- Push-out Score determined
- After almost seven years in the position
- Accolades, praise and thanks for Hamrock
- Lloyd Yates taking over
- Hamrock said 99 words
(exechange) — Merrillville, Indiana, January 27, 2022 — Joe Hamrock, chief executive of NiSource, leaves. As announced by NiSource Inc. in a news release and in a regulatory filing published on Thursday, January 27, 2022, Joseph (Joe) Hamrock leaves his post as chief executive officer at the utility company, after almost seven years in the role, effective February 14, 2022.
Joe Hamrock’s duties as CEO will be taken over by Lloyd Yates, most recently Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region at Duke Energy Corporation.
Already a director
Yates is already a director of NiSource. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Yates understands the expectations and dynamics of the board and has knowledge of NiSource’s organization, risk-management practices and strategy.
“To pursue various personal and philanthropic interests”
Joe Hamrock’s departure from the CEO post is explained as follows. NiSource said: “NiSource Inc. (NYSE: NI) today announced that, as a result of a long-planned succession process, its Board of Directors has appointed Lloyd Yates as the company’s next President and CEO, effective February 14, 2022. At that time, Joe Hamrock will facilitate the CEO transition for a short time in a non-executive role, after which time he will retire to pursue various personal and philanthropic interests.”
Precise information regarding Joe Hamrock’s future plans was not immediately available.
“Retire”
NiSource said: “Joe Hamrock, the Company’s President and Chief Executive Officer, will retire from his role as President and Chief Executive Officer and as a director, effective February 14, 2022.”
Share price increase since January 2017
The announcement follows an increase in NiSource Inc.’s share price of 23% since January 2017.
In the position of CEO since 2015
Joe Hamrock became CEO of the Company in 2015.
Hamrock has been the Company’s President and CEO since July 2015.
From May 2012 to June 2015, he was Executive Vice President and Group CEO for NiSource’s Gas Distribution Operations, comprised of local gas distribution companies in Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania and Virginia.
Previously, he served in a variety of senior executive positions with American Electric Power (“AEP”), an electrical service public utility holding company in Columbus, Ohio, including as President and Chief Operating Officer (“COO”) of AEP Ohio from January 2008 to May 2012.
He also served in leadership roles in engineering, transmission and distribution operations, customer service, marketing and information technology.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Joe Hamrock’s move on a scale of 0 to 10.
exechange reached out to NiSource and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2022 ($).