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March 24, 2020

Longtime Avangrid CEO Torgerson to retire

PHOTO | Contributed Torgerson: Timing is everything.
By Michael C. Bingham

Orange-headquartered energy supplier Avangrid Inc. (NYSE: AGR) has announced that longtime Chief Executive Officer James P. Torgerson will retire effective June 23, the day following the company’s annual shareholder meeting.

The company, parent of the United Illuminating Co. and Southern Connecticut Gas Co., said it would conduct an internal and external search for Torgerson’s successor.

Torgerson has served as CEO of Avangrid since it was formed in 2015 as the result of the merger of Iberdrola USA and UIL Holdings Corp., the latter of which Torgerson served as president and CEO.

During his time at the helm, he has presided over the expansion of the regional electric utility to a diversified energy company with some $34 billion in assets and 6,600 employees. It serves 3.3 million natural gas and electric utility customers across 24 states and is one of the largest generators of electricity from wind in the U.S.

“Jim has successfully led the integration of Avangrid, making the company a leading sustainable energy group in the U.S.,” said Avangrid board Chairman Ignacio Galan in a statement. “His long and successful career is widely recognized by his peers in the industry. Avangrid has benefited from his leadership and guidance over the past five years.”

Before joining United Illuminating Torgerson was president and CEO of the Midwest Independent Transmission System Operator Inc. (MMISO) and a member of its board of directors. Before that he served as chief financial officer for several natural gas and electric utilities in North America.

Torgerson, 67, holds a bachelor’s degree in accounting from Cleveland State University.

Regarding the timing of the announcement, Torgerson said in a statement, “While retirement is something that I have been contemplating for some time, I am fully engaged and committed to leading this organization as we navigate the current challenges of the coronavirus pandemic.”

“We are well prepared and committed to ensuring there is no interruption in service for our customers and taking care of our employees during this uncertain time,” he added.

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