Activist hedge fund Elliott reveals stake in U.S. utility NiSource
Activist investor Elliott Management disclosed its stake in NiSource (NI) on Friday and said it supported the company's decision to name a new chief executive officer, sending shares in the utility to a near two-year high.
The company on late Thursday named Lloyd Yates as its chief executive officer with Joe Hamrock announcing his retirement after nearly a decade at NiSource.
"As one of NiSource's largest investors, Elliott welcomes the company's decision to refresh its management and board following our recent dialogue," the activist investor said in a statement.
Yates, who will take over on Feb. 14 most recently served as executive vice president of customer and delivery operations, and president of Duke Energy Corp's (DUK) Carolinas region.
NiSource shares rose as much as 3.97% to $29.08, their highest level since March 2020.