WALTHAM, Mass. — National Grid (NYSE: NGG) on Thursday announced that Tom King, who has served as the firm’s U.S. president for nearly eight years, will leave the company on March 31, 2015, the end of utility’s fiscal year.
The company has chosen Dean Seavers, a former executive at both Fairfield, Conn.–based General Electric Co. (GE) and Hartford, Conn.–based United Technologies Corp. (NYSE: UTX), as King’s successor.
National Grid’s U.S. leadership transition is part of a “long-planned succession effort” that the firm’s board of directors is leading, the company said in a news release distributed on Thursday.
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The two leaders will work together for four months, to ensure the “best possible” leadership transition, the company added.
Seavers’ official start date is Dec. 1. King will remain on the National Grid board until March 31, 2015.
King led a “successful turnaround” of National Grid’s U.S. business during his eight years as president, the company said.
It included “improving” returns and customer service led by a program of regulatory engagement and filings, and a “major” restructuring in 2011.
Returns on equity since 2009 have improved from 6.9 percent to more than 9 percent representing a “significant” improvement in performance, the firm added.
“Tom King has made an enormous difference to the performance of National Grid during a period of significant regulatory engagement,” Steve Holliday, CEO of National Grid, said in the news release. “Tom’s experience and judgment through this process was invaluable. He leaves behind an organization well aligned to meet the needs of its consumers and regulators.”
When his tenure ends in the spring, King intends to watch the utility’s progress “with great interest,” he said in the news release.
“With a strong focus on delivering organic growth and performance improvement, it now feels like the right time to transition the leadership of the business to new hands,” said King.
Seavers joins National Grid after a career that has included leadership roles at GE, United Technologies, and Switzerland–based Tyco International (NYSE: TYC).
He led GE Security, a $2 billion product and technology group, and a $4 billion global-services portfolio for United Technologies, National Grid said.
Seavers currently serves as founder, president, and CEO of Boca Raton, Fla.–based Red Hawk Fire & Security, his most recent venture, the utility added.
The incoming U.S. president sees National Grid as a firm that’s “well positioned for continued success.”
“We have exceptional talent at National Grid, which is differentiating the company as a leading U.S. energy distributor and innovator with a strong reputation for efficiency, customer service, and integrity,” Seavers said in the news release.
Shares of National Grid ended up 75 cents at $71.89 per share at the close of trading on Thursday, according to Yahoo Finance.
National Grid plc is a U.K.–based electricity and gas company that connects consumers to energy sources through its networks, according to its news release.
In Britain, National Grid runs the systems which deliver gas and electricity across the country. In the Northeast U.S., National Grid connects more than seven million gas and electric customers to vital energy sources.
Contact Reinhardt at ereinhardt@cnybj.com
