Merrillville-based NiSource Inc. (NYSE: NI) says President and Chief Executive Officer Joe Hamrock is stepping down, effective February 14, after a 10-year run with the utility. The company says as part of its succession plan, Hamrock will be succeeded by Lloyd Yates, a former executive of North Carolina-based Duke Energy Corp. (NYSE: DUK)
Hamrock will also retire from the NiSource Board of Director. Yates has been a member of the board since 2020.
“This leadership transition reflects a long and thoughtful process undertaken over the last year and comes at the right time for NiSource,” said NiSource Chairman Kevin Kabat. “Joe has always been transparent with us about his long-term goals, which gave us the opportunity to conduct an extensive process to identify and evaluate over a dozen external and internal candidates.”
Kabat says Yates brings significant energy and regulated utility experience to the company. He most recently served as executive vice president customer and delivery operations and president of the Carolinas region for Duke Energy.
NiSource says Hamrock will remain with the company in a non-executive role for a short period to help with the transition.