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NEWS RELEASE
Contact:
Media: Teresa Souza, 915-543-5823
Analysts: Rachelle Williams, 915-543-2257
Date: February 12, 2008
El Paso Electric’s Board of Directors today announced the departure of EPE’s President and CEO Ershel Redd from the Company to pursue other business opportunities.
“My tenure as President and CEO has been a positive experience, and one which I will always value,” said Mr. Redd. “I see tremendous growth potential in the communities we serve in both Texas and New Mexico. I am grateful for the genuine warmth and hospitality extended to me by the citizens of these communities during my time with the Company. I have tremendous respect for the dedication of my fellow employees and thank them for the great service they provide.”
“In his time with EPE, Ershel Redd brought a fresh perspective to the leadership role,” said Board Chairman George W. Edwards. “We accept and respect his decision.”
“The Board of Directors will begin an immediate search for a new President and CEO, and has asked J. Frank Bates, Executive Vice President and Chief Operating Officer, to serve as interim CEO,” continued Edwards. “Frank’s long history with the Company and strong knowledge of its operations and finances make him well qualified to serve in this Interim President and CEO capacity. We are grateful to him for accepting the responsibility, and I will be working with him closely during this important period.”
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 351,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico. EPE has a net dependable generating capability of 1,492 MW. EPE’s common stock trades on the New York Stock Exchange under the symbol EE.
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