Search for CEO Commences; Paul Daily to Retire as Chief Executive Officer
Upon Appointment of Successor
Southwest Gas Continuing to
Advance Centuri Separation
LAS
VEGAS, Nov. 27, 2023 /PRNewswire/ -- Southwest
Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or the "Company")
announced today that Paul M. Daily
has informed the Company of his intention to retire in 2024 as
President and Chief Executive Officer ("CEO") of Centuri Group,
Inc. ("Centuri"), a wholly owned subsidiary of Southwest Gas. The
Company and Mr. Daily intend that he remain as CEO of Centuri until
his successor is appointed. Accordingly, Southwest Gas will
commence a search, with the assistance of a leading executive
search firm, to identify the next CEO of Centuri, considering both
internal and external candidates. Mr. Daily will assist with the
selection of his successor and facilitate the transition of his
responsibilities.
"On behalf of the team at Southwest Gas and Centuri, I would
like to thank Paul for his leadership as CEO of Centuri over the
past eight years," said Karen
Haller, President and Chief Executive Officer of Southwest
Gas. "During Paul's tenure, Centuri has deepened the value it
brings to electric and natural gas utilities, having grown and
strengthened its core business of serving as a key utility
infrastructure services provider to electric and natural gas
utilities within the United States
and Canada. We look forward
to working with Paul to identify a CEO with the expertise to lead
Centuri in the future and advance our efforts to maximize value for
Southwest Gas stockholders. We wish Paul the best in his
retirement."
"After more than 35 years in the industry, I am proud of the
work that we have done at Centuri to build a unique high-growth
utility infrastructure services business," said Paul M. Daily. "During my time leading the
Centuri team, we have tripled the size of the business, diversified
our core service offerings to include both electric and natural gas
utility services, and expanded our operating footprint in support
of our blue-chip utility clients and their 100+ million customers
in over 80+ locations across 43 states and two Canadian provinces,
all while providing our 12,000+ employees with a world-class safe
working environment. I am confident now is the right time to
identify Centuri's next CEO as we continue to advance our
separation from Southwest Gas as a standalone, independent company.
Centuri has an incredibly bright future ahead, and I will work
closely with the Southwest Gas Board of Directors and management
team, along with the entire Centuri management team, to ensure a
smooth transition as we work to identify and onboard my
successor."
The Company continues to advance the previously announced
process to separate Centuri. The Company reaffirms both Southwest
Gas and Centuri financial guidance.
About Paul M. Daily
Paul has led Centuri as President and Chief Executive Officer
since April 2016. He also serves on
the Board of Managers for T.D. Williamson Holdings, LLC. He
has more than 35 years of experience, both domestic and
international, in senior leadership of infrastructure engineering
and construction companies, much of which has been focused on the
natural gas and electric power industries. Most recently, before
joining Centuri, he founded Paul M.
Daily & Associates in 2014, serving as an advisor to
senior executives, private equity investors and Boards of Directors
with respect to long-term planning and assessment of growth and
diversification opportunities, both organic and through mergers and
acquisitions. Prior to that, Paul was co-founder, Director, and CEO
of Infrastructure and Energy Alternatives, LLC, a group of
operating companies providing infrastructure design and
construction services to North American energy clients while also
serving as a Director on the Board of Remedial Construction
Services, L.P. He has also held the positions of President &
CEO of InfraSource, LLC and Executive Vice President
for Quanta's Natural Gas & Pipeline Division, Senior Vice
President of Construction and Project Delivery for Earth Tech,
Inc., and Vice President, Planning & Development for Willbros
Group, Inc.
Paul graduated from the United States
Military Academy at West Point with a Bachelor of Science
degree in mechanical engineering and an area of concentration in
international economics. He spent the first nine years of his
career with the United States Army as a commissioned officer,
managing petroleum and water logistics for the U.S. Department of
Defense.
About Southwest Gas Holdings, Inc.
Southwest Gas Holdings, Inc., through its subsidiaries, engages
in the business of purchasing, distributing and transporting
natural gas, and providing comprehensive utility infrastructure
services across North America.
Southwest Gas Corporation is a dynamic energy company committed to
exceeding the expectations of over 2 million customers throughout
Arizona, Nevada and California by providing safe and reliable
service while innovating sustainable energy solutions to fuel the
growth in its communities.
About Centuri
Centuri Group, Inc. is a strategic utility infrastructure
services company that partners with regulated utilities to build
and maintain the energy network that powers millions of homes and
businesses across the United
States and Canada. Centuri
is a subsidiary of Southwest Gas.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include, without limitation, statements
regarding the Company's expectations or intentions regarding the
future. These forward-looking statements can often be identified by
the use of words such as "will", "predict", "continue", "forecast",
"expect", "believe", "anticipate", "outlook", "could", "target",
"project", "intend", "plan", "seek", "estimate", "should", "may"
and "assume", as well as variations of such words and similar
expressions referring to the future, and include (without
limitation) statements regarding Mr. Daily's intention to retire,
the Company's search to identify Centuri's next Chief Executive
Officer, the Company's expectations regarding Centuri's leadership
transition and the Company's plans and expectations with respect to
the separation of Centuri. Factors that could cause actual results
to differ also include (without limitation) those discussed under
the heading "Risk Factors" in the Company's most recent Annual
Report on Form 10-K and in the Company's current and periodic
reports, including the Company's Quarterly Reports on Form 10-Q,
filed from time to time with the U.S. Securities and Exchange
Commission. The statements in this press release are made as of the
date of this press release, even if subsequently made available by
the Company on its website or otherwise. The Company does not
assume any obligation to update the forward-looking statements,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments, or
otherwise.
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SOURCE Southwest Gas Holdings, Inc.