DALLAS, Nov. 29, 2016 /PRNewswire/ -- InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT" or the "Company") today announced that David A. Campbell, President and Chief Executive Officer of InfraREIT, has been appointed as Chief Executive Officer of Sharyland Utilities, L.P. ("Sharyland"), which leases all of InfraREIT's electric transmission and distribution ("T&D") assets. Mr. Campbell will also continue in his role as President and Chief Executive Officer of InfraREIT.
"InfraREIT and Sharyland are closely linked – the success of one enhances the success of the other," said Hunter L. Hunt, Chairman of Sharyland. "We are confident that David's leadership will strengthen our ability to coordinate and capitalize on opportunities that will benefit both organizations."
"David's track record demonstrates both strong operational knowledge and extensive experience with the capital markets," said W. Kirk Baker, Chairman of InfraREIT. "We're fortunate to be able to leverage those capabilities across both organizations."
Due to InfraREIT's real estate investment trust structure, the Company relies on Sharyland to perform a variety of critical functions. These include, among others: operation and maintenance of InfraREIT's T&D assets; capital expenditure planning; construction management; and, historically, regulatory oversight and compliance. As a result of the preliminary order in Sharyland's ongoing rate case before the Public Utility Commission of Texas ("PUCT"), InfraREIT's regulated subsidiary, Sharyland Distribution & Transmission Services, L.L.C. ("SDTS"), will be required to participate directly in regulatory proceedings, and SDTS and Sharyland are required to file an amended rate case application with the PUCT by Jan. 1, 2017.
"We believe that David Campbell's new role at Sharyland will facilitate improved coordination and execution as InfraREIT and Sharyland enter into this new phase for their respective businesses," added Hunt.
InfraREIT and Sharyland will continue to operate as separate entities, and InfraREIT's operations will continue to be subject to the oversight of InfraREIT's board of directors. Additionally, the approval of the Conflicts Committee of InfraREIT's board of directors is required for transactions between InfraREIT and Sharyland.
Mr. Campbell has served as President and Chief Executive Officer of InfraREIT since August 2014 and as a member of InfraREIT's board of directors since September 2014. Mr. Campbell also is President and Chief Executive Officer of Hunt Utility Services, LLC, the Company's external manager. Campbell's prior experience includes roles as President and Chief Operating Officer of Bluescape Resources, an independent resource and investment company; Chief Executive Officer of Luminant, a competitive power generation subsidiary of Energy Future Holdings; and Executive Vice President and Chief Financial Officer of TXU Corp. ("TXU"). Before joining TXU, Mr. Campbell was a Principal in the Dallas office of McKinsey & Company. Mr. Campbell graduated with a bachelor's degree from Yale University, a J.D. from Harvard Law School and a master's degree from Oxford University, where he studied as a Rhodes Scholar.
About InfraREIT, Inc. InfraREIT is a real estate investment trust that owns rate-regulated electric transmission and distribution assets in the state of Texas. The Company is externally managed by Hunt Utility Services, LLC, an affiliate of Hunt Consolidated, Inc. (a diversified holding company based in Dallas, Texas and managed by the Ray L. Hunt family), and the Company's shares are traded on the New York Stock Exchange under the symbol "HIFR". Additional information on InfraREIT is available at www.InfraREITInc.com.
Forward-Looking Disclosure Statement This press release contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company's management. Words such as "could," "will," "may," "assume," "expect," "intend," "plan," "anticipate," or "believe" and similar expressions are used to identify forward-looking statements. Forward-looking statements can be affected by assumptions used or known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed and actual results may differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated above include, among others, the risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
For additional information, contact:
Director, Investor Relations
InfraREIT, Inc., 214-855-6748
Senior Vice President, Corporate Affairs & International Relations