Hydro One names Vels new Chief Financial Officer
TORONTO--Michael Vels is the new CFO for Hydro One. David Denison, Chair of the Board of Directors, announced his appointment effective July 1, 2015.
Vels was most recently Chief Financial Officer at Maple Leaf Foods Inc. where he took on increasing roles and responsibility from 1991 to 2014. Prior to that he worked in public accounting in Canada and mergers and acquisitions in the UK and received his Chartered Accountant designation in South Africa in 1985. Mr. Vels brings considerable executive level experience in public company governance, debt and equity capital raising, mergers and acquisitions and information technology.
"Mr. Vels' appointment represents an important next step in the process to sell a portion of Ontario's interest in Hydro One through an Initial Public Offering (IPO)," said Denison. "As a seasoned financial executive, Michael Vels brings the requisite skills, talents and experiences to the role and is well-positioned to help lead the Company at this critical point in its evolution."
Hydro One Inc. is a holding company that operates through its subsidiaries in electricity transmission and distribution and telecom businesses. One of its subsidiaries, Hydro One Networks Inc., operates one of the largest transmission and distribution systems in North America. Hydro One Inc. is wholly owned by the Province of Ontario.