Eversource Energy ES, a utility holding company engaged in the energy delivery business, announced after Wednesday's market close that Tom May will retire as the company's president and chief executive officer.
Shares of Eversource Energy were unchanged following the announcement, and showed no trades early Thursday morning.
May will transition to the title of "non-executive chairman of the board of directors" following a 40-year career.
Under May's leadership, Eversource Energy grew its market capitalization from $1 billion in 1994 to over $18 billion today. Shareholders realized 19 consecutive years of positive total shareholder returns and earnings growth that outpaced the industry.
Jim Judge, Eversource Energy's current chief financial officer will replace May as president and cEO. Judge will also become a member of the board of directors and is expected to be elected as chair of the board in 2017.
"I've known and worked with Jim for 38 years and he has been pivotal to the company's success as CFO over the last 20 years," said May. "I have every confidence in his ability to successfully lead Eversource into the future. His extensive experience in our industry, passion for our customers, leadership skills, and focus on results make him the ideal person to lead the company going forward."
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