Business & Finance
Fri, January 14, 2011Thu, January 13, 2011Wed, January 12, 2011Tue, January 11, 2011Mon, January 10, 2011Sat, January 8, 2011Fri, January 7, 2011Thu, January 6, 2011Wed, January 5, 2011Tue, January 4, 2011Mon, January 3, 2011Sat, January 1, 2011Fri, December 31, 2010Thu, December 30, 2010Wed, December 29, 2010Timmerman Announces Retirement, Kevin Marsh to Succeed Timmerman as Chairman and CEO, Marsh Elected President and COO of SCANA
Published in Business and Finance on Friday, January 7th 2011 at 12:55 GMT by Market Wire
CAYCE, S.C.--([ BUSINESS WIRE ])--SCANA Corporation (NYSE:SCG) announced today that William B. Timmerman, SCANAa™s Chairman, President and CEO will retire from the Company effective November 30, 2011.
"Our robust succession planning allowed us to fill these very important positions with excellent people who have served this Company well for many years and in many capacities"
At a Board of Directors meeting held today, the Board elected Kevin B. Marsh, to be the Companya™s chairman and chief executive officer effective November 30, 2011 upon Timmermana™s retirement. Marsh will become SCANAa™s seventh CEO since it became a NYSE traded company in 1946.
Additionally, the Board elected Marsh president and chief operating officer of SCANA Corporation and as a member of SCANAa™s Board of Directors effective January 7, 2011. Marsh, currently president of SCE&G, principal subsidiary of SCANA, assumes the title of president from Timmerman.
aI believe retiring at the end of this year provides for a smooth transition and is appropriate as the Company enters a period of new nuclear construction. The leadership team currently in place is clearly prepared and already doing an outstanding job and I look forward to their continued successes in my retirement later this year,a said Timmerman. Timmerman will be available as a consultant to the Company during his retirement.
In announcing Marsha™s expanded role, Timmerman noted Marsha™s significant experience and leadership. aKevin and I have worked closely on running the Company for nearly 30 years,a said Timmerman. aKevin has served as our chief financial officer and president of two of SCANAa™s largest subsidiaries over the last decade. His strong operating and financial background will provide SCANA with outstanding leadership as we execute the Companya™s new nuclear generation strategy and meet the energy needs of the next decade.a
aBill Timmerman will leave a strong legacy of success at SCANA with an excellent team of experienced leaders to execute the Companya™s long-term plan and the new nuclear project,a said Marsh. aWhile we have our challenges and opportunities ahead of us I am excited by our potential and honored by the confidence expressed by our boarda
Marsh, 55, a native of Atlanta, Georgia, holds a bachelora™s of business administration degree in accounting from the University of Georgia and is a graduate of the Duke University Executive Leadership Program. He began his career with Deloitte & Touche in Columbia, South Carolina, in 1977. During his financial tenure he served as controller, vice president of finance, and treasurer of SCANA Corporation. In 1996, Marsh was named chief financial officer of SCANA. He also served as president and chief operating officer of PSNC Energy, headquartered in Gastonia, North Carolina and was appointed president and chief operating officer of SCE&G in 2006.
In the interim, Marsh will continue to retain his position as president of SCE&G. Steve Byrne, SCE&Ga™s executive vice president of generation was also named chief operating officer of SCE&G and assumes additional responsibilities for electric transmission. Keller Kissam, SCE&Ga™s vice president of electric operations, was promoted to senior vice president of retail electric and gas operations for SCE&G, both reporting to Marsh.
aOur robust succession planning allowed us to fill these very important positions with excellent people who have served this Company well for many years and in many capacities,a said Timmerman.
SCANA Corporation, a South Carolina corporation headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the Companya™s website at [ www.scana.com ].
SAFE HARBOR STATEMENT
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, aforward-looking statementsa for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements concerning key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated construction and other expenditures. In some cases, forward-looking statements can be identified by terminology such as amay,a awill,a acould,a ashould,a aexpects,a aforecasts,a aplans,a aanticipates,a abelieves,a aestimates,a aprojects,a apredicts,a apotentiala or acontinuea or the negative of these terms or other similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment; (2) regulatory actions, particularly changes in rate regulation, regulations governing electric grid reliability and environmental regulations; (3) current and future litigation; (4) changes in the economy, especially in areas served by subsidiaries of SCANA Corporation (SCANA); (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets; (6) growth opportunities for SCANAa™s regulated and diversified subsidiaries; (7) the results of short- and long-term financing efforts, including future prospects for obtaining access to capital markets and other sources of liquidity; (8) changes in SCANAa™s or its subsidiariesa™ accounting rules and accounting policies; (9) the effects of weather, including drought, especially in areas where the Companya™s generation and transmission facilities are located and in areas served by SCANA's subsidiaries; (10) payment by counterparties as and when due; (11) the results of efforts to license, site, construct and finance facilities for baseload electric generation; (12) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (13) the availability of skilled and experienced human resources to properly manage, operate, and grow the Companya™s businesses; (14) labor disputes; (15) performance of SCANAa™s pension plan assets; (16) higher taxes; (17) inflation; (18) compliance with regulations; and (19) the other risks and uncertainties described from time to time in the periodic reports filed by SCANA or SCE&G with the United States Securities and Exchange Commission (SEC). The Company disclaims any obligation to update any forward-looking statements.
