Utility provider Eversource Energy said Wednesday it’s making a leadership change as current Chairman, President and CEO Jim Judge plans to step away from running the day-to-day operations to become executive chairman of the board.
Joe Nolan, Evesource’s executive vice president of strategy, customer and corporate relations, will be promoted to president and CEO and is also expected to be elected to the board of trustees in May, the company said. The change will take effect in May.
Judge has served as Eversource’s president and CEO since 2016 and chairman since 2017. Under his leadership, Eversource introduced its corporate clean energy strategy and carbon neutrality plan, the company said.
Judge received $14.6 million in salary, stock awards and other benefits in 2020, according to Eversource’s securities filings.
Eversource provides electric, natural gas, and water service to 4.3 million New England customers. This past year, the company faced intense criticism from customers, regulators and state lawmakers over lengthy power outages caused by tropical storm Isaias last summer. The Public Utilities Regulatory Authority last month said it would limit Eversource’s cost recovery related to that storm and found that the company had not met acceptable standards.
Throughout his 35-year career with the company, which increased in size through the 2012 merger of Northeast Utilities and NSTAR, Nolan has held extensive leadership positions in customer service, government and regulatory affairs, community relations, and corporate strategy.
“This is a pivotal moment for our company and our industry,” Nolan said in a statement. “We’re working to serve as a regional catalyst for clean energy and reduction of carbon emissions. We’re leading the way in environmental and corporate responsibility, responding to customers’ need for reliable and resilient networks, and continuing to provide positive results for investors. I’m honored to assume the leadership of our capable team of 9,300 dedicated employees.”
Nolan holds a master’s degree in business and a bachelor’s degree in communications from Boston College. He serves on several boards, including Boston Children’s Hospital, the Intercontinental Real Estate Corporation, New England Council, Long Island, NY Association, and the Camp Harborview Foundation, among others.
