Southern Company Chairman, President and Chief Executive Officer Allen Franklin announced several management changes to expedite implementation of the companys new business strategy.
These appointments are important initial steps that will help ensure we have both a strong management team and a more effective structure in place as we move forward, Franklin said. The appointments, approved by the board of directors, are effective
Dwight Evans, 52, president and CEO of Mississippi Power, has been named executive vice president of Southern Company and president, Southern Company External Affairs Group.
Leonard Haynes, 50, senior vice president of marketing at Georgia Power, has been named executive vice president and chief marketing officer of Southern Company.
Ed Holland, 48, president and CEO of Savannah Electric, has been named executive vice president and general counsel of Southern Company. Steve Wakefield will be named senior vice president and senior counsel, focusing on critical legal issues like environmental strategy and energy policy.
Gale Klappa, 50, has been named executive vice president of Southern Company and will also retain his position as chief financial officer and treasurer. He will continue to be responsible for corporate strategy.
At Southern Companys subsidiaries and business units:
Paul Bowers, 44, Southern Companys senior vice president and chief marketing officer, has been named president of Southern Company Generation and Energy Marketing, which manages and generates electricity for Southern Companys operating companies and markets electricity in the competitive wholesale supply business across the Southeast. He is also president and CEO of Southern Power. Southern Power owns, builds and operates new power generating stations in the Southeast.
Mike Garrett, 51, executive vice president of Alabama Power, has been named president and CEO of Mississippi Power.
Anthony James, 50, senior production officer for Savannah Electric, has been named president and CEO of Savannah Electric.
Charles McCrary, 49, president of Southern Company Generation and Southern Power, has been named president and chief operating officer of Alabama Power. Elmer Harris will continue in his position as chairman and chief executive officer at Alabama Power.
These individuals have the leadership qualities that I believe will produce positive results for our company, Franklin said. My expectations for our business leaders are well-defined and management accountabilities are clear. With these people in place, I feel confident our business results will be excellent.
Since the spinoff of Mirant, Southern Company has turned its focus to the super Southeast where it plans to create new value for stockholders, customers and employees by developing and growing the regulated side of the business, the competitive generation side of the business and new retail products and services.
Over the next five years, the company plans to:
Maintain its industry leadership in customer service and satisfaction.
Achieve top-quartile returns with earnings-per-share growth of at least 5 percent a year.
Double the wholesale generation business over the next five years.
Earn at least $50 million from energy-related products and services.
Southern Company (NYSE: SO) is a super-regional energy company with more than 32,000 megawatts of electric generating capacity in the Southeast. It is one of the largest producers of electricity in the United States. Southern Company is the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Savannah Electric, Southern Nuclear, Southern Company Energy Solutions, Southern LINC and Southern Telecom. Southern Company also owns a growing competitive generation business in the Southeast. Southern Company brands are synonymous with excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. With more than 500,000 shareholders, Southern Company common stock is one of the most widely held stocks in the United States.
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Forward-looking Statements Note:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning industry leadership in customer service and satisfaction, top-quartile returns and earnings per share growth, the growth of the wholesale generation business and the earnings goals for new products and services. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such indicated results will be realized.
The following factors, in addition to those discussed in Southern Companys Annual Report on Form 10-K for the year ended December 31, 2000, and subsequent securities filings, could cause results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory change, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry and also changes in environmental and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, including the EPA civil action against certain subsidiaries of Southern Company and the diversity litigation against certain subsidiaries of Southern Company; the effects, extent and timing of additional competition in the markets in which Southern Companys subsidiaries operate; the impact of fluctuations in commodity prices, interest rates and customer demand; state and federal rate regulation in the United States; the performance of projects undertaken by the non-traditional business and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the effects of, and changes in, economic conditions in the areas in which Southern Companys subsidiaries operate; financial market conditions and the results of financing efforts; the timing and acceptance of Southern Companys new product and service offerings; the ability of Southern Company to obtain additional generating capacity at competitive prices; and weather and other natural phenomena.