Joseph Welch envisions a country
connected like a superhighway for
electricity and power transmission, a concept that he says will decrease energy costs and ensure another blackout like
the one in 2003 never
occurs again.
As CEO of ITC
Holdings Corp.,
Welch is challenging the way the
United States deals
with power and electricity. He and his
employees are working every day to
accomplish his goal, but have seen opposition in a regulated industry in which utilities are not willing to sell their transmission lines.
The company was formed after a private
equity firm approached Welch to head
start-up ITC, with the requirement that he
invest five times his annual salary in the
firm. He emptied his life savings and both
his and his wife’s retirement funds, and
borrowed $500,000 to invest.
At the time, the company had electrical
transmission assets but no employees, no
ability to operate and maintain the assets,
and no credit rating. Welch’s job was to
recruit employees who would also invest
in the company to get it up and running.
And he made an arrangement with unionized workers to service the transmission
lines, an agreement in which Welch helps
them set up separate companies and
share in the same bonuses that Welch
does.
Under Welch’s leadership, ITC has
gone from inception to IPO in 15 months
and is consistently recognized for its
growth. Looking ahead, ITC plans to
expand its footprint across the United
States through acquisitions and investments, and is calling attention to renewable resources and wind generation. HOW
TO REACH: ITC Holdings Corp., (248) 374-7110 or
www.itc-holdings.com