Business & Finance
Business and FinanceBusiness and Finance 
Wed, May 19, 2010
Tue, May 18, 2010
ALBUQUERQUE, N.M.--([ BUSINESS WIRE ])--PNM Resourcesa™ (NYSE: PNM) shareholders today re-elected the companya™s nine standing directors and added a retired chairman and CEO of a global power and engineering company to be its 10th member.
"Bruce brings a wealth of business leadership and experience managing complex and diverse companies"
Bruce W. Wilkinson, 65, who served as McDermott Internationala™s top officer from 2000 until his retirement in 2008, is the newest member of PNM Resourcesa™ board of directors. Wilkinson replaces long-time director Robert M. Price, president of PSV Inc., who did not seek re-election to the board.
The results of the election of board members were announced earlier today during the 2010 PNM Resources Annual Meeting of Stockholders in Albuquerque, N.M.
As head of McDermott International, Wilkinson oversaw 20,000 employees and operations in 23 countries. One of McDermotta™s primary subsidiaries, the Babcock and Wilcox Company, provides a variety of highly specialized services to the nuclear, renewable and fossil-fuel power industry worldwide. Babcock and Wilcoxa™s boilers supply more than 300,000 megawatts of installed capacity in more than 90 countries. In addition to his experience in the power and energy industry, Wilkinson has vast management experience in private equity, manufacturing, chemical distribution and metal recycling.
aBruce brings a wealth of business leadership and experience managing complex and diverse companies,a said Jeff Sterba, PNM Resources chairman. aHis experience in the energy industry will be invaluable to PNM Resources. We are extremely privileged to have him join our board of directors.a
Wilkinson, who resides in Houston, will serve on the boarda™s Finance Committee and the Audit and Ethics Committee. His election to the board fills the void left by departing director Price, who is retiring after 18 years as a member of the board.
aBob has served in nearly every capacity during his tenure on the board,a Sterba said. aHe has been a valued mentor for both management and board members over the years. On behalf of the board and the employees of PNM Resources, we extend our deepest thanks to Bob and wish him the best.a
Price most recently served as chair of the Finance Committee and as a member of the Audit and Ethics Committee.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2009 consolidated operating revenues from continuing operations of $1.6 billion. Through its utility and energy subsidiaries, PNM Resources has more than 2,710 megawatts of generation resources and serves electricity to more than 875,300 homes and businesses in New Mexico and Texas. The company also has a 50-percent ownership of Optim Energy, which owns nearly 1,200 megawatts of generation resources. For more information, visit the companya™s Web site at [ www.PNMResources.com ].