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Eddinton Powell to Retire From FortisTCI

Business 01 Jul, 2020 Follow News

FortisTCI President and CEO Eddinton Powell (L) retires and Senior Vice President of Corporate Services and CFO Ruth Forbes is named successor, effective from August 2, 2020

Eddinton Powell, FortisTCI President and CEO

Ruth Forbes, FortisTCI Senior Vice President of Corporate Services and CFO

Caymanian Eddinton Powell, who has served for the past 13 years as President and CEO of FortisTCI, the electric utility company in the Turks and Caicos Islands, will retire from the role effective August 1, 2020.

The announcement was made on Friday, June 26, by Gary Smith, Chair of the Board of Directors of FortisTCI. Mr. Powell will continue to serve the company as Strategic Advisor through the end of this year, reporting to the Board of Directors, and will also remain a Director on the Board until that time.

Mr. Powell is a former Caribbean Utilities Company Ltd (CUC) Senior Vice President and Chief Financial Officer. Both CUC and FortisTCI are sister utilities of Fortis Inc., a leader in the North American regulated electric and gas utility industry.

He will be succeeded by Ruth Forbes as President and CEO of FortisTCI, effective August 2, 2020. Mrs. Forbes is a native of the Turks and Caicos Islands, who currently serves as the company’s Senior Vice President of Corporate Services and Chief Financial Officer.

“On behalf of all employees and the Board of Directors, I want to congratulate Ruth Forbes on her appointment. Ruth brings tremendous experience and personal acumen to this important position, as well as strong connections to the communities on the islands,” said Gary Smith, Chair, FortisTCI Board of Directors. “I also wish to thank Eddinton Powell for his contribution to the electricity sector in the Turks and Caicos Islands and wish him well in his retirement.”

In response to her appointment, Mrs. Forbes said, "I am pleased to have been selected as Mr. Powell's successor. I am also thankful to the Board of Directors and Fortis Inc. for their confidence in my ability, and to Mr. Powell for his leadership. Our company is respected as a trailblazing utility both regionally and internationally. In my new role, I will continue our drive toward excellence with the FortisTCI team, while bringing value to our stakeholders. I must also acknowledge and thank my family for their unwavering support."

Speaking about the announcement, Mr. Powell said, "It has been an honor to serve as the CEO of FortisTCI for the past 13 years. My love and respect for the Turks and Caicos Islands are deep and abiding. As I move into a new phase of my life, I leave behind a strong company and a talented team that will achieve great things. I know that Ruth will do well in her new role, and I wish her all the very best on her journey."

Mr. Powell joined FortisTCI in 2007 as President and CEO. He began his career in the utility sector at CUC in 1982, and currently serves as Chairman of the Board of Caribbean Electric Utilities Corporation (CARILEC), and will continue in that role until December 2020.

He is credited with leading the transformation of the electricity sector in the Turk and Caicos Islands (TCI).His accomplishments include investing in the professional development of employees to create a well-trained and diverse workforce, leading to the company achieving ‘Investors in People’ accreditation in 2016. In 2018, FortisTCI was again accredited with Investors in People (Silver) certification.

Under his leadership, FortisTCI earned its first investor grade credit rating with Standard & Poor’s, providing the company the opportunity to access affordable financing in the United States capital debt market. Other FortisTCI achievements under Mr. Powell’s leadership include, earning ISO 22301:2012 certification for business continuity management from three leading global standards organizations, and ISO 14001:2015 and ISO 45001:2018 certification for Occupational Health and Safety, and Environmental Management Systems. Mr. Powell also created an environment where modernizing utility infrastructure for resiliency and reliability was a priority. This approach led to a utility with one of the highest reliability stats in the region, adding to the continued economic development of the TCI.

In 2019 he was named as the recipient of the 3rd Annual Caribbean Renewable Energy Forum (CREF) Energy Leadership MVP Award. The honor is given to a nominee who has made a significant contribution to energy development in the region.

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