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03/19/2020

AVANGRID Announces Retirement of CEO James P. Torgerson

AVANGRID Announces Retirement of CEO James P. Torgerson

ORANGE, Conn. — March 19, 2020 – AVANGRID, Inc. (NYSE: AGR) announced today that CEO James P. Torgerson, 67, will retire on June 23, 2020, the day immediately following the annual meeting of shareholders. The company is conducting an internal and external search for Torgerson’s successor.

“Jim has successfully led the integration of AVANGRID, making the company a leading sustainable energy group in the U.S. His long and successful career is widely recognized by his peers in the industry. AVANGRID has benefitted from his leadership and guidance over the past five years,” said Ignacio Galan, Chairman of the Board for AVANGRID. 

Torgerson has served as CEO of AVANGRID since it was formed in 2015 as the result of the merger of Iberdrola USA and UIL Holdings Corporation. Previously, Torgerson served as President and CEO of UIL Holdings. During this time, he has presided over the expansion of this regional electric utility to the diversified energy company that AVANGRID is today, serving 3.3 million natural gas and electric utility customers across multiple states and becoming one of the largest generators of electricity from wind in the U.S.

“I am very proud of the fact that AVANGRID is positioned as a leading sustainable energy company in the United States and I look forward to seeing what is next for the company under the next generation of leadership,” said Torgerson. “I’d like to thank the employees at AVANGRID for their contributions and the AVANGRID Board of Directors for allowing me the honor of leading this great company.”

Torgerson added: “While retirement is something that I have been contemplating for some time, I am fully engaged and committed to leading this organization as we navigate the current challenges of the coronavirus pandemic. We are well prepared and committed to ensuring there is no interruption in service for our customers and taking care of our employees during this uncertain time.”

Torgerson also served as President and CEO of the Midwest Independent Transmission System Operator, Inc. (MISO), and was a member of its Board of Directors. He had also previously served as Chief Financial Officer for several natural gas and electric utilities in North America. He is past Chair of the American Gas Association (2019) and has served as a member of the Board of the Edison Electric Institute since 2006 and Executive Committee since 2013. Torgerson is also a current Trustee of the Yale New Haven Health System.

 

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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