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Lewis Hay III, Executive Chairman of Next Era Energy, to Become Clayton Dubilier & Rice Advisor
Thursday, October 03, 2013
Lewis Hay III, Executive Chairman of Next Era Energy, to Become Clayton Dubilier & Rice Advisor09:30 EDT Thursday, October 03, 2013
NEW YORK, Oct. 3, 2013 /PRNewswire/ -- Clayton, Dubilier & Rice ("CD&R") today announced the appointment of Lewis Hay III as an Operating Advisor effective January 2014. Mr. Hay is the Executive Chairman and former Chairman, President and Chief Executive Officer of NextEra Energy, Inc. (NYSE: NEE), a leading clean-energy company with 2012 consolidated revenues of approximately $14.3 billion and nearly 15,000 employees across 26 states and Canada. Mr. Hay will assist CD&R in a range of activities, including sourcing transactions, evaluating investment opportunities and advising portfolio company management teams.
"Lew is a proven business builder whose leadership record is one of delivering strong and sustainable financial and operating performance," said Donald J. Gogel, Chairman and Chief Executive Officer of CD&R. "Lew's entrepreneurial management style and industry expertise will be a valuable complement to the Firm's existing operating capabilities."
Under Mr. Hay's leadership, NextEra Energy, whose principal subsidiaries are Florida Power & Light Company, one of the largest electric utilities in the nation, and NextEra Energy Resources, the largest generator of renewable energy in North America, was consistently named number one in its industry on Fortune Magazine's list of the world's Most Admired Companies. During his tenure, NextEra Energy more than doubled its operating income, more than tripled its market capitalization, and consistently outperformed the S&P 500 and S&P Utilities Index.
Mr. Hay first joined NextEra Energy in August 1999 as Chief Financial Officer. In 2001, he was elected President and Chief Executive Officer, and in 2002, named Chairman of the Board. Mr. Hay served as Chairman, President and Chief Executive Officer until 2012 when he was appointed Executive Chairman. Concurrently, Mr. Hay served in board- and C-suite-level positions at NextEra Energy Resources and Florida Power & Light Company.
"I very much look forward to working with the CD&R team" said Mr. Hay. "I share CD&R's value creation philosophy, which is based on spurring businesses to become operationally stronger, more customer focused and more effective competitors."
Mr. Hay is a Director and past Chairman of both the Edison Electric Institute and the Institute of Nuclear Power Operations, and also serves as a director of the Nuclear Energy Institute. In addition, he serves on the boards of Capital One Financial Corporation, Harris Corp., and WellPoint, Inc., and is a member of the Business Board of Advisors at Carnegie Mellon University's Tepper School of Business and the Presidential Consultation Committee of Carnegie Mellon's Energy Futures Institute. In 2011 and 2012, Mr. Hay served on the President's Council on Jobs and Competitiveness.
In 2010, Mr. Hay was presented with Ernst & Young's "Florida Lifetime Achievement Award," and in 2011, was named "CEO of the Year" by Energy Biz Magazine. Mr. Hay earned a bachelor of science degree in electrical engineering from Lehigh University and a master of science in industrial administration from Carnegie Mellon University.
About Clayton, Dubilier & RiceFounded in 1978, Clayton, Dubilier & Rice is a private equity firm with an investment strategy predicated on producing financial returns through building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $18 billion in 56 businesses representing a broad range of industries with an aggregate transaction value of approximately $90 billion. The Firm has offices in New York and London. For more information, please visit www.cdr-inc.com.
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