MERRILLVILLE, Ind., April 12, 2019 /PRNewswire/ -- NiSource Inc. (NYSE: NI) today announced that, subject to his re-election at the 2019 annual stockholders meeting, current Board Member and Vice Chairman Kevin T. Kabat is elected chairman, effective May 7, 2019.
"Kevin's deep understanding of operating in a regulated environment, balancing the interests of many stakeholders, and extensive experience in strategic planning, financial reporting, risk management, internal controls and capital markets makes him an excellent choice to serve as chairman," said current Board Chairman Richard Thompson.
Thompson announced on March 4, 2019 his plans to retire from the NiSource board at the end of the current term. He was first elected to the board in May 2004 and has served as chairman since May 2013.
"It would be an honor to serve as chairman and to succeed Rich," said Kabat. "His thoughtful and inspiring leadership will continue to guide the board and me as we work with Joe Hamrock and the management team in delivering on our commitments to our customers, communities, shareholders and all our stakeholders."
Kabat has been a member of the NiSource board since 2015. He serves on the company's audit, nominating and governance, and compensation (Chair) committees. During his career, he served in numerous executive roles including CEO of Fifth Third Bancorp from April 2007 to November 2015. He serves as a director of Unum Group and is currently chairman of the board and a member of its human capital and governance committees. In 2016, Kabat became the lead independent director of E*Trade Financial Corporation and is a member of its bank board and its compensation and governance committees.
NiSource's annual stockholders meeting will take place on Tuesday, May 7, 2019 at 10 a.m. CT in Rosemont, Ill. Stockholders elect members to the NiSource Board of Directors for one year terms at the meeting. Additional details are available in the company's proxy statement, available on NiSource.com.
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 8,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World's Most Ethical Company by the Ethisphere Institute since 2012, is a member of the Dow Jones Sustainability - North America Index and was named by Forbes magazine as the top-rated utility among America's Best Large Employers in 2017. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F
This press release contains forward-looking statements within the meaning of federal securities laws. Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Examples of forward-looking statements in this press release include statements and expectations regarding NiSource's or any of its subsidiaries' business, performance, growth, commitments, investment opportunities, and planned, identified, infrastructure or utility investments. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially from the projections, forecasts, estimates, plans, expectations and strategy discussed in this press release include, among other things, NiSource's debt obligations; any changes in NiSource's credit rating; NiSource's ability to execute its growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; NiSource's ability to obtain expected financial or regulatory outcomes; NiSource's ability to adapt to, and manage costs related to, advances in technology; any changes in our assumptions regarding the financial implications of the Greater Lawrence Incident; potential incidents and other operating risks associated with our business; our ability to obtain sufficient insurance coverage; the outcome of legal and regulatory proceedings, investigations, inquiries, claims and litigation; any damage to NiSource's reputation, including in connection with the Greater Lawrence Incident; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the success of NIPSCO's electric generation strategy; the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; construction risks and natural gas costs and supply risks; extreme weather conditions; the attraction and retention of a qualified work force; the ability of NiSource's subsidiaries to generate cash; tax liabilities associated with the separation of Columbia Pipeline Group, Inc.; NiSource's ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; and other matters set forth in Item 1A, "Risk Factors" section of NiSource's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in other filings with the Securities and Exchange Commission. A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating organization. In addition, dividends are subject to board approval. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this press release, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
SOURCE NiSource Inc.