Young Announces Retirement Plans; CV Plans National Search
July 08 2010 - 9:37AM
Marketwired
Bob Young, who as president led Central Vermont Public Service
(NYSE: CV) through a cultural, service and environmental
transformation, today announced his planned retirement. Young will
remain as chairman, president and chief executive officer until
next May to allow for an orderly search and transition.
"Bob turned CV into a lean, progressive and caring company that
placed customer service, reliability, the environment and corporate
citizenship as its cornerstones," said Lead Director Bill Sayre.
"Through his leadership, CV became one of the most respected and
professional utilities in the U.S., and has provided a solid value
for shareholders and customers alike."
Sayre said Russell Reynolds Associates, a leading executive
search firm, will assist CV with an internal and national search
for Young's successor. CV's ongoing succession planning should
ensure a smooth process, Sayre said. CV announced Young's plans now
so the company could begin the search.
"We have detailed succession plans for our key positions, so we
expect an orderly transition," Sayre said. "Bob's successor will be
named around the end of the year and will work alongside Bob until
his retirement at the 2011 annual meeting in May."
Young became president at a difficult time, on Dec. 31, 1995. CV
faced a national push toward utility restructuring; rate pressures
weighed heavily; employee numbers were high and morale was low; CV
was often perceived as out of touch with Vermont values; and
regulatory conflicts were common.
"Bob ended 'business as usual,'" Sayre said. "There were plenty
of hurdles along the way, and it took time, but Bob had a vision,
and he transformed CVPS into a world-class utility and business,
and customers, shareholders and the state of Vermont have
benefited."
Under Young, CV:
- Was recognized by Forbes as one of 100 most trustworthy
companies in the U.S.
- Provided an unbroken record of quarterly shareholder
dividends.
- Met all 17 of its service quality standards since their
inception in 2002, the state's best record.
- Implemented alternative ratemaking, in consort with state
regulators, which created incentives to control customer costs
while improving recovery of legitimate expenses for
shareholders.
- Developed core values -- seize opportunities, talk straight and
deliver -- to align customer and shareholder concerns, improve
morale and ensure accountability and integrity.
- Reorganized every department in the company, reducing staff
from 620 to 530.
- Controlled costs and rates. In the past decade, rates have
risen just 11 percent, compared to 28 in the Consumers' Price Index
and 81 percent in the CPI for energy.
- Reorganized and improved storm recovery and won the Edison
Electric Institute's Emergency Recovery Award in 2007 and
2008.
- Repaired troubled relations with the International Brotherhood
of Electrical Workers Local 300.
- Created CVPS Cow Power™, the nation's first manure-to-energy
customer choice program and the Department of Energy's 2009 Utility
Green Power Program of the Year.
- Developed one of the cleanest energy mixes in the U.S., with
virtually no reliance on fossil fuels.
- Built Catamount Energy into a leading renewable developer and
sold it for $60 million.
Young led an environmental renaissance and encouraged employees
to reduce environmental impacts and improve wildlife habitat.
During Young's tenure, CV:
- Won the National Arbor Day Foundation's Tree Line USA Award
eight straight years.
- Developed an extensive program that helped restore endangered
ospreys to Vermont.
- Worked as a full partner in the Vermont Bald Eagle Restoration
Initiative.
- Created CVPS plug 'n go™, the first utility program for hybrid
and electric plug-in vehicles.
- Became the first utility in the country to replace fossil-based
chainsaw oil with animal-based oil.
Young reinvigorated CV's civic commitments. CV doubled
shareholders' annual donations to CVPS Shareheat; developed five
company-organized annual community events including food drives, a
coat drive and the Gift-of-Life Marathon Blood Drive; provided
major funding and employee expertise to restore the Paramount
Theatre; and tied corporate giving to employee volunteerism to
support employees' efforts.
"I have been blessed by an extraordinary team," Young said. "Our
employees' work ethic and performance are second to none, and our
executive group is among the best in the business. Together we have
overcome tremendous obstacles -- financial, cultural and imposed by
Mother Nature. I will leave knowing that my successor will inherit
a company that reaches for excellence in everything it does."
Young, who will turn 64 shortly after his retirement, said his
decision was made with his wife, Vicky, after months of discussion.
"The CV board has been extremely supportive," Young said. "Vicky
and I simply feel the time is right -- 15 years at the helm is long
enough. We want to make our children and grandchildren our focal
points, and devote a little more of our energy to some of our other
interests, including the arts and community service. I also expect
to keep my hand in the energy-utility industry."
Young joined CV as vice president of finance and administration
in 1987. He was promoted to senior vice president of finance and
administration and chief financial officer in 1988; executive vice
president and chief operating officer in 1993; and president and
CEO in December 1995. He has served as chairman of the board since
2009. Young began his career at Bechtel Power Corp in 1970. He
later worked for Bay State Gas Co., Arlington Exploration Company
and Arthur D. Little Inc. before joining CV.
Contact: Steve Costello (802) 747-5427 work (802) 742-3062
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