Eversource Energy has changed its corporate leadership, with Chairman, President and CEO Jim Judge being relocated to the role of executive chairman of the board on May 5 and Joe Nolan, executive vice president for strategy, customer and corporate relations, taking on the president and chief executive roles.
Judge has served as Eversource”™s president and CEO since 2016 and chairman since 2017. Under his leadership, Eversource has gained national recognition as a leader in sustainability. On Tuesday, Barron”™s ranked it as the number one energy utility and 42nd overall on its annual list of America”™s Most Sustainable Companies. However, Eversource was the subject of withering criticism last summer for its lethargic response to power outages created by Tropical Storm Isaias, which left up to 1 million Eversource customers without electricity, some existing without power for more than a week.
In the aftermath of the storm, Judge created a public relations headache for Eversource by stubbornly refusing to compensate customers for spoiled food and prescription drugs because the storm was “an act of God” while stubbornly defending his $19.8 million salary, insisting that his “compensation is very much in line with CEOs of similar sized utilities.”
Nolan, who will also join the board of trustees, served as executive vice president for customer and corporate relations since the 2012 merger between Northeast Utilities and NSTAR, and he took on responsibility for the strategy function in early 2020. Nolan has been the leader in the company”™s joint venture with Ørsted on plans to develop at least 4,000MW of offshore wind capacity.
“This is a pivotal moment for our company and our industry,” Nolan said. “We”™re working to serve as a regional catalyst for clean energy and reduction of carbon emissions. We”™re leading the way in environmental and corporate responsibility, responding to customers”™ need for reliable and resilient networks, and continuing to provide positive results for investors. I”™m honored to assume the leadership of our capable team of 9,300 dedicated employees.”
“One of my goals as CEO and chairman of the board was to ensure a strong leadership pipeline, and this is an important next step in the company”™s succession process,” Judge said.
