ITC Holdings Corp. Announces Strategic Leadership Decisions

NOVI, Mich., Aug. 13, 2014 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) today announced that Rejji P. Hayes has been named as a senior vice president and the company's permanent chief financial officer, effective immediately.  Mr. Hayes will also continue in the role of treasurer.  ITC also announced the appointment of Albert Ernst and Dave Lopez to its board of directors, effective immediately. 

As CFO, Rejji P. Hayes is responsible for the company's accounting, internal audit, investor relations, treasury, financial planning and analysis, management reporting, and risk management and insurance functions of the company.  Mr. Hayes will report to Joseph L. Welch, chairman, president and CEO of ITC. 

"Rejji has played an integral financial leadership role for ITC throughout his time with the company, especially during his superb service as interim CFO over the past several months," said Mr. Welch.  "His experience and perspective will be key elements of our future success, and we look forward to his continued guidance and leadership as CFO in support of the expansion and development of our business and growth objectives."

Mr. Hayes joined ITC in February 2012 as its vice president of finance and treasurer. Previously, he was assistant treasurer and director, Corporate Finance and Financial Strategy at Exelon Corporation in Chicago, where he was responsible for developing the company's financial strategy and planning, structuring and executing all debt and equity financings. He also served as vice president, Mergers and Acquisitions at Lazard Freres & Co. LLC, where he provided strategic and corporate finance advisory services for corporate clients and private equity firms.  Earlier, Mr. Hayes served in a variety of financial leadership roles with financial institutions and investment banks.  Mr. Hayes holds a master of business administration from Harvard Business School and a bachelor's degree from Amherst College.

Albert Ernst is a retired partner at Dykema Gossett PLLC, where he served as director of Dykema's Energy Industry Group.  His experience with companies in the public utility, energy, transmission, telecommunications and rural electric cooperative fields spans three decades.  With Dykema, Mr. Ernst worked with leading energy clients including International Transmission Company and Michigan Electric Transmission Company, as well as Wolverine Power Supply Cooperative, Midwest Energy Cooperative, Great Lakes Energy Cooperative and the Michigan Electric Cooperative Association.  Prior to joining Dykema in 1979, Mr. Ernst was an assistant attorney general for the State of Michigan.  He also served as a consultant on utility-related matters to the U.S. Department of Defense, the Department of Energy and the General Services Administration.  Mr. Ernst earned his juris doctor degree from Wayne State University and holds a bachelor's degree from Michigan State University.   

Dave Lopez recently concluded his role as interim superintendent of Oklahoma City Public Schools, after having served as Oklahoma's Secretary of Commerce where he was responsible for overseeing the state's economic development efforts while serving on the governor's cabinet.  In addition to performing in a variety of public service roles from 2006 to 2011 both as president of the American Fidelity Foundation and Downtown Oklahoma City, Inc., Mr. Lopez led a distinguished 22 year career with SBC Communications, now AT&T, including in a corporate officer capacity.  Mr. Lopez holds a master's degree in education and a bachelor's degree in english and journalism from New Mexico State University.

"Albert Ernst and Dave Lopez are outstanding additions to the ITC board of directors," Mr. Welch continued.  "Al's extensive background in the energy industry has given him a firsthand view into every major change our industry has experienced over the past 30 years.  Dave brings a deep understanding of the factors impacting the energy industry and the critical role that electric transmission and a strong power grid plays in driving economic growth.  Their insight and leadership will be invaluable to ITC as we continue to invest in and build our nation's electric transmission system."

About ITC Holdings Corp.

ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC's website at www.itc-holdings.com. (ITC-itc-F)

SOURCE ITC Holdings Corp.