– Activist investor Elliott Management disclosed its stake in NiSource on Friday and said it supported the company’s decision to name a new chief executive officer, sending shares in the utility to a near two-year high.
The company on late Thursday named Lloyd Yates as its chief executive officer with Joe Hamrock announcing his retirement after nearly a decade at NiSource.
“As one of NiSource’s largest investors, Elliott welcomes the company’s decision to refresh its management and board following our recent dialogue,” the activist investor said in a statement.
Yates, who will take over on Feb. 14 most recently served as executive vice president of customer and delivery operations, and president of Duke Energy Corp’s Carolinas region.
Elliott went public last year with its demands that Duke Energy split into three companies and pressed the utility to conduct a strategic review. The firm has also pushed for changes at other companies from the sector including Sempra Energy and Evergy Inc
NiSource shares rose as much as 3.97% to $29.08, their highest level since March 2020.
(Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)