Southern Energy CEO Exits After Banner Quarter
Southern Energy Inc. (SEI), one of Southern Co.'s main
subsidiaries, named S. Marce Fuller its new CEO Tuesday. Under the
leadership of the former CEO, Tom Boren, SEI reported $69 million
in second-quarter 1999 earnings, compared with $25 million for the
same period last year. Now it is up to Fuller to continue his
"[Boren] brought Southern Energy along from its infancy to where
it is today, one of the world's largest independent power producers
with assets of nearly $14 billion. With Tom's aggressive guidance,
he helped make Southern Company an international energy company,"
said Bill Dahlberg, Southern Co. CEO.
Boren announced he was resigning last week in order to pursue
Fuller, 39, has been serving as executive vice president of
Southern Energy and president and CEO of affiliate Southern Company
Energy Marketing. In her new role, Fuller will direct Southern
Energy's worldwide operations, which include electric power
production, delivery or trading facilities in the United States and
Overall, Southern Co. earned $314 million or 45 cents/share in
the second quarter of 1999, compared with $270 million or 39
cents/share for the comparable period a year earlier. Dahlberg said
SEI was the main cog in the parent company's success.
"Our strategy has been to expand our growth in the competitive
energy supply business, and Southern Energy continues to help us do
that successfully and profitably," Dahlberg said.
After adjusting for interest on inter-company debt, Southern
Energy reported $77 million in earnings, compared with $35 million
for the second quarter of 1998.
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