Edison International Announces New Leaders
May 25 2016 - 4:30PM
Business Wire
Edison International (NYSE: EIX) today announced that Theodore
F. Craver Jr., Edison International’s chairman, president and chief
executive officer, will retire effective Sept. 30, 2016 in keeping
with the company’s practice of its CEO retiring upon reaching age
65. Effective Sept. 30, Pedro J. Pizarro will succeed Craver as
chief executive officer, and independent director William P.
Sullivan will become non-executive chair.
“Over the last several years, we have repositioned Edison
International and developed the next generation of leaders capable
of successfully navigating the enormous changes in our industry,”
said Craver. “I am proud of what our team has accomplished for
customers and shareholders. This year we are delivering an 8
percent reduction in customer average rates, and Edison
International’s market value is higher this month than at any time
in our 130-year history.”
The board of directors also announced the election of Pizarro to
the board and as president of Edison International, effective June
1. Pizarro has served the company for more than 16 years, currently
as president of Southern California Edison, Edison International’s
principal subsidiary providing electricity to more than 14 million
people across Central, Coastal and Southern California.
Brett White, Edison International lead director, said, “Ted has
been an outstanding chairman and CEO and has transformed Edison
during his tenure. With Ted’s pending retirement, we took the
opportunity to further our desire for excellence in corporate
governance by separating the roles of chair and chief executive
officer. Bill Sullivan is the retired CEO of Agilent Technologies,
where they also use a split role governance model. We are highly
impressed with Pedro’s leadership capabilities and excited to have
such a quality executive to succeed Ted as CEO.”
Craver said, "Pedro is a dynamic leader who has been the top
executive at both our utility and competitive businesses. He grasps
the changes that are reshaping our industry and has the talent and
leadership skills to convert these opportunities into sustainable
growth for Edison International.”
"I am honored and excited to be selected by the board to lead
Edison International into the future,” Pizarro said. “We are better
positioned than ever to be a trusted leader in electricity,
renewable energy and energy services."
The company announced that when Pizarro becomes Edison
International president on June 1, senior vice president Kevin M.
Payne will become chief executive officer of SCE and senior vice
president Ronald O. Nichols will become president of SCE.
“Kevin and Ron are experienced leaders who will continue SCE’s
strong focus on operational excellence and transforming the
electric grid to support clean energy technologies,” Pizarro
said.
The board also announced that W. James Scilacci, Edison
International’s executive vice president and chief financial
officer, will retire on Sept. 30. Upon his retirement, Scilacci
will be succeeded by Maria Rigatti, SCE senior vice president and
chief financial officer. SCE vice president and treasurer, William
M. “Tres” Petmecky, will succeed Rigatti as SCE senior vice
president and chief financial officer.
Craver said, “Jim and I have worked together on nearly every
major event at Edison International over the last 20 years and no
one has been more dedicated to the company’s success.”
“I have complete confidence in Maria,” said Scilacci. “She has
deep industry knowledge, has repeatedly excelled in challenging
assignments and is dedicated to making Edison a truly great
company.”
Commenting on Petmecky’s appointment, Scilacci said, “Tres is an
outstanding financial leader with extensive experience in our
regulated utility.”
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a
generator and distributor of electric power, as well as a provider
of energy services and technologies, including renewable energy.
Headquartered in Rosemead, Calif., Edison International is the
parent company of Southern California Edison, one of the nation’s
largest electric utilities. Edison International is also the parent
company of Edison Energy Group, a portfolio of competitive
businesses that provide commercial and industrial customers with
energy management and procurement services and distributed solar
generation. Edison Energy Group companies are independent from
Southern California Edison.
Biographical information:
Ted CraverPedro PizarroBill SullivanJim
ScilacciMaria RigattiKevin PayneRon
NicholsTres Petmecky
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version on businesswire.com: http://www.businesswire.com/news/home/20160525006354/en/
Edison InternationalMedia ContactRobert Laffoon Villegas, (626)
302-2255orInvestor RelationsScott Cunningham, (626) 302-2540
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