Atlantic Power Corporation names James J. Moore, Jr. as President and CEO
Source: PR Newswire (Canada)
BOSTON, Jan. 23, 2015 /CNW/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") today announced that its Board of Directors has appointed James J. Moore, Jr. as the Company's President and Chief Executive Officer and a member of the Board of Directors effective January 26. Moore replaces Ken Hartwick, Interim President and CEO, who guided the Company during the search for a permanent CEO and will remain a member of the Company's Board of Directors.
Moore joins Atlantic Power from Diamond Castle Holdings LLC ("DCH"), a $1.8 billion private equity firm in New York City, where he served as Chairman of Energy and Power from 2008 to 2015. From 2001 to 2008, Moore served as CEO of Catamount Energy Corporation ("Catamount"), where he helped transform a small Vermont energy company into a wind-focused growth company. The new strategy led to the sale of the company to DCH in 2005 and later to Duke Energy in 2008. Prior to his tenure at Catamount, Moore served as Chairman and CEO of American National Power and on the Board of International Power PLC. Moore also previously served on the Board of Comverge, Inc. in 2012.
"The Board of Directors is pleased with the outcome of our search as Jim Moore brings a track record of thirty-three years in the energy industry including building two IPP businesses," said Irving Gerstein, the Chair of the Company's Board of Directors. "We were attracted by the fact that Jim has already led restructuring and business building efforts as a CEO in the IPP industry."
"My top priorities are the investment in our existing fleet, continued improvement in our balance sheet and examination of strategic and other growth opportunities that fit within Atlantic Power's strategy," Moore said. He also noted the positive progress of the Company during 2014 stating that "the Company has made significant progress in restructuring by reducing corporate overhead and corporate staff levels nearly 40% from 2013 to 2015."
Moore said that Atlantic Power has disposed of non-core assets, reduced and refinanced debt, and exercised discipline with respect to capital expenditures. "We need to continue those efforts with a sense of urgency and focus on metrics such as free cash flow per share," he said.
On January 22, 2015, the Compensation Committee of the Board of Directors approved a one-time grant of 523,256 notional shares to Moore, effective as of January 26, 2015, of which 50% will vest on or after the second anniversary of his start date upon achievement of certain stock price targets, and 50% will vest on the fourth anniversary of his start date, subject to his continued employment.
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