Changes made at Maine & Maritimes Corp.

    PRESQUE ISLE – Officials at Maine & Maritimes Corp. have announced that several organizational changes have been made to streamline and reorganize the company into two divisions – operations and finance, reduce senior management staffing, and focus on utility core competencies. The reorganization plan includes the elimination of two senior officer positions and the promotion of Tim D. Brown to vice president of engineering and operations.     With a renewed focus on core utility competencies and a much simpler business model, Brown will assist with the company’s pursuit of a large-scale transmission project that will connect to the New England grid and other efforts to stimulate development of additional renewable power projects in northern Maine. To that end, Thomas F. Osgood has been named assistant vice president of business development, SEO, and asset management, and Ward Gerow has been named director of transmission services.
    The finance division of the company, led by Michael I. Williams, senior vice president, CFO, treasurer and assistant secretary, includes the management team of Randi Arthurs, vice president accounting, controller and assistant treasurer; Frank Smith, manager of human resources; and Michael Eaton, vice president IT and customer services.
    President Brent M. Boyles explained that current and future initiatives of Maine & Maritimes Corp. will focus on utility-centric growth projects, a strategy recently adopted by the board of directors. Earlier this year, the company entered into an agreement with Central Maine Power Co., a subsidiary of Energy East, to pursue the development of a transmission line project that has the potential to produce additional returns and connect northern Maine to the New England electrical grid. Boyles said a feasibility study of the project is near completion and details of a joint development agreement are being finalized.
    Over the past year, Maine & Maritimes Corp. has been trimming its workforce after the board’s decision to exit all non-utility unregulated businesses, including its engineering, real estate, and technology divisions. The most recent reductions include the elimination of two senior officers whose duties have been reallocated among existing employees.
    “While scaling back is never easy, we believe our new utility-centric strategy will improve our financial performance and increase investor confidence,” said Richard G. Daigle, chairman of the board of directors of Maine & Maritimes Corp. “We remain on track to wind down or divest of our remaining unregulated operations by the end of the year.”
    Maine & Maritimes Corp. is the parent company of Maine Public Service Co., a regulated electric transmission and distribution utility serving approximately 35,000 electricity customers in northern Maine.