- Push-out Score determined
- After about four and a half years in the position
- Praise for Torgerson
- Search for a successor
- Torgerson said 125 words
(exechange) — Orange, Connecticut, March 19, 2020 — Jim Torgerson, chief executive of Avangrid, leaves. As announced by Avangrid Inc. in a news release and in a regulatory filing published on Thursday, March 19, 2020, James P. (Jim) Torgerson leaves his post as chief executive officer at the sustainable energy company after about four and a half years in the role, effective June 23, 2020.
Avangrid will undertake a search for a successor.
“Current challenges of the coronavirus pandemic”
Avangrid did not give an explicit reason for Jim Torgerson’s departure from the CEO post. Torgerson said: “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.”
Precise information regarding Jim Torgerson’s future plans was not immediately available.
Avangrid said: “CEO James P. Torgerson, 67, will retire on June 23, 2020, the day immediately following the annual meeting of shareholders.”
Avangrid further said: “On March 18, 2020, James Torgerson, Chief Executive Officer of Avangrid, Inc. (the “Corporation”), provided notice of his intention to retire from the Corporation, effective on June 23, 2020, the day after the 2020 annual meeting of shareholders (the “Annual Meeting”).”
Share price increase since January 2017
The announcement follows an increase in Avangrid Inc.’s share price of 30% since January 2017.
In the position of CEO since 2015
Jim Torgerson became CEO of the Company in 2015.
Torgerson has served as the CEO and as a director of Avangrid since December 2015.
Torgerson had been president and chief executive officer and a director of UIL since 2006.
Prior to 2006, Torgerson was president and chief executive officer of Midwest Independent Transmission System Operator, Inc.
Torgerson is the former chairman and a director of the Connecticut Business and Industry Association and chairman of the Connecticut Institute for the 21st Century.
Torgerson holds a bachelor’s of business administration degree in accounting from Cleveland State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 12.2020 ($).