EDMONTON, Feb. 7, 2013 /CNW/ - The Board of Directors of EPCOR Utilities Inc. (EPCOR) today announced the appointment of David Stevens as the company's new President & Chief Executive Officer. Stevens is a 30-year veteran of the energy and utility industry with over 20 years of experience in executive leadership. His most recent positions were as the top executive of major energy and utilities providers located in El Paso, Texas and Seattle, Washington.
As President & CEO of EPCOR, Stevens will assume responsibility for leading the executive management team and overseeing all strategic, operational, financial and brand-building facets of the company's interests in Canada and the United States.
The appointment follows an extensive local, national and international search for a candidate to succeed current President & CEO Don Lowry, who announced last May of his intention to retire from the company by December 2013.
"Through his considerable strategic and operational talent, Mr. Stevens has earned a reputation for leading energy and utilities providers to succeed beyond their growth plans, optimize their organizational performance and work effectively with regulatory bodies," said Hugh J. Bolton, Chair of the EPCOR Board of Directors. "He is the ideal candidate to lead EPCOR to continued success in its current direction, as well as to chart a bold and prosperous path for the company in the future."
Stevens will assume the responsibilities of President & CEO on March 6th, 2013. Don Lowry has agreed to remain with EPCOR as a resource for the transition for as long as he is required.
"With this company's ongoing growth in a variety of markets, uniquely strong corporate culture and admired standing within the community, EPCOR is the very model of what a major utility provider should be," said Stevens. "It's rare to be afforded the opportunity to lead an organization as healthy as this one in a community as vibrant and innovative as Edmonton. I'm honoured to have been selected to uphold and advance the standard of excellence for which EPCOR is known."
Certain information in this news release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target", and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward-looking information in this news release includes expectations for the corporate restructuring and how it may benefit the Company in the future.
These statements are based on the assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. Except as required by law, EPCOR disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About EPCOR Utilities Inc.
EPCOR's wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. EPCOR, headquartered in Edmonton, Alberta, is an Alberta Top 55 employer. EPCOR's website is www.epcor.com.
DAVID STEVENS ▪ Biography
David Stevens is veteran of the North American energy and utility industry, with over 30 years of experience as a senior executive, manager, consultant and engineer. In the course of his career, David has excelled in building and motivating effective executive teams, navigating regulatory environments and increasing value for shareholders.
Prior to accepting the position of President and CEO of EPCOR Utilities Inc., David spent over three years as CEO of the El Paso Electric Company, an integrated electrical utility providing services to over 370,000 customers across two states. Under David's leadership, El Paso Electric doubled its stock value, expanded its portfolio to include the development of renewable energy sources, constructed a mid-sized power station under-budget and on-time, and provided shareholders with their first dividend payment since the mid-90s.
As President and CEO of the Cascade Natural Gas Corporation (CNGC) from 2005 to 2007, David refreshed the company's strategic direction and implemented structural changes to turn around what was previously a financially ailing utility. During David's time at CNGC, stock value increased 62%, relationships with state regulators were improved, and the company's long-range strategic goals were successfully met. After CNGC, David established a consultancy focused on providing acquisition, business development and regulatory advice to US energy companies.
Between 1984 and 2004, David held a series of positions of increasing responsibility, from management to senior executive, with the Southern Union Company (SUG) and its subsidiaries. David's work throughout this period was marked by the improved profitability of gas distribution efforts, ongoing adaptation of SUG to new regulatory environments, and executive involvement in approximately $5 billion worth of acquisitions.
David's career in the energy and utilities industry began as a production engineer for the Getty Oil Company in Sweetwater, Texas - a position he took after graduating from the University of Texas, Austin with a BSc. in Chemical Engineering in 1982.
SOURCE: Epcor Utilities Inc.
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