SPOKANE — Avista Corp. announced Monday that longtime CEO Dennis Vermillion will be stepping down early next year and will be replaced by Heather Rosentrater, who will become the first woman to lead the utility in its 135-year history.
Last year, Avista promoted Rosentrater, 47, to president and chief operating officer.
“My family’s history in the area extends back to the founding of Avista, what was then called Washington Water Power, and the Spokane Falls has been the backdrop of my career,” Rosentrater said in a news release. “Having grown up in the area, including attending Gonzaga University, I am extremely honored to help continue Avista’s long-standing legacy of supporting community vitality through energy.”
Retiring CEO Vermillion is a Spokane native and a graduate of Washington State University.
He started working for Avista in 1985 and has worked in senior leadership roles for about 24 years. In addition to his role as CEO, Vermillion worked as president of Avista Corp., senior vice president of Avista Corp., president of Avista Utilities and vice president of energy resources and optimization.
“There’s a reason I chose to stay with Avista for nearly 40 years,” Vermillion said in the release. “This is a great company with employees who truly care about the communities we serve. It’s been rewarding to have led Avista over the past five years, and I am confident that the company is well-positioned for continued success and growth.”
Vermillion was named CEO in 2019 .
“Succession planning is something that we’ve carefully considered and purposefully planned for over the years,” Vermillion said in the release. “Heather has demonstrated a strong commitment to our company, employees, communities, and shareholders. I am confident she will successfully lead Avista into the future.”
Vermillion took over for Scott Morris, who retired at the end of 2018.
Vermillion’s total compensation for 2023, which includes salary, stock awards, retirement earnings and bonuses, was $5.2 million according to financial filings.
It’s not clear what Rosentrater will be paid once she becomes CEO on Jan. 1. Efforts to reach Rosentrater and Vermillion were not immediately successful on Monday.
Avista lauded Vermilion’s leadership during the COVID-19 pandemic when the utility suffered from supply-chain disruptions and higher prices.
“As I approach my retirement, I am filled with pride in the work we have accomplished together,” Vermillion said in the release. “One of the most rewarding achievements has been our successful succession planning efforts, which have ensured a smooth transition and a bright future for the company.”
Rosentrater joined Avista Corp. in 1999 as an electrical engineer and was later later promoted to leadership roles that built her expertise across Avista’s electric and natural gas businesses.
“At every turn since joining Avista, Heather has positioned our utility to be at the forefront of innovation,” Vermillion said. “She has demonstrated she possesses the values, strength, acumen, and insights to lead Avista during these unique times. I’m excited for Avista’s future under Heather’s leadership as CEO, the first female CEO in our company’s history.”
Rosentrater was named senior vice president of energy delivery and shared services in 2019. In 2022 she was promoted to senior vice president and COO.
“Having grown up in the area, including attending Gonzaga University, I am extremely honored to help continue Avista’s long-standing legacy of supporting community vitality through energy,” Rosentrater said in the release. “It’s an incredible time to be in the energy industry.”
Avista, which had been Washington Water Power Company until it officially changed its name on Jan. 1, 1999, has more than 411,000 electricity customers and 377,000 natural gas customers in four states.
“We have important work ahead of us to achieve our clean energy goals safely, responsibly, and affordably while remaining focused on our financial results,” she said.
