TORONTO - Hydro One Ltd. says Tim Hodgson has been appointed by its board of directors to serve as the utility's chairman starting next month.

He will replace Tom Woods, who announced last week that he would step down from the role at the end of July.

Hodgson is managing partner of Alignvest Management Corp., a private alternative asset management firm, and chair of the investment committee of PSP Investments which invests funds for the pension plans of the federal Public Service, the Canadian Armed Forces and the Royal Canadian Mounted Police.

He has also served as a special adviser to the governor of the Bank of Canada and as chief executive of Goldman Sachs Canada.

Woods and Hodgson were both among the 10 directors named last year as replacements after the utility's previous board resigned amid pressure from Ontario's Progressive Conservative government.

Hydro One is Ontario's largest electricity transmission and distribution provider with almost 1.4 million customers.