Directors of Central Hudson Gas & Electric Corp. announced on Monday an appointment from within the company to the CEO post from which Steven V. Lant will retire this fall after 11 years at the helm of the Poughkeepsie-based utility.
Central Hudson officials in a press release said James P. Laurito, who has served five years as president of the mid-Hudson Valley utility, will assume the position of president and CEO on Nov. 1. Lant will retire on Oct. 31 after 34 years of service with Central Hudson.
Lant has served as CEO of Central Hudson Gas & Electric Corp. and its parent company, CH Energy Group Inc., since July 2003. Â He joined Central Hudson in 1980 in its cost and rate division.
Utility officials cited Lant”™s instrumental role in guiding the merger in 2013 of CH Energy Group with Fortis Inc., Canada”™s largest publicly traded natural gas and electric distribution utility. “His insightful leadership and financial expertise have been valuable assets to the board and to the company both before and after the merger,” said Stanley Marshall, CEO of Fortis Inc. and Central Hudson board chairman.
Barry Perry, president of Fortis Inc. and Central Hudson board member, said of Lant, “The accomplishments of Central Hudson in large part flow from his leadership, management and vision. Steve”™s focus on good governance, thoughtful board deliberation and strategic planning have provided a solid platform for the future success of the company.”
“With all of the commitments related to our successful merger with Fortis having been met,” Lant said in a statement, “and the winding down of our unregulated businesses nearly complete, I feel that this is the right time for me to retire. We have an excellent board, executive team and devoted employees in place, and I have every confidence in Jim”™s leadership. ”¦ The company is clearly well positioned to achieve even greater success in the future.”
Before joining Central Hudson five years ago, Laurito served as president of both New York State Electric & Gas Corp. and Rochester Gas & Electric Corp.
He is a director on the Federal Reserve Bank of New York”™s Upstate Advisory Board and also serves on the boards of Mid-Hudson Pattern for Progress and Orange-Dutchess United Way. He and his wife, VaNita, reside in the town of Fishkill.
“I look forward to leading our company forward to new heights of achievement,” Laurito said in the announcement. “It is an exciting time to be in the utility business, and I know that our employees are ready for the many opportunities that lie ahead.”
A subsidiary of Fortis Inc., Central Hudson Gas & Electric Corp. serves about 300,000 electric customers and about 75,000 natural gas customers in a 2,600-square-mile service territory across eight counties in the Hudson Valley.
