El Paso Electric CEO David W. Stevens Submits Resignation; Retired Vice Chairman of American Electric Power Thomas V. Shockley to Serve as Interim CEO
David W. Stevens, Chief Executive Officer of the El Paso Electric (EPE) Company, notified the Board of Directors in a letter on January 30 that he is resigning his position effective March 2, 2012 to pursue another job opportunity.
The Board announced today that Thomas V. Shockley, EPE director and former Vice Chairman of American Electric Power (AEP), one of the largest electric utilities in the United States, will serve as interim CEO, effective with Stevens’ resignation, while a search is under way to find a successor to Stevens. The search will consider both internal and external candidates for the position.
Stevens said he has great respect for Shockley’s decades of utility experience and that he would assist him in any way he can during the transition to Shockley assuming the responsibility as CEO.
“The Board wants to thank David Stevens for a job well done,” said Board Chairman Kenneth Heitz. “He has provided strong leadership helping the Company achieve many important goals. While we are going to miss David, we are very fortunate to have Tom Shockley on the EPE Board. Tom has had a lengthy and distinguished career in the regulated electric utility industry and has agreed to step in to provide a smooth transition while we identify David’s permanent replacement.”
In addition to Shockley’s experience as Vice Chairman and Chief Operating Officer of American Electric Power Company, he also served as President and Chief Operating Officer of Central and South West Corporation, which is now part of AEP. During his career Shockley held several other executive and management positions in the utility and energy industries. A copy of Shockley’s resume is attached to this release.
"I have really enjoyed my three plus years at the helm of EPE,” Stevens said. “I very much appreciate having had the opportunity to work with EPE’s talented and dedicated employees and to meet and serve the people in El Paso and the other areas of west Texas and southern New Mexico served by EPE.”
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 380,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico. El Paso Electric has a net dependable generating capability of 1,795 MW. El Paso Electric’s common stock trades on the New York Stock Exchange under the symbol EE.