Whether utility leaders come from law, engineering, or finance, one thing can be said: Many of the new CEOs have had diverse experiences.
It’s the start of a brand new day for many investor-owned utilities. A significant number of the nation’s top electric and gas utilities have chosen new CEOs—new masters and commanders to sit at the helm. Since the beginning of 2002 through year-end 2003, 14 of the 50 largest electric companies (measured by market cap) have changed or announced plans to change their CEO, according to analysts.
For Public Utilities Fortnightly's 75th Anniversary CEO issue, the magazine looked to the horizon and asked these new captains about the planned course for their companies, and for an entire industry.
In this endeavor, we chose six CEOs believes are the industry's brightest new stars:
Michael G. Morris, CEO, American Electric Power (Ticker:AEP)
Robert B. McGehee, CEO, Progress Energy (Ticker: PGN)
Michael J. Chesser, CEO, Great Plains Energy (Ticker: GXP)
Gary L. Rainwater, CEO, Ameren (Ticker: AEE)
Dennis R. Wraase, CEO, PEPCO (Ticker: POM)
Paul M. Anderson, CEO, Duke Energy (Ticker: DUK)
Although new leaders, these CEOs are industry veterans that cut their teeth within the corporate ranks for decades before rising to the top spots.
While Gary L. Rainwater, CEO of Ameren, has traveled the traditional route, moving through the engineering ranks, many of the new CEOs come from different backgrounds than their predecessors. Michael G. Morris, CEO, American Electric Power (AEP), and Robert B. McGehee, CEO, Progress Energy, are part of a new wave of utility executive that comes with legal backgrounds and diverse energy experience.