Tortoise Energy Infrastructure Appoints Chairman and Reacts to Legal Decision

Tortoise Energy Infrastructure Corporation recently announced key changes within its leadership structure. On November 11, 2024, the Board of Directors of Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund made significant appointments. The board appointed Tom Florence to succeed H. Kevin Birzer as Chairman of the Board for both funds, effective January 1, 2025.

Mr. Florence brings a wealth of experience to his new role, having previously served as the Managing Director of Hamilton Lane from April 2021 before retiring on April 1, 2022. During his tenure at Hamilton Lane, he played a pivotal role in various strategic initiatives, including foraying into direct investments in outside fintech businesses. Before his role at Hamilton Lane, Mr. Florence was Chairman, CEO, and Founder of 361 Capital, leading the company until its acquisition by Hamilton Lane in April 2021.

The appointment of Mr. Florence coincided with the retirement of Mr. Birzer from the Board of Directors of Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund, slated for December 31, 2024. Mr. Florence is expected to serve for the remainder of the full term for Class III directors, projected to continue until the end of the 2025 annual shareholder meeting. In addition, Mr. Florence will also take on responsibilities within the Executive Committees of Tortoise Energy Infrastructure Corporation and Tortoise Sustainable and Social Impact Term Fund.

It is noteworthy that Mr. Florence will maintain his current positions as Chief Executive Officer of Tortoise Capital Advisors, L.L.C., Chairman of the Board of Tortoise Capital Series Trust, and Director of Income Lab. Importantly, his appointment as Chairman of the Board for the aforementioned funds was not influenced by any specific agreement or understanding.

The recent development also sheds light on the legal proceedings involving Tortoise Energy Infrastructure and other associated companies. On January 5, 2024, the United States District Court for the Southern District of New York ruled in a lawsuit that certain board resolutions, including those of Tortoise Energy Infrastructure Corporation, were in violation of the Investment Company Act of 1940. Subsequently, the Board of Directors of Tortoise Energy Infrastructure Corporation and other affiliated companies decided not to enforce their election to be subject to the Maryland Control Share Acquisition Act, pointing to compliance with the court ruling.

The company’s strategic moves and leadership changes reflect a commitment to governance best practices and aligning with legal mandates to ensure compliance and operational efficacy.

This article is for informational purposes only and does not constitute investment advice or a solicitation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tortoise Energy Infrastructure’s 8K filing here.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.