companies are Massachusetts Electric, Nantucket Electric, Narragansett Electric, Granite State Electric and Niagara Mohawk.
Sergel was appointed an executive director of National Grid Group (subsequently NGT) following its acquisition of New England Electric System (NEES) in March 2000. He had been president and chief executive officer of NEES at the time and took on the same role with the formation of National Grid USA, which subsequently has more than doubled in size through two acquisitions.
As chief operating officer, Jesanis has been responsible for day-to-day operations within National Grid USA since January 2001. He was previously chief financial officer of National Grid USA and New England Electric System.
Commenting on the changes, Sir John Parker, chairman of NGT, said, “Rick continues to contribute significantly to National Grid Transco and the Group’s success. His part in the development of our business in the U.S. through his knowledge of the U.S. utility scene, the regulatory and political environment and his vision in driving forward deregulation and unbundling of the industry has been key to the Group. I look forward to Mike joining the board in due course and wish him every success in continuing Rick’s good work.”