Canadian utility Hydro-Quebec’s Board of Directors has selected present executive Lise Croteau to serve as its acting president and CEO, effective May 2.
Croteau, who currently serves as Hydro-Quebec’s Vice President of Accounting and Control, takes over for Thierry Vandal, who announced his intentions to leave the company after 10 years as President and CEO in February.
Vandal still had two years remaining on his term.
“On behalf of Hydro-Quebec’s Board of Directors, I would like to thank Lise Croteau for accepting this mandate, which she will certainly fulfill with great success,” chair Michael Penner said.
Croteau joined the company in 1986 and was awarded the title of Fellow of the Ordre des comptables agrees du Quebec (FCPA) in 2008, recognizing her contributions to the accounting field.
Hydro-Quebec has now formed a “special human resources committee” to “recruit candidates from within and outside the company” with the assistance of consulting firm Spencer Stuart.
Hydro-Québec has about 23,000 employees at more than 150 locations with nearly 130 employees in management. The company reports it generates 98% of its electricity from hydropower as of 2013. Its generating fleet includes 60 hydro, one nuclear and 27 thermal stations for an installed capacity of 36,810 MW.
Hydro-Quebec is the largest utility in Canada in terms of revenue earning, and in 2013 reports its revenue was C$3 billion with a net income of C$513 million.
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