Hydro One Chairman Stepping Down At End Of July

Electrical utility Hydro One Ltd. (TSX:H) has announced that its Chairman, Tom Woods, will leave its Board of Directors at the end of July.

Woods was among the 10 new directors named last year as replacements after the company's previous board members all resigned amid pressure from Ontario's incoming Progressive Conservative government.

Woods is a former senior executive of CIBC (TSX:CM) and helped lead Hydro One through several key milestones, including the hiring of Mark Poweska as the new Chief Executive Officer (CEO). Woods said in a written statement that he is leaving Hydro One with a sense of accomplishment knowing that the new CEO and board members are ready for the next steps in defining how they will serve the interests of customers.

Hydro One is Ontario's largest electricity transmission and distribution provider with almost 1.4 million customers across the province