Guelph, Ontario-based Hammond Power Solutions (HPS), a manufacturer of transformers and other electrical equipment, announced March 7 that Chairman and CEO Bill Hammond will move into the Executive Chairman role by the end of 2023 as part of a planned leadership succession process.

Hammond is retiring from his role as CEO after a 45-year at HPS, 22 of which were as CEO. HPS was founded by Hammond’s grandfather and has been in his family for over a century.

“I am extremely proud of the extended Hammond family and what we have accomplished together, and I look forward to working closely with the next generation of leaders as we shape the strategy that will allow the Hammond brand to continue to grow globally,” Hammond said in a news release.

The Board of Directors has retained external advisors to evaluate both internal and external candidates for the CEO successor, according to the release. Hammond will remain CEO until a successor is onboarded.

“On behalf of the Board of Directors and all of us at Hammond Power Solutions, I want to thank Bill for his exceptional contributions throughout his 45 years with Hammond and the last 22 years as the CEO,” HPS Lead Director Grant Robinson said in the release. “This Company may bear the Hammond family name, but Bill made it a place for every employee to feel a part of a close-knit group that enabled many to call Hammond Power Solutions home for their entire career.”