Energy-based holding company SCANA Corp. (SCG), Friday said its Chairman, President and CEO William Timmerman will retire effective November 30, 2011. Timmerman will be succeeded by the company's former CFO Kevin Marsh, effective the same day. Additionally, Marsh was elected COO of the company and a member of the board as well.
Marsh, who will become the seventh CEO of SCANA since it began trading on the NYSE in 1946, currently works as the President of SCANA's principal subsidiary SCE&G.
Timmerman, commenting on the appointment, said, "Kevin has served as our chief financial officer and president of two of SCANA's largest subsidiaries over the last decade. His strong operating and financial background will provide SCANA with outstanding leadership as we execute the Company's new nuclear generation strategy and meet the energy needs of the next decade."
Beginning his career with Columbia-based Deloitte & Touche in 1977, Marsh has served as Controller, Vice President of finance, and Treasurer of SCANA. In 1996, he was named CFO of the company.
Marsh also served as President and CEO of PSNC Energy, headquartered in Gastonia, North Carolina and was appointed President and COO of SCE&G in 2006.
In the interim period of his promotion, Marsh would retain his position as President of SCE&G. Upon Marsh's vacancy, SCE&G's Executive Vice President of generation Steve Byrne, was named the new COO of SCE&G, with additional responsibilities for electric transmission.
In addition, SCE&G's Vice President of electric operations Keller Kissam was promoted to Senior Vice President of retail electric and gas operations for SCE&G. Both Byrne and Kissam will be reporting to Marsh.
Timmerman was the Senior Vice President of finance and administration for Carolina Energies, Inc., when the company merged with South Carolina Electric & Gas Co. in 1982 and later formed SCANA Corp. in 1984.
Later, Timmerman was promoted to the role of Vice President of finance and was elected CFO, followed by appointments to Senior Vice President and Executive Vice President. He was elected to the board in 1991 and became president in 1995. He has been serving as the company's Chairman, President and CEO since March 1997.
Timmerman, a former Certified Public Accountant, previously worked with Arthur Andersen & Co., dealing with many southeast manufacturing companies and electric and natural gas utilities.
Consequent to his retirement, Timmerman would continue to be assocaited with Cayce, South Carolina-based SCANA as a consultant.
SCG closed Friday's regular trading at $41.12, up $0.47 or 1.16%, on a volume of 0.84 million shares on the NYSE. In the past 52-week period, the stock trended in a range of $34.23 to $41.97, with a 3-month average volume of 0.65 million shares.
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