Craver retiring at 65 as Edison CEO; Pizarro to succeed him

Edison International (NYSE: EIX) disclosed May 25 that Theodore F. Craver Jr., Edison International’s chairman, president and chief executive officer, will retire effective Sept. 30, 2016 in keeping with the company’s practice of its CEO retiring upon reaching age 65.

Craver will be succeeded by Pedro J. Pizarro as CEO. Edison International is the parent of Southern California Edison (SCE). Pizarro currently serves as president of SCE, which is one of the nation’s largest investor-owned utilities, delivering power to more than 14 million people in a 50,000-square-mile service area spanning Central, Coastal and Southern California.

Pizarro was president of former Edison International subsidiary, Edison Mission Energy (EME) and chair of its board of directors from 2011 until the sale of substantially all of its assets to NRG Energy (NYSE:NRG) on April 1, 2014.

Previously, Pizarro progressed through several roles at EIX and SCE. He joined EIX in 1999 as director of Strategic Planning, and was elected vice president of Technology Business Development in 2000.

Prior to his work at EIX and SCE, Pizarro was a senior engagement manager with McKinsey & Company in Los Angeles

Also May 25, Edison announced that independent director William P. Sullivan will become non-executive chair.

Brett White, Edison International lead director, said, “Ted has been an outstanding chairman and CEO and has transformed Edison during his tenure.”

“With Ted’s pending retirement, we took the opportunity to further our desire for excellence in corporate governance by separating the roles of chair and chief executive officer,” White said. “Bill Sullivan is the retired CEO of Agilent Technologies, where they also use a split role governance model. We are highly impressed with Pedro’s leadership capabilities and excited to have such a quality executive to succeed Ted as CEO.”

“I am proud of what our team has accomplished for customers and shareholders,” Craver said. “This year we are delivering an 8 percent reduction in customer average rates, and Edison International’s market value is higher this month than at any time in our 130-year history.”

Craver said, “Pedro is a dynamic leader who has been the top executive at both our utility and competitive businesses. He grasps the changes that are reshaping our industry and has the talent and leadership skills to convert these opportunities into sustainable growth for Edison International.”

“I am honored and excited to be selected by the board to lead Edison International into the future,” Pizarro said. “We are better positioned than ever to be a trusted leader in electricity, renewable energy and energy services.”

The company announced that when Pizarro becomes Edison International president on June 1, senior vice president Kevin M. Payne will become chief executive officer of SCE and senior vice president Ronald O. Nichols will become president of SCE.

The board also announced that W. James Scilacci, Edison International’s executive vice president and chief financial officer, will retire on Sept. 30. Upon his retirement, Scilacci will be succeeded by Maria Rigatti, SCE senior vice president and chief financial officer. SCE vice president and treasurer, William M. “Tres” Petmecky, will succeed Rigatti as SCE senior vice president and chief financial officer.

Craver was elected chairman and chief executive officer in August 2008, and president in April 2008.

Craver was president and CEO of Edison Mission Group from January 2005 to April 2008. Before that, he was executive vice president of parent company Edison International, and held the position of chief financial officer and treasurer from January 2000 through December 2004.

Before joining Edison in 1996, Craver served as executive vice president and corporate treasurer of First Interstate Bancorp from 1991 to 1996.

Before joining Edison in 1996, Craver served as executive vice president and corporate treasurer of First Interstate Bancorp from 1991 to 1996.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.