President and Chief Executive Officer, “LDC MergeCo”


Sartor & Associates - Ajax
Ajax, Ontario
Posted On: November 21, 2018
Last Day to Apply: December 21, 2018

President and Chief Executive Officer, “LDC MergeCo”

 

Sartor and Associates has been retained to search for a President & CEO to lead a new corporation, currently referred to as LDC MergeCo, which will result from the soon to be merged Veridian Corporation and Whitby Hydro Energy Corporation.

 

The Position

The President & CEO will be a strategic and innovative leader who will quickly earn credibility in the eyes of the Board and stakeholders. This new leader will continue the evolution and growth of LDC MergeCo for long-term sustainability, bringing a successful track record of cultural change management at a senior leadership level. Their success will be amplified by an entrepreneurial spirit, strong interpersonal skills, and an uncompromising commitment to safety. They will be challenged to demonstrate sound leadership and strategic expertise to articulate and advance the company’s vision, mission and objectives. This position is responsible for the effective long-term delivery of financial, operational, safety, customer, community and regulatory results.

Direct reports include the Chief Financial Officer, VP Engineering, VP Operations, VP Customer Service, VP Human Resources and Corporate Services, VP Technology & Innovation, and Corporate Secretary. Approximate employees of LDC MergeCo totals 300 FTEs, with an overall annual budget responsibility of $85 million.

 

The Merger

Whitby Hydro Energy Corporation and Veridian Corporation have agreed to merge and have signed a series of legal documents that will facilitate such a merger. Following this extensive evaluation and community engagement process, the Proposed Transaction was approved by all five shareholders of Veridian Holdco and Whitby Holdco, being: the Corporation of the Town of Ajax, the Corporation of the City of Belleville, the Corporation of the Municipality of Clarington, the Corporation of the City of Pickering and the Corporation of the Town of Whitby.

Any merger requires the approval of the Ontario Energy Board (OEB) and such approval is pending. It is anticipated that OEB decision on the application will be issued during the first quarter of 2019 and that the merger will be implemented shortly thereafter. An application requesting this approval was submitted on July 30th, 2018, and can be viewed at

http://www.veridian.on.ca/wp-content/uploads/VDN.WHTBY_APP_MAAD_20180727.pdf.

 

In preparation for the newly formed companies, it has been decided to conduct a CEO selection process; one for the new Local Distribution Company (LDC) and one for a new non-regulated energy services company (know in the industry under the generic term Affiliated Company or “AffCo”). These two new legal entities will have very distinct and different business models. The LDC will focus more on traditional operations and maintenance in the delivery of electricity to its customers, while the AffCo will be entrepreneurial in nature, focusing on providing a wide range of energy solutions to an equally wide range of customers. 

 

The Candidate Profile

We are seeking a seasoned leader with demonstrated expertise and a proven track record to lead the following:

  • Clearly define and communicate a long-term vision for the company that provides employees the focus and direction on how their actions help the company achieve its goals
  • Build a performance-oriented culture:
    • Implement systems to support individual and organizational accountability, e.g. goal setting, performance review, aligning rewards with performance, and meaningful development plans
    • Focus on execution – set stretch goals and hold each other accountable for accomplishment of objectives
    • Drive the completion of major initiatives
  • Drive operating efficiency and seize opportunities to maximize growth in traditional business areas while exploiting new growth opportunities, including emerging technologies and new service offerings
  • Ensure all activities are carried out within the appropriate regulatory framework
  • Articulate an organizational philosophy and structure that is responsive to traditional business requirements and new opportunities to increase shareholder value
  • Attract, retain and develop the leadership talent throughout the organization to support the aspirational goals and the operating plans of the company
  • Foster creativity and innovation internally and actively look for new ideas outside the company. Continually build a fact-based understanding of the forces that will impact the industry structure
  • Establish and maintain a close highly professional relationship with regulatory and legislative bodies, industry associations, other LDC’s and the research community to proactively monitor, digest, and exploit evolving market opportunities/threats

With a vision for the future the President & CEO will:

    • Have an excellent grasp of the electricity sector in Ontario
    • Be able to develop a sustainable vision for the future state of the newly merged corporation
    • Exploit technological advancements and opportunities for growth that will increase shareholder value

 

For a complete Position Profile, please visit http://www.sartorandassociates.com/LDCCEO

 

The Application Instructions

To explore this opportunity further, please contact Larry Sartor at 416-464-6856 or email your resume (filename: “Last name, First name - CV”), with “LDC MergeCo CEO” in the subject line, in confidence to larry@sartorandassociates.com.

 

It is LDC MergeCo’s policy to comply with all applicable laws and regulations which prohibit unlawful discrimination because of race, religion, creed, colour, national origin, sex, sexual orientation, age, disability or marital status or any other protected class.

 

We thank all those that apply for the position, however, only those selected for an interview will be contacted.

Thank you for your understanding.

  

Sartor and Associates – Search. Develop. Build.

Brookfield Place—TD Canada Trust Tower

161 Bay Street, 27th Floor, Toronto, Ontario, M5J 2S1

Tel: 416-464-6856 Fax: 416-572-2201

www.sartorandassociates.com

larry@sartorandassociates.com

 

 

 

November 21, 2018

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