Hydro One Limited announced that David Lebeter will retire as President and CEO on June 9, 2026, and that Chief Operating Officer Megan Telford will assume the role effective the same date. Lebeter will continue as a special advisor until October 10, 2026.
Telford, who joined Hydro One in 2020, has overseen a broad portfolio of functions, including Health, Safety and Environment, Strategy, System Planning, Growth, Distribution and Transmission Operations, Human Resources, Labour Relations, Indigenous Relations, Corporate Affairs and Customer Care. Her experience positions her to lead the company through Ontario’s projected 75% increase in electricity demand by 2050.
The transition follows a comprehensive succession planning process led by Hydro One’s Board and an external advisor, whose identity was not disclosed in the announcement. The plan emphasizes continuity and the ability to execute the company’s capital deployment strategy, which includes significant investment in grid modernization and expansion to support electrification and industrial growth.
Hydro One serves 1.5 million customers and reported 2025 revenues of $9 billion, with assets valued at $39.7 billion. The company’s 2025 full‑year EPS rose to $2.23 from $1.93 in 2024, and net income increased 16.5% in Q4 2025, driven by higher transmission and distribution volumes and OEB‑approved rates.
Management highlighted that the leadership change will maintain operational stability while positioning Hydro One to meet future demand. Chair Melissa Sonberg praised Lebeter’s operational excellence and Telford’s strong track record, noting that the succession plan reflects confidence in the company’s strategic direction.
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