Eversource Energy said Wednesday its president and chief executive officer Tom May will retire next month and become the company’s non-executive board chairman.
Jim Judge, the company’s chief financial officer, will succeed May as president and CEO May 4, after Eversource’s annual meeting.
Eversource is co-headquartered in Hartford and Boston.
May’s decision to retire will bring to a close a career spanning 40 years of continuous service with the company, including 22 years as CEO of Boston Edison, NSTAR, Northeast Utilities, and Eversource Energy.
Jim Judge assumed his executive vice president and chief financial officer roles after the merger between Northeast Utilities and NSTAR in 2012. Formerly, Judge served as chief financial officer for NSTAR and Boston Edison since 1995 and throughout his 38-year career with the company has had extensive leadership responsibility for finance, accounting, strategic planning, energy supply and information technology. Judge holds both a master’s degree and bachelor of science in business administration from Babson College and serves on the boards of Analogic Corp. headquartered in Peabody, Mass. and the United Way of Massachusetts Bay.
“I’ve known and worked with Jim for 38 years and he has been pivotal to the company’s success as CFO over the last 20 years,” said May. “I have every confidence in his ability to successfully lead Eversource into the future. His extensive experience in our industry, passion for our customers, leadership skills, and focus on results make him the ideal person to lead the company going forward.”
May earned total compensation of $9.7 million in 2015, up from $9 million in 2014 and $7.7 million in 2013, according to Eversource’s U.S. Securities and Exchange Commission filings. That includes salary, bonuses, stock awards and other compensation.
Meanwhile, Judge earned total compensation of $3.4 million in 2015, down from $4 million in 2014, which was up from $2.4 million in 2013.
