GLNCY Glencore Plc (PK)

Hydro One Inc., the electric utility owned by the Canadian province of Ontario, said Thursday it has named Mayo Schmidt as chief executive as the company prepares to go public.

Ontario plans to sell a 15% stake in Hydro One in an initial public offering that would be Canada's largest in years.

Mr. Schmidt, a well-known executive in Canadian business circles, led Canadian grain merchant Viterra Inc. before the company's 2012 sale to Glencore International PLC for $6.2 billion. Last November, agricultural trading giant Louis Dreyfus Commodities BV said it had named Mr. Schmidt as chief executive after a lengthy search. But in December, Louis Dreyfus said he wouldn't take the helm as planned, citing a disagreement over the terms and conditions of his employment.

"We believe that Mr. Schmidt is the ideal person to lead Hydro One in its new era as a publicly held company, bringing a sharpened focus on system reliability, customer service and improved growth and performance," Hydro One Chairman David Denison said in a statement.

Mr. Schmidt will take the helm on Sept. 3. Current Hydro One Chief Executive Carmine Marcello will remain as an adviser to both Mr. Schmidt and Mr. Denison to provide support during the IPO process, the company said.

Hydro One delivers electricity to more than 1.4 million customers in Ontario, Canada's largest province, and had 2014 revenues of 6.5 billion Canadian dollars ($5 billion).

Write to Carolyn King at carolyn.m.king@wsj.com

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(END) Dow Jones Newswires

August 20, 2015 11:25 ET (15:25 GMT)

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