Electricity producer and distributor Sempra Energy (SRE) elected Monday its Executive Vice President Debra Reed as chief executive officer and director of the company as part of a succession process. Reed succeeds Donald Felsinger, who remain executive chairman until his planned retirement at age 65 in late 2012.
The San Diego, California-based Fortune 500 energy services holding company also noted that President and Chief Operating Officer Neal Schmale will remain in his current role until his planned retirement later this year.
"With all of our businesses operating effectively and the company performing well financially, we felt the timing was ideal to begin our transition to a new generation of leadership at the company," Felsinger said in a statement.
As CEO, Reed will direct the strategic operations of all the Sempra Energy companies. She earlier served as president and CEO of San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), Sempra Energy's California regulated utilities, from 2006 to 2010. She was also the president and chief operating officer of the two utilities from 2004 to 2006.
Reed, who joined SoCalGas in 1978 as an energy systems engineer, had the distinction of becoming the company's first female officer in 1988. She also serves on the boards of Halliburton Co. (HAL) and Avery Dennison Corp. (AVY). Previously, she has been a director of Genentech, and Dominguez Services Corp.
"Our board of directors has worked diligently over the past year to ensure a smooth leadership transition in the wake of Neal Schmale's and my planned retirements. Early on in the process, we identified Debbie Reed as a top candidate. In her 33-year career with the Sempra Energy companies," Felsinger added.
Meanwhile, Felsinger has served as CEO since 2006 and a director since 2004. He joined SDG&E in 1972, and held a variety of officer positions with responsibility for all aspects of the utility business.
SRE closed Monday's regular trading session at $52.26, up $0.35 or 0.67 percent on a volume of 1.02 million shares.
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