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Ep Electric Ceo Retires From His Improbable Job Interview
Monday, 19-Jul-21 03:58:52 UTC
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Tom Shockley got to know El Paso Electric in the early 1990s when he was part of a Dallas company's unsuccessful attempt to buy the utility out of bankruptcy. During those lengthy negotiations, he never imagined that one day he'd be the company's chief executive officer, he said last week. That possibility became even more unlikely in 2004, when he retired to a Georgetown, Texas golfing community with his wife after a 35-year career in the electric power industry, most of it spent in Dallas. This week, Shockley's improbable job comes to an end. He retires for the second time Tuesday -- this time as El Paso Electric's 18th CEO, a job he held almost four years. He said El Paso Electric could become an acquisition target in the future. The utility has about 1, 100 employees, and more than 400, 000 customers in two states. It had revenues of $917. 5 million last year, and a 2014 profit of $91. 4 million. Its stock was selling late last week at more than $36 per share. Shockley, who has two degrees in electrical engineering, began his career in 1970 as an engineer at Central Power and Light in his hometown of Corpus Christi, he said.
Ep electric ceo retires from his improbable job interview questions
Former El Paso Electric CEO Gary Hedrick said the company never had a more qualified CEO. Shockley was a top executive for other utilities that were huge in comparison to El Paso Electric, said Hedrick, now a professor at the University of Texas at El Paso. Hedrick's first encounter with Shockley was when Hedrick was regulatory liaison between El Paso Electric and Central and South West Corp., where Shockley was an executive vice president and a key member of the Dallas company's team negotiating to buy the El Paso utility. Hedrick, who worked at El Paso Electric 32 years, said he and Shockley have met periodically since he became CEO. "His biggest accomplishment is putting a great (executive) team together, " including his successor, Hedrick said. "He solved the prior rate debacle (in 2012) that was going on when he came on board, " guided the company through an extensive power generation construction program, and got involved in the community as his predecessor did not, Hedrick said.
Ep electric ceo retires from his improbable job interview vidéo
Even though he hasn't played golf in several years, he has no plans to sell them. "It's kind of like keeping your slide rule when you're an engineer, you don't ever want to sell it, you might need it. " Vic Kolenc may be reached at; 546-6421; @vickolenc on Twitter. El Paso Electric CEOs since 1925, when the company took its present name: •Tom Walker, February 1925 to April 1927. •Joseph Bowes, April 1927 to November 1928. •Frank Gannon, November 1928 to April 1931. •Montelle Smith, April 1931 to June 1936. •Roy Nelson, June 1936 to July 1947. •Erwin Will, March 1942 to July 1947. •E. Carter Womack, July 1947 to July 1956. •William Holik, July 1956 to July 1963. Ray Lockhart, July 1963 to October 1971. •Dennis Lane, October 1971 to May 1975. •Evern Wall, May 1975 to February 1989. •David Wiggs Jr., March 1989 to April 1996. •Jim Haines, May 1996 to November 2001. •Gary Hedrick, November 2001 to May 2007. •Ershel Redd Jr., May 2007 to February 2008. •J. Frank Bates, interim, February 2008 to November 2008.
Shockley helped fashion a $15 million rate reduction for El Paso area customers as interim CEO, and liked the job so much he asked the board to let him keep it for several years. The job opening came as Shockley tired of his retirement routine of playing golf, he said. "I played a lot of golf and I was really bad. I kind of quit playing golf and started doing volunteer work, " he said. Shockley's total compensation, including company stock awards, was almost $2 million per year the last two years. But the pay, which, he said, is on par with other similar-sized electric utilities, didn't play a part in his interest in the job, he said. El Paso Electric Board Chairman Chuck Yamarone, a Los Angeles investment banker on the board almost 20 years, said he was not surprised that Shockley asked to become permanent CEO. "He saw a bunch of issues he could effectively address, and he built a bunch of relationships. He fell in love with the job pretty quickly, " Yamarone said during a phone interview.
He became CEO of that utility in 1987. When he retired the first time in 2004, he was chief operating officer and board vice chairman for American Electric Power, one of the largest electric utility companies in the nation. Shockley's road to El Paso Electric's top job began in 2010, when he received, what he said, was a surprising call from an El Paso Electric board member asking if he'd be interested in serving on the company's board of directors. He was elected to the board in May 2010. "I was glad to have a chance to get back in the industry and see what was happening in the electric utility business, " Shockley said last week during an interview in a 16th-floor conference room near his corner office at the company's Downtown headquarters. In January 2012, the board tapped Shockley as interim CEO after David Stevens suddenly resigned as CEO amidst the company's rancorous battle with City Hall over its rates and profits. The company's image also was badly tarnished from electric system failures during a historic deep freeze in February 2011.
Ep electric ceo retires from his improbable job interview summary
Pfizer has applied for emergency approval from the US Food and Drug Administration (FDA), but the agency has been more reluctant to pass the immunization, with a top infectious disease expert, Anthony Fauci, saying his UK counterparts "really rushed through that approval" while praising the FDA's "very careful" authorization process. While the two pharma firms stand by the effectiveness of their vaccine, an inability to halt transmission from virus carriers could mean the inoculation falls short of the lofty expectations voiced by some officials in the US and UK. 'The day UK led humanity's charge against Covid': Tory MP Sharma mocked for over-the-top cheer as London approves foreign vaccine Think your friends would be interested? Share this story!
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The top executive at pharma giant Pfizer said it still isn't clear if those who receive the company's vaccine will be able transmit the coronavirus to others, just one day after the UK became the first to approve the inoculation. While Pfizer CEO Albert Bourla said he expects the vaccine rollout to be rapid after it gets the green light from US health officials, following in the steps of Britain, he noted that it remains to be seen whether recipients of the jab can still carry and pass the virus. "Even though I've had the protection, am I still able to transmit it to other people? " NBC's Lester Holt asked in an interview on Thursday night, prompting a startling response from Bourla: I think this is something that needs to be examined. We are not certain about that right now. Also on 'Superficial': Fauci slams UK over hasty Pfizer vaccine approval, says FDA doing it 'the correct way' Last month, Pfizer announced that its vaccine – developed alongside German firm BioNTech – had proven to be more than 90 percent effective in giving immunity to trial participants, getting the green light from UK health authorities on Wednesday to begin distribution for widespread use.