Chief executive of US renewable and conventional energy company Avangrid James Torgerson is to retire in June.
The 67-year old will step down on 23 June, the day immediately following the annual meeting of shareholders.
Torgerson has served as the company’s chief executive since Avangrid’s formation in 2015, following a merger between the US arm of Spanish energy giant Iberdrola and UIL Holdings Corporation.
Previously, Torgerson served as president and chief executive of UIL Holdings.
He is credited with presiding over the expansion of the regional electric utility into a “diversified energy company” that serves 3.3 million natural gas and electric utility customers across multiple states and which has become one of the largest generators of electricity from wind in the US.
Through its 50% shareholding in developer Vineyard Wind, along with Copenhagen Infrastructure Partners, Avangrid became an early mover in the US offshore wind sector.
Torgerson said: “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.
He thanked employees and the board of directors and added: “While retirement is something that I have been contemplating for some time, I am fully engaged and committed to leading this organisation 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.”
A search for Torgerson’s successor among candidates within and outside the company is underway, according to the company.
Avangrid chairman of the board Ignacio Galan said: “Jim has successfully led the integration of Avangrid, making the company a leading sustainable energy group in the US.
“His long and successful career is widely recognised by his peers in the industry. Avangrid has benefitted from his leadership and guidance over the past five years.”
Torgerson has also served as president and chief executive of the Midwest Independent Transmission System Operator (MISO), and was a member of its board of directors, as well as finance chief 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.