Kelvin Shepherd, Manitoba Hydro's president and CEO, plans to step down effective Nov. 16.

"I have enjoyed my time at Manitoba Hydro and have done my best to lead our company through both the challenges and opportunities we have faced, but I know in my heart that now is the right time to move on to a new stage in my life," Shepherd said in a news release on Wednesday.

Shepherd joined Hydro in December 2015. He has overseen the development of several long-term Hydro projects, including the Bipole III transmission line and the Keeyask Generating Station.

In recent months, he has dealt with the fallout of the mass resignation of Hydro's board, after the Progressive Conservative government rejected a proposed agreement with the Manitoba Metis Federation that would have ended opposition to a Manitoba to Minnesota transmission line. He has also faced financial challenges stemming from the Crown corporation's mounting debt.

Hydro board chair Marina James said the search for a new president and CEO has begun.

"Kelvin has been an invaluable asset to both myself as the new chair of the board, and to Manitoba Hydro as a corporation," James said in the release.

During his retirement, Shepherd said he plans to give back to the community through volunteer work, as well as spending more time with his wife.

Before joining Hydro, Shepherd worked in telecommunications, serving in various capacities at MTS and SaskTel.