(Reuters) - Activist investor Elliott Management disclosed its stake in NiSource (NYSE: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 (NYSE:DUK)'s Carolinas region.
Elliott went public last year with its demands that Duke Energy split into three companies and pressed the utility to conduct a strategic review. The firm has also pushed for changes at other companies from the sector including Sempra Energy (NYSE:SRE) and Evergy (NYSE:EVRG) Inc
NiSource shares rose as much as 3.97% to $29.08, their highest level since March 2020.