Activist hedge fund Elliott reveals stake in U.S. utility NiSource -Breaking
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(Reuters) – Elliott Management, an activist investor in NiSource (NYSE :), disclosed Friday its share in NiSource and stated that it supports the decision of the company to name a new chief executives officer. This sent shares to the utility up to a nearly two-year high.
On Thursday, Lloyd Yates was named chief executive officer by the company. Joe Hamrock announced his retirement from NiSource after almost a decade.
Elliott, one of NiSource’s biggest investors, is pleased that the company has decided to refresh its board and management after our recent dialog,” said the activist investor in a statement.
Yates who takes over as president on Feb. 14, most recently held the positions of executive vice president customer operations and president Duke Energy Corp (NYSE:)’s Carolinas region.
Elliott made public its demand that Duke Energy be split into three companies last year and demanded the utility conduct a strategic review. It has also demanded changes in other sectors companies, including Sempra Energy (NYSE 🙂 and Evergy (NYSE 🙂 Inc
NiSource shares rose by 3.97%, to $29.08; their highest point since March 2020.
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