UNITIL CORPORATION (NYSE:UTL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 1, 2019, Christine L. Vaughan assumed the position of Senior Vice President, Chief Financial Officer and Treasurer of Unitil Corporation (the Company or the Registrant). As disclosed on the Current Report on Form 8-K of the Company dated January 30, 2019, the Board of Directors of the Company elected Ms. Vaughan to succeed Mark H. Collin as Senior Vice President, Chief Financial Officer and Treasurer of the Company, effective as of March 1, 2019. In accordance with Article VI of the Companys by-laws, the term of office of each of the Companys officers (including Ms. Vaughan) is until the first meeting of the Board of Directors after the next annual meeting of shareholders, and until such officers successor shall have been chosen and qualified. Ms. Vaughan was hired on January 2, 2019, and until February 28, 2019, served as Senior Vice President of Financial and Regulatory Services of the Companys subsidiary, Unitil Service Corp. The disclosure in Items 5.02(c) and (e) of the Companys Current Report on Form 8-K dated January 30, 2019 is incorporated herein by reference.
Mr. Collin had been the Companys Senior Vice President and Chief Financial Officer since February 2003. Mr. Collin also had served as the Companys Treasurer since 1998. Mr. Collin joined the Company in 1988, and served as the Companys Vice President of Finance from 1995 until 2003. As disclosed in the Companys Current Report on Form 8-K dated January 2, 2019, Mr. Collin provided notice that he will retire and, in connection with his retirement, will resign from the Company and each of its subsidiaries effective May 1, 2019. Mr. Collin also provided notice that he would step down as Chief Financial Officer and Treasurer of the Company on March 1, 2019. On January 30, 2019, the Board of Directors of the Company elected Mr. Collin as a Director, effective as of that date.
Item 7.01 Regulation FD Disclosure
On March 1, 2019, the Company divested its non-regulated energy brokering and advisory business subsidiary. The Company expects to recognize, after costs to achieve and income taxes, a net gain of approximately $10 million on this divestiture in the first quarter of 2019 and plans to use the net proceeds from this divestiture for general corporate purposes.
The information furnished under Item 7.01 of this Current Report on Form 8-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
About UNITIL CORPORATION (NYSE:UTL)
Unitil Corporation (Unitil) is a public utility holding company. The Company is engaged in the local distribution of electricity and natural gas to customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine. It operates through three segments: utility gas operations, utility electric operations and non-regulated. The Company is a parent company of three distribution utilities: Unitil Energy Systems, Inc. (Unitil Energy), which provides electric service in the southeastern seacoast and state capital regions of New Hampshire, including the capital city of Concord; Fitchburg Gas and Electric Light Company (Fitchburg), which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts, and Northern Utilities, Inc. (Northern Utilities), which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland, in northern New England.