AffCo MergeCo -- Chief Executive Officer

Reporting to the Board, the Chief Executive Officer of AffCo MergeCo will have the responsibility for dramatically increasing revenues, profitability, and shareholder value. The CEO will thrive in a business development environment, both in evaluating the current business and working with the Board to create a strategy for identifying, evaluating, generating, and executing new business opportunities and relationships.

The newly formed AffCo will be a start-up entity with a lean organization.   The CEO will be key in establishing the culture of the team and in guiding and instilling in the team the Purpose, Vision, Values, and Strategy of the new organization.  Distinct from the LDC MergeCo, the AffCo will need to have an entrepreneurial mindset and a sales driven culture.

The CEO will work with the current employees to empower them to seek and investigate future opportunities for the Corporation. The CEO will be responsible for identifying and marketing to potential customers through networking, trade shows, or any other means proposed and approved by the Board. 

• The company has established energy service businesses in the following areas:
• Rooftop Solar PV
• Combined-heat-and-power (CHP) electricity and thermal energy generating
• Two-Way Radio
• Energy Consulting Services
• Engineering, procurement, and construction (EPC) of Substation, Power Generation, and Energy Storage projects
• More details on these portfolios will be provided to selected candidates. 

Veridian Corporation provides, through affiliated companies, energy-related services to customers located in nine municipalities in east-central Ontario. The core business is distribution of electricity which is provided through the wholly-owned regulated subsidiary, Veridian Connections Inc. ("VCI”). VCI is the fifth largest municipally owned electricity distributor in Ontario. The company is responsible for the safe, reliable delivery of electricity to more than 122,000 residential and business customers in the cities of Belleville and Pickering, the towns of Ajax and Gravenhurst, the Municipality of Port Hope, and the communities of Beaverton, Bowmanville, Cannington, Newcastle, Orono, Port Perry, Sunderland and Uxbridge. A small business focused on renewable energy generation is operated through VCI, separate from the regulated business. New business opportunities in areas such as district energy and broadband, currently being pursued through Veridian Corporation, will move to AffCo MergeCo under the new business model.

Whitby Hydro Energy Corporation is a holding company owned by The Town of Whitby. Contained within are two separate and distinct subsidiaries – Whitby Hydro Electric Corporation and Whitby Hydro Energy Services. Whitby Hydro Electric Corporation is an electricity distributor licensed by the Ontario Energy Board (OEB) to deliver electricity to homes and businesses in their service area of the Whitby, Brooklin and Ashburn communities. The organization serves more than 41,500 customers. The Whitby Hydro Energy Services Corporation provides energy management and engineering services.

Together, Veridian and Whitby Hydro currently employ approximately 300 employees. Of these, about 85 are management and non-union staff, and the remainder are represented by two unions. Unionized staff at Whitby Hydro are represented by the Power Workers Union ("PWU”) under the terms of two collective agreements; one covering inside staff and another covering outside staff. Both expire at the end of June 2019. Veridian inside and outside staff are covered by a common collective agreement with the International Brotherhood of Electrical Workers ("IBEW”). It expires at the end of March 2019. A total of about 50 employees are currently represented by the PWU and about 140 by the IBEW.

Whitby Hydro Energy Corporation and Veridian Corporation have agreed to merge and have signed a series of legal documents that will facilitate such a merger. Following this extensive evaluation and community engagement process, the Proposed Transaction was approved by all five shareholders of Veridian Holdco and Whitby Holdco, being: the Corporation of the Town of Ajax, the Corporation of the City of Belleville, the Corporation of the Municipality of Clarington, the Corporation of the City of Pickering and the Corporation of the Town of Whitby.

Any merger requires the approval of the Ontario Energy Board (OEB) and such approval is pending. It is anticipated that OEB decision on the application will be issued during the first quarter of 2019 and that the merger will be implemented shortly thereafter. An application requesting this approval was submitted on July 30th 2018, and can be viewed at http://www.veridian.on.ca/wp-content/uploads/VDN.WHTBY_APP_MAAD_20180727.pdf

In preparation for the newly formed company it has been decided to conduct a CEO selection process; one for the Local Distribution Company (LDC) and one for a non-regulated energy services company (known in the industry under the generic term Affiliated Company or "AffCo”). These two new legal entities will have very distinct and different business models. The LDC will focus more on traditional operations and maintenance in the delivery of electricity to its customers, while the AffCo will be entrepreneurial in nature, focusing on providing a wide range of energy solutions to an equally wide range of customers.  

The new CEO will be challenged to demonstrate sound leadership and strategic expertise to articulate and advance the company’s vision, mission and objectives.  This position is responsible for the effective long-term delivery of financial, operational, safety, customer, community and government key results.  

 

The CEO must be a strategic and innovative leader who will quickly earn credibility in the eyes of the Board and stakeholders. The new CEO will be a driven, passionate, visionary leader that has a decisive management style and excels at relationship-building.  The new CEO will bring a successful track record of cultural change management at a senior leadership level and their success will be amplified by an entrepreneurial spirit, strong interpersonal skills, and an uncompromising commitment to safety. 

Confidently builds and develops teams, fosters a respectful and ethical work environment, mobilizes the workforce and champions and delegates courses of action towards the achievement of the strategy and vision of the enterprise.

Shapes a compelling and inspired vision and strategy for the enterprise and generates commitment and alignment of all aspects of the business and its people with the strategy and vision.

Knows, understands and operates sensitively and effectively within the political structures and climates, strategically influencing outcomes. 

Understands and uses the workings, structure, climate and culture of the enterprise and the industry to achieve business and growth outcomes. 

Uses understanding of financial information to make business decisions, maximize value, and maintain financial health of the enterprise.

Seeks and builds alliances, maintains effective relationships, communicates in a compelling and articulate manner instilling commitment, and fosters open respectful two-way communication channels, internally and externally, to further the strategy and vision of the enterprise.

Analyses and synthesizes information to understand issues, identify options, and make appropriate, realistic and timely decisions based on consideration of the available facts and alternatives and sound calculation of risks. 

Actively listens for underlying nuances and messages and uses persuasion to build consensus, manage and/or resolve conflicts, and reach mutually agreeable outcomes. 

Remains energized, positive, and focused in the face of ambiguity, change or strenuous demands.