Scott Announces Retirement; Mulhern to be Successor as CFO of Progress Energy
June 26 2008 - 10:00AM
PR Newswire (US)
RALEIGH, N.C., June 26 /PRNewswire-FirstCall/ -- Progress Energy
(NYSE: PGN) Chief Financial Officer Peter Scott has announced that
he will retire in the latter part of the third quarter this year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020923/CHM008LOGO-c )
Upon Scott's retirement, he will be replaced by Mark Mulhern,
currently senior vice president for finance. Scott was executive
vice president and chief financial officer from 2000 to 2003. He
was named president of the Progress Energy Service Company in 2004,
and reassumed the role of CFO, in addition to his duties as the
Service Company chief executive, in 2005. Before coming to
then-Carolina Power & Light in 2000, Scott was the founding
president of Scott, Madden & Associates Inc., a general
management consulting firm. He also had served as a principal and
partner in Theodore Barry & Associates, a Los Angeles-based
consulting firm, and had been employed by CP&L earlier in his
career. "Peter has provided outstanding strategic and financial
direction for our company through an exciting and challenging
period, and we thank him for his dedicated service and leadership,"
said Chairman, CEO and President Bill Johnson. "We are very
fortunate to have a superb successor in Mark Mulhern," Scott said.
"Mark has worked in every financial management function in our
company, and he has successfully led both the operation and
divestiture of our Progress Ventures business unit. The future
holds many opportunities and challenges, and strong financial
leadership is absolutely critical to our success. Mark understands
our industry and our company, and his qualifications and experience
make him the right person for the job." Mulhern joined Progress
Energy predecessor CP&L in 1996 as vice president and
controller. He served as vice president and treasurer from 1997
through 2000, and as vice president for strategic planning from
2000 to 2003. He served as a senior executive in the company's
unregulated energy businesses from 2003 till those businesses were
sold. In 2007, he was promoted to senior vice president. Before
joining CP&L, Mulhern was the chief financial officer at Hydra
Co. Enterprises, the independent power subsidiary of Niagara
Mohawk. He also spent eight years at Price Waterhouse in Syracuse,
serving a variety of manufacturing and service businesses. Mulhern
is a 1982 graduate of St. Bonaventure University. He is a certified
public accountant, a certified management accountant, and a
certified internal auditor, and he has completed the nuclear
executive program at the Massachusetts Institute of Technology.
Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250
energy company with more than 21,000 megawatts of generation
capacity and $9 billion in annual revenues. The company, which will
celebrate a century of service in 2008, includes two major
utilities that serve 3.1 million customers in the Carolinas and
Florida. Progress Energy is the 2006 recipient of the Edison
Electric Institute's Edison Award, the industry's highest honor, in
recognition of its operational excellence. The company also is the
first utility to receive the prestigious J.D. Power and Associates
Founder's Award for customer service. Progress Energy serves two
growing areas of the country, and the company is pursuing a
balanced approach to meeting the future energy needs of the region.
That balance includes increased energy efficiency programs,
investments in renewable energy technologies and a state-of-the-art
electricity system. For more information about Progress Energy,
visit the company's Web site at http://www.progress-energy.com/ .
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Progress Energy media information line +1-877-641-NEWS (6397) Web
site: http://www.progress-energy.com/
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