Hydro One plans CEO transition to Megan Telford
Hydro One Limited has announced a planned CEO transition.
Rhea-AI Filing Summary
Hydro One Limited has announced a planned CEO transition. President and CEO David Lebeter will retire from his role effective June 9, 2026, and will stay on as a special advisor until October 10, 2026 to support continuity.
The board has appointed Megan Telford, currently Chief Operating Officer, as the next President and CEO effective June 9, 2026. The company highlights her broad leadership experience across operations, system planning, customer care, human resources, Indigenous relations and corporate affairs.
Hydro One describes this as the outcome of a comprehensive succession process. The filing also reiterates that Hydro One serves about 1.5 million customers, had $39.7 billion in assets as at December 31, 2025, and generated $9 billion of revenue in 2025.
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Insights
Hydro One discloses an orderly CEO succession with internal promotion.
Hydro One is managing a leadership transition by moving from CEO David Lebeter to current COO Megan Telford on June 9, 2026. Lebeter will remain a special advisor until October 10, 2026, supporting handover and strategic continuity.
The company emphasizes that this follows a comprehensive board-led succession process with external advisory support. Promoting an experienced internal executive who already oversees operations, customer experience and system planning may reduce execution risk compared with an external hire, though outcomes will depend on future performance.
For context, Hydro One reports serving 1.5 million customers, with $39.7 billion in assets as at December 31, 2025 and 2025 revenue of $9 billion. These figures underscore the scale at which the incoming CEO will be operating.
FAQ
What leadership change did Hydro One (HRNNF) announce in this 6-K filing?
Who is Megan Telford, the incoming CEO of Hydro One (HRNNF)?
When will Hydro One CEO David Lebeter retire and what role will he hold afterward?
How large is Hydro One’s business as described in the February 2026 filing?
What succession planning process did Hydro One (HRNNF) describe for its CEO transition?
What forward-looking information caution does Hydro One include in this disclosure?
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: February 2026
Commission File Number: 333-225519-01
HYDRO ONE LIMITED
(Translation of Registrant’s name into English)
483 Bay Street, South Tower, 8th Floor, Toronto Ontario M5G 2P5 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HYDRO ONE LIMITED
/s/ Cassidy McFarlane |
| Name: Cassidy McFarlane |
| Title: General Counsel |
| Date: February 26, 2026 |
EXHIBIT INDEX
| 99.1 | News Release dated February 26, 2026 | |
| 99.2 | Material change report dated February 26, 2026 | |
Exhibit 99.1
News release
Hydro One Limited appoints Megan Telford as President and CEO following David Lebeter’s retirement on June 9, 2026
Appointment ensures continuity as the company continues to power Ontario’s growth
TORONTO, February 26, 2026 – Today, Hydro One Limited (Hydro One) announced that David Lebeter will retire from his role as President and CEO, effective June 9, 2026, and will remain as a special advisor with the company until October 10, 2026. The Board also announced that they have appointed Megan Telford, Hydro One’s Chief Operating Officer, as President and CEO effective June 9, 2026.
“This announcement represents the result of a comprehensive and carefully considered succession planning process undertaken by the Board with the support of a professional external advisor. Megan is a strong successor and highly-regarded leader who joined the organization in 2020. Her executive leadership roles at Hydro One have included responsibility for Health, Safety and Environment, Strategy, System Planning, Growth, Distribution and Transmission Operations, Human Resources, Labour Relations, Indigenous Relations, Corporate Affairs and Customer Care. In her new role, she will continue to solidify Hydro One’s position as a leading utility,” said Melissa Sonberg, Chair of the Board of Directors, Hydro One.
“On behalf of the Board of Directors, I extend our heartfelt thanks to David for his exceptional leadership and for building a strong executive team. David has successfully delivered operational and customer-service excellence, improved outcomes in employee safety, created shareholder value and laid the groundwork for the construction of hundreds of kilometers of new transmission lines over the next two decades,” added Sonberg.
“I thank Hydro One’s Board, leadership team and every employee for delivering value for our customers and shareholders,” said David Lebeter, President and CEO, Hydro One. “Ontario’s demand for electricity is increasing, as is the investment required to strengthen the electricity system. I am delighted to congratulate Megan as she takes on the leadership of this incredible organization, positioning it to drive growth and prosperity for the province well into the future.”
“It’s an incredible honour to step into this role at such a pivotal time,” said Megan Telford, Chief Operating Officer and incoming President and CEO, Hydro One. “Hydro One is the backbone of the communities we serve, and my focus is clear: strengthen our electricity grid today so it’s ready for the demands of tomorrow. That means making smart, prudent, forward-looking investments in infrastructure and embracing innovation. At the heart of this effort are our employees – the skilled women and men who show up every day to keep the lights on. Together, we will continue to connect power and possibility for our customers and communities across Ontario for generations to come.”
Megan Telford biography
Megan Telford is the incoming President and CEO of Hydro One. She is currently Hydro One’s Chief Operating Officer, responsible for Safety, Operations, Customer Experience, Capital Portfolio Delivery, Strategy, Growth, System Planning and Hydro One Remote Communities Inc.
Ms. Telford’s previous executive leadership roles at Hydro One included responsibility for Health, Safety and Environment, System Planning, Human Resources, Labour Relations, Indigenous Relations, Corporate Affairs and Customer Care. Before joining Hydro One in 2020, Ms. Telford held a number of increasingly senior roles at TD Bank from 2007 to 2020. Prior to TD, Ms. Telford practiced labour and employment law at a national law firm and worked at the Permanent Court of Arbitration in The Hague.
Ms. Telford currently serves on the Board of Directors for Export Development Canada and the Electricity Distributors Association. Ms. Telford holds an Honours Bachelor of Arts in Industrial Relations from McMaster University, a Master of Industrial Relations and Juris Doctor from Queen’s University and she was a law clerk for Justice A. Stone and Justice B. Strayer at the Federal Court of Appeal. She holds her ICD.D from the Institute of Corporate Directors.
About Hydro One Limited
Hydro One Limited, through its wholly-owned subsidiaries, is Ontario’s largest electricity transmission and distribution provider with 1.5 million valued customers, $39.7 billion in assets as at December 31, 2025, and annual revenues in 2025 of $9 billion.
Our team of 9,600 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2025, Hydro One invested $3.4 billion in its transmission and distribution networks, and supported the economy through buying $3.0 billion of goods and services.
We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives.
Hydro One Limited’s common shares are listed on the TSX and certain of Hydro One Inc.’s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com, www.sedarplus.com or www.sec.gov.
Forward-Looking Statements and Information
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (collectively, “forward-looking information”). Statements containing forward-looking information are made pursuant to the “safe harbour” provisions of applicable Canadian and U.S. securities laws. Words such as “expect”, “anticipate”, “intend”, “attempt”, “may”, “plan”, “will”, “can”, “believe”, “seek”, “estimate”, and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are
difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One’s filings with the securities regulatory authorities in Canada, which are available on SEDAR+ at www.sedarplus.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
For more information, contact Hydro One Media Relations 24 hours a day at 1-877-506-7584 (toll-free in Ontario only) or 416-345-6868. Our website is www.HydroOne.com. Follow us on facebook.com/HydroOneOfficial, twitter.com/HydroOne and instagram.com/HydroOneOfficial.
Exhibit 99.2
FORM 51-102F3
MATERIAL CHANGE REPORT
| Item 1: | Name and Address of Company |
Hydro One Limited (“Hydro One”)
483 Bay Street, South Tower, 8th Floor
Toronto, Ontario M5G 2P5
| Item 2: | Date of Material Change |
February 26, 2026
| Item 3: | News Release |
A news release announcing the material change referred to in this report was issued through Cision Canada and filed on SEDAR+ under Hydro One’s profile at www.sedarplus.com on February 26, 2026.
| Item 4: | Summary of Material Change |
On February 26, 2026, Hydro One’s board of directors announced that David Lebeter will retire from his role as President and Chief Executive Officer (“CEO”), effective June 9, 2026, and will remain as a special advisor with Hydro One until October 10, 2026. Hydro One’s board of directors also announced the appointment of Megan Telford, Hydro One’s Chief Operating Officer, as President and CEO of Hydro One, effective June 9, 2026.
| Item 5: | Full Description of Material Change |
On February 26, 2026, Hydro One’s board of directors announced that David Lebeter will retire from his role as President and CEO, effective June 9, 2026, and will remain as a special advisor with Hydro One until October 10, 2026. Hydro One’s board of directors also announced the appointment of Megan Telford, Hydro One’s Chief Operating Officer, as President and CEO of Hydro One, effective June 9, 2026.
Bio: Megan Telford
Megan Telford is the incoming President and CEO of Hydro One. She is currently Hydro One’s Chief Operating Officer, responsible for Safety, Operations, Customer Experience, Capital Portfolio Delivery, Strategy, Growth, System Planning and Hydro One Remote Communities Inc.
Ms. Telford’s previous executive leadership roles at Hydro One included responsibility for Health, Safety and Environment, System Planning, Human Resources, Labour Relations, Indigenous Relations, Corporate Affairs and Customer Care. Before joining Hydro One in 2020, Ms. Telford held a number of increasingly senior roles at TD Bank from 2007 to 2020. Prior to TD, Ms. Telford
practiced labour and employment law at a national law firm and worked at the Permanent Court of Arbitration in The Hague.
Ms. Telford currently serves on the Board of Directors for Export Development Canada and the Electricity Distributors Association. Ms. Telford holds an Honours Bachelor of Arts in Industrial Relations from McMaster University, a Master of Industrial Relations and Juris Doctor from Queen’s University and she was a law clerk for Justice A. Stone and Justice B. Strayer at the Federal Court of Appeal. She holds her ICD.D from the Institute of Corporate Directors.
| Item 6: | Reliance on Subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
| Item 7: | Omitted Information |
Not applicable.
| Item 8: | Executive Officer |
For further information please contact:
Harry Taylor
Executive Vice President, Chief Financial and Regulatory Officer
Tel: (416) 345-5000
| Item 9: | Date of Report |
February 26, 2026.
Caution Regarding Forward-Looking Information
This material change report may include “forward looking information” within the meaning of applicable securities laws. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward looking information or could cause our current objectives, strategies and intentions to change, and many of these factors are beyond our control and current expectation or knowledge. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One’s filings with the securities regulatory authorities in Canada, which are available on SEDAR+ at www.sedarplus.com. Hydro One does not intend, and disclaims any obligation, to update any forward-looking information, except as required by law.