Hay, as part of what the company described as a planned leadership succession process, will serve as executive chairman from then until his retirement on 31 December 2013.
James Robo, 49, will replace Hay as chief executive. Robo is currently president and chief operating officer of NextEra Energy.
In a statement, the company says that Hay, in addition to his duties as chairman will have direct responsibility for legal, human resources and federal governmental affairs functions.
