Lewis Hay III, former Chairman of NextEra Energy will become an Operating Advisor of Clayton, Dubilier & Rice beginning in January 2014. 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 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.”
Mr. Hay is the Executive Chairman and former Chairman, President and Chief Executive Officer of NextEra Energy (NYSE: NEE), a clean-energy company with 2012 consolidated revenues of approximately $14.3 billion and nearly 15,000 employees across 26 states and Canada. 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. 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.
“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.”
Clayton, Dubilier & Rice focuses on producing financial returns through building stronger more profitable businesses. Since inception, the firm has managed the investment of more than $18 billion in 56 businesses representing a range of industries with an aggregate transaction value of approximately $90 billion. Founded in 1978, Clayton, Dubilier & Rice is based in New York and London (www.cdr-inc.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-4-13