CHARLOTTE, N.C., June 3, 2011 /PRNewswire/ -- Piedmont Natural Gas
(NYSE: PNY) announced today that chief financial officer (CFO)
David J. Dzuricky has announced his
plans to retire at the end of the Company's current fiscal year on
October 31, 2011. Mr. Dzuricky,
who will turn 60 in October, has served as Piedmont's CFO since joining the Company in
1995. Thomas E. Skains, Piedmont's chairman, president, and chief
executive officer commented, "In addition to being an excellent
CFO, Dave's leadership and business acumen have made him a
highly-valued and well-respected member of Piedmont's executive management team for more
than sixteen years. Dave has always represented the interests
of Piedmont Natural Gas, its employees, shareholders, and customers
with integrity, enthusiasm, and commitment. He has been an
outstanding business partner and is a close personal friend.
We will all miss Dave and we wish him the absolute best in
retirement."
Prior to joining Piedmont in
1995, Mr. Dzuricky was Vice President and Treasurer of Consolidated
Natural Gas Company in Pittsburgh,
Pennsylvania. Mr. Dzuricky, who received his bachelor's
degree in marketing from Syracuse
University and his MBA in finance from the University of Pittsburgh, was a key player in
developing and structuring Piedmont's successful portfolio of
complementary businesses which includes its Cardinal Pipeline, Pine
Needle LNG, Hardy Storage, and
SouthStar Energy Services joint ventures. In 2003, Dzuricky
helped manage the successful acquisition, merger and integration of
North Carolina Natural Gas from Progress Energy. That
acquisition added approximately 176,000 customers in eastern and
southern North Carolina to
Piedmont's customer base and
literally stretched Piedmont's
service territory in North
Carolina from the Appalachian Mountains to the Atlantic
Ocean.
Reflecting on his tenure with Piedmont Natural Gas, Mr. Dzuricky
said, "It has been my privilege to serve as Piedmont's CFO for the past sixteen years.
I was afforded many opportunities to grow in my position as
the Company expanded from slightly more than 500,000 customers in
1995 to more than one million in 2010 and net income increased from
$40 million in 1995 to $142 million at the end of 2010. I am very
happy to leave the Company in sound financial health – exactly as
it was when I arrived. I will miss the Piedmont family and all the friends and
acquaintances I have made over the years. I now look forward
to the next part of my journey and to spending more time with my
wife, Jan, and our children."
Mr. Dzuricky is a past Chairman and current member of the
Finance Committee of the American Gas Association. Mr.
Dzuricky serves on the Board of The United Way of Central Carolinas
and chairs the Finance Committee. He also serves on the Board of
the Central Piedmont Community College
Foundation, and Finance Committee.
Piedmont's Karl W. Newlin to Succeed David J. Dzuricky as
CFO
In related news, Thomas E.
Skains, Piedmont's
chairman, president, and chief executive officer announced today
that Mr. Karl W. Newlin,
Piedmont's senior vice president
of corporate planning and business development, will be promoted to
the role of CFO effective November 1,
2011, the start of Piedmont's 2012 fiscal year.
"Karl has very quickly brought his unique experiences and
familiarity with the energy industry to bear as we develop
strategies and execute business plans for achieving success in a
new energy economy, one in which natural gas will play a crucial
role," said Mr. Skains. He continued, "We are fortunate to
have someone with his talent and skill sets that both broaden and
complement our executive management team. In addition, Karl
will certainly have the benefit of Dave's experience and insights
over the remaining five months of this fiscal year as he
transitions into the CFO role. That will allow him to hit the
ground running with the start of our new fiscal year in
November."
Mr. Newlin, 42, joined Piedmont
in May, 2010, having worked previously at Merrill Lynch where he
served as managing director, investment banking in that company's
New York and Los Angeles offices. He has extensive
experience in the energy industry leading teams in corporate
financings and business transactions for natural gas distribution
and midstream companies, electric utilities, independent power
producers and clean energy companies. Mr. Newlin is a Chartered
Financial Analyst (CFA), and he earned his Bachelor of Business
Administration degree from Southern Methodist
University and his MBA from UCLA's Anderson
School of Management.
Commenting on his new role with Piedmont, Mr. Newlin said, "I am honored and
truly appreciate the trust and confidence that has been placed in
me to be a good steward for the Company, its shareholders,
employees, and customers. Piedmont Natural Gas is an
excellent company with a proven track record of financial success,
operational excellence, and a tremendous reputation for integrity
and I look forward to working with our employees and other
stakeholders in my new role as we build on our past success."
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily
engaged in the distribution of natural gas to more than one million
residential, commercial and industrial utility customers in
North Carolina, South Carolina and Tennessee, including 53,000 customers served
by municipalities who are wholesale customers. Our subsidiaries are
invested in joint venture, energy-related businesses, including
unregulated retail natural gas marketing, interstate natural gas
storage and intrastate natural gas transportation. Additional
information about Piedmont is
available on the Internet at http://www.piedmontng.com.
SOURCE Piedmont Natural Gas