Fortis CEO Stanley Marshall to retire this year

Mon May 12, 2014 8:05am EDT
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TORONTO (Reuters) - Fortis Inc (FTS.TO: Quote) said on Monday that President and Chief Executive Officer Stanley Marshall planned to retire from the Canadian utility company at the end of this year after heading it for more than 18 years.

Marshall, who is also stepping down from Fortis' board, will be replaced by Barry Perry, the gas and electricity distribution utility's chief financial officer.

Fortis is the largest publicly owned utility in Canada, with assets worth more than $18 billion. It services about 2.5 million customers across Canada, the United States and the Caribbean.

(Reporting by Euan Rocha; Editing by Lisa Von Ahn)