Northeast Utilities to keep two corporate offices, CEO says
Northeast Utilities CEO Thomas May said Thursday that he has no plans to consolidate his company’s two headquarters offices, even as he pushes ahead with plans to put all the operating subsidiaries under the new brand name Eversource Energy.
NU is unusual in that it has two headquarters locations, one in Hartford and one in the Prudential tower in Boston. That’s a vestige of the 2012 merger between Boston-based NStar, which May led at the time, and Connecticut’s Northeast Utilities.
May told reporters on a conference call that most of the merger-related staffing changes have already taken place. He said he’ll continue to have an office on Prospect Street in Hartford and in Boston. There will be some changes in titles: May cited as an example that the president of the NStar Electric division would now be known as the president of the company’s Massachusetts operations. (May didn’t name him, but Craig Hallstrom currently holds that role.)
NU’s name change to Eversource will take effect on Monday and will involve all of NU’s subsidiaries, including NStar, Public Service Co. of New Hampshire, Connecticut Light & Power, Yankee Gas, and Western Massachusetts Electric Co. May declined to say how much money the name change will cost the company, but said it would pay off significantly in the long run.
“It isn’t efficient to have six brands,” May said. “It isn’t efficient to have six different return envelopes [to send to customers].”
May said the company will use two names on its bills to customers at first to eliminate confusion.
“There will be a careful transition,” he said. “Hopefully, it will be seamless to everybody.”