Pepco Holdings Inc. (PHI) announced that Chairman, President and CEO Joseph M. Rigby notified the PHI Board of Directors of his plans to retire in the first half of 2015. To provide for a smooth transition, Rigby will step down as CEO near the end of 2014, following the selection of his successor.
The board also announced that Rigby will remain executive chairman of the board until the 2015 annual meeting of shareholders to help guide the continuing implementation of PHI’s strategy focused on enhancing customer reliability and delivering shareholder value.
“Joe is a tremendous leader, committed to outstanding customer service, devoted to the company and its employees, and a model of personal and business integrity,” said Frank Heintz, lead independent director of the board. “Under Joe’s leadership, PHI has transformed itself into a regulated electric and gas utility delivering improved reliability and service to its 2 million customers.”