Electricity transmission company ITC Holdings Corp. (ITC) Monday announced the appointment of Cameron Bready as senior vice president and chief financial officer. Bready succeeds Edward Rahill, who is named to the newly created position of president of ITC Grid Development, LLC. The company said the move would fully support its expansion and development of regional business and growth objectives.
Additionally, Bready would also serve as Treasurer of the company, succeeding Chairman, President and Chief Executive Officer Joseph Welch, who formerly held the position. Both Bready and Rahill will operate out of the company's headquarters at Novi.
The Novi, Michigan-based company added that growing business opportunities has prompted it to make the management shift, as Rahill was already managing the business activities of ITC Grid Development along with his responsibilities as chief financial officer of the company. The company noted that Rahill, in his new position, would manage ITC Grid Development and its subsidiaries and will be responsible for identifying, developing and implementing new business opportunities including new projects and partnerships.
In a statement, Welch said, We are pleased to welcome Cameron to ITC. His skills, leadership and experience in the utility industry will position ITC for continued financial performance and as a recognized leader in the electric transmission industry.
Bready, a certified public accountant, brings 15 years of financial and accounting experience to the company. Bready will be responsible for the company's accounting, finance, treasury, and other related financial functions.
Most recently, Bready served as vice president of finance for the Northeast Utilities system (NU). Additionally, Bready managed the NU Finance Academy, an innovative educational partnership between Northeast Utilities and the University of Connecticut.
Bready joined Northeast in 2007 from Atlanta, Georgia-based Mirant Corp. (MIR), a large, independent wholesale electricity generator, where he was most recently, senior vice president of business development and acquisitions. During his tenure at Mirant, Bready held numerous senior management positions, including senior vice president, finance; vice president and global chief risk officer; chief financial officer of Mirant's European operations; as well as director, finance and accounting.
Bready joined Mirant in 2000 and was instrumental in its initial public offering that year. Prior to joining Mirant, Bready served as a senior manager with the transaction advisory practice of Ernst & Young, LLP. Bready began his career at Arthur Andersen, LLP where he was an audit manager in the energy and utilities practice.
Rahill, who will now continue to as senior vice president, joined the company in 2003 as chief financial officer. Rahill has over 22 years of professional experience in finance and accounting with leading Energy and Fortune 500 companies such as Equitable Resources, Bell & Howell, Atlantic Richfield and Carborundum Corp.
Prior to joining ITC in 2003, Rahill headed the planning and corporate development functions for DTE Energy. Rahill joined DTE in 1999 as the manager of mergers, acquisitions and alliances.
ITC Holdings is the holding company that wholly owns ITCTransmission, the first independently owned and operated electricity Transmission Company in the U.S. Through its operating subsidiaries, ITC Holdings is in the business of transmitting high-voltage electricity throughout the central U.S. and for the international markets to our neighbors in Canada.
In Monday's regular trading session, ITC is currently trading at $42.82, down $0.09 or 0.21% on a volume of 2,000 shares. In the past 52-week period, the stock has been trading in a range of $32.26 to $59.99.
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