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09.03.2005 20:02:00
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Edison International Announces Management Reorganization of Edison Mis
Business Editors/Energy Writers
ROSEMEAD, Calif.--(BUSINESS WIRE)--March 9, 2005--
Reorganization Will Create Integrated Business Platform Better Positioned to Pursue Growth Opportunities and Optimize Existing Assets
Edison International (NYSE:EIX) announced today that it is reorganizing the management structure of its Edison Mission Energy (EME) and Edison Capital businesses. This action will create a business platform that will manage in an integrated fashion the independent power generation and capital and financial services businesses formerly managed on a separate, stand-alone basis. In the future, Edison International for convenience will refer to the now commonly managed businesses of EME and Edison Capital as the Edison Mission Group.
"As we conducted our review of all our operations over the last few months, certain guiding principles started to emerge. First, we felt that this was the right time to create an integrated business platform by blending the management and personnel of EME and Edison Capital, and by bringing into our management team experienced and able officers from other companies within Edison International," said Ted Craver, chief executive officer of the integrated company. "Second, particularly in light of the international assets sale, we wanted a flatter, functionally organized, non-regional reporting structure that recognizes our focus as a primarily domestic company."
Under the new unified, functional organizational structure, seven officers will report directly to Ted Craver:
| -- | Guy Gorney, vice president, Coal Generation, will have primary responsibility for operational matters relating to the Illinois and Homer City plants and will also serve as president of Midwest Generation. Gorney will assume these duties from Georgia Nelson, who is resigning from the company effective June 1, 2005. |
| -- | Paul Jacob, vice president, Marketing & Trading. Jacob also will continue as President of Edison Mission Marketing & Trading. |
| -- | John Finneran, vice president, Business Management, will oversee the company's investments in leasing, affordable housing and global infrastructure. Finneran will also be responsible for the group's generation partnership asset management activities, its operation and maintenance company and Minit Charger. Finneran most recently served as chief financial officer of EME's former Americas Region. |
| -- | Gerry Loughman, vice president, Development, will have responsibility for developing new renewables and fossil generation projects. Loughman rejoins EME after serving a critical leadership role with the Mountainview project at Southern California Edison (SCE), Edison International's regulated utility. |
| -- | Jim Scilacci, senior vice president and chief financial officer. Scilacci joins EME after 20 years at SCE, most recently as senior vice president and chief financial officer. |
| -- | Ray Vickers, senior vice president and general counsel. |
| -- | Jenene Wilson, vice president, Human Resources. |
Craver added, "I am very excited about, and proud of, the management team we have assembled and believe the organizational changes announced today will enable us to optimize earnings from our existing assets while at the same time position us for new investment opportunities."
Based in Rosemead, Calif., Edison International (NYSE:EIX) is the parent company of Southern California Edison, Edison Mission Energy and Edison Capital.
--30--HB/la*
CONTACT: Edison International Media Contact: 626-302-1033 www.edison.com
KEYWORD: CALIFORNIA INDUSTRY KEYWORD: ENERGY UTILITIES MANAGEMENT CHANGES SOURCE: Edison International
Copyright Business Wire 2005
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