NB Power

David Hay to retire as president and CEO of NB Power (10/01/26)

NB 111

Jan. 26, 2010

FREDERICTON (CNB) - David D. Hay has announced that he is retiring as president and chief executive officer of NB Power, positions he has held since March 2004. Hay's retirement is effective Jan. 31.

"It has been a great privilege to work with the employees of NB Power, who bring professionalism and dedication to the challenges of their jobs," said Hay. "Together, we were able to make great strides in building a better utility.

Francis McGuire, chairman of the NB Power board of directors, thanked Hay for working with the team at NB Power on the proposed agreement with Hydro-Québec.

"The team at NB Power, led by Mr. Hay, has performed its due diligence on this transaction with professionalism and discipline," McGuire said.

McGuire said NB Power had made great progress during Hay's tenure.

"We have made positive strides on the environmental front," McGuire said. "In addition, Mr. Hay successfully dealt with the very difficult issue of the Orimulsion contract with Venezuela, which was in place before he took the job."

Energy Minister Jack Keir said, "David Hay retires having turned around the utility and made it a great place to work. His counsel leading up to this period of transition has been invaluable, and I thank him for his service to New Brunswickers."

In its most recent assessment of NB Power's performance, the board of directors noted that the utility had achieved a safety milestone, becoming the first in Canada, "to reach 12 consecutive months without a lost time accident."

The board also praised NB Power for reducing fuel costs at the Coleson Cove generating station, the successful addition of the Kent Hills Wind Farm, and taking measures to reduce carbon dioxide emissions.

Hay has also been honoured three times as one of Atlantic Canada's Top 50 CEOs, while the utility has been selected three times as one of Canada's Top 100 places to work.

"I look forward to taking a deep breath after six great years at NB Power," he said. "With the government having finalized its negotiations with Quebec, this just feels like the right time to move on."

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MEDIA CONTACT: Heather-Anne MacLean, manager, media relations, corporate relations and communications, NB Power, 506-458-6618, hemaclean@nbpower.com.

10/01/26