AVISTA CORPORATION (NYSE:AVA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 21, 2017, the Board of Directors of Avista Corporation (Avista Corp. or the Company) named Dennis P. Vermillion as President of Avista Corp effective January 1, 2018. Mr.Vermillion, 55, currently serves as Avista Corp. Senior Vice President and Environmental Compliance Officer and President of Avista Utilities. Scott L. Morris, 59, currently President of Avista Corp., will remain as Chairman of the Board and Chief Executive Officer.
Benefits, compensation arrangements and incentive opportunities remain unchanged for Mr.Morris, and Mr.Vermillion for 2017.
Also on November 21, 2017, the Board of Directors of Avista Corp. increased the number of board members from 10 to 11 and elected Mr. Vermillion to fill the vacancy and serve as a director on the board, effective January 1, 2018.
Mr. Vermillion has been Senior Vice President of Avista Corp. and President of Avista Utilities since 2009. He also serves as Chairman of the Board of Directors for Avista Corp. subsidiary Alaska Electric Light and Power Company.
Mr. Vermillion joined Avista in 1985 and has held various staff and management positions. His experience covers a broad range of activities, including leadership, energy trading and marketing, risk management, scheduling, resource operations, power/transmission contracting, resource planning and coordination, regulatory issues and production cost modeling. Previously, he served as Vice President of Energy Resources for Avista Utilities and prior to that, as President and Chief Operating Officer for Avista Energy from February 2001 until its sale in June 2007.
He is a 1985 graduate of Washington State University with a Bachelor of Science degree in Electrical Engineering. He currently serves as a board member for the Spokane County United Way and the Avista Foundation.
Mr. Vermillion will stand for election to the board at the next annual meeting of shareholders on May 12, 2018. As an employee director, Mr. Vermillion will receive no compensation, consistent with the other employee directors of Avista Corp., as disclosed in Avista Corp.’s definitive Proxy Statement dated March 31, 2017.
About AVISTA CORPORATION (NYSE:AVA)
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon. AEL&P is a utility providing electric services in Juneau, Alaska. It operates other businesses, including sheet metal fabrication, venture fund investments and real estate investments, as well as certain other investments of Avista Capital, Inc., a subsidiary of the Company. Through Advanced Manufacturing and Development (AM&D), doing business as METALfx, the Company performs custom sheet metal fabrication of electronic enclosures, parts and systems for the computer, construction, telecommunication, renewable energy and medical industries.