Duke Energy’s new president and COO, Fred Fowler, wasted no time in beginning a structural reorganization of Duke management to help the company weather the industry’s financial and credit crisis and restore investor confidence (see Daily GPI, Nov. 26). Harvey Padewer, former group president of Energy Services, and Jim Donnell, former president and CEO of Duke Energy North America (DENA), both resigned. Other key organizational and management changes were made in the company’s Energy Services and Gas Transmission businesses. Duke shares were down 7% Wednesday to $19.70.
“Duke Energy is addressing current market conditions and positioning for the future,” said Fowler. “We’re driving results in every line of business. We are focusing significant management attention and top talent on the weakened merchant power and energy trading and marketing businesses and expect improvements in the performance of those businesses.”
The Energy Services group is being reorganized from a group structure into two major lines of business. Robert T. Ladd, currently president of Duke Capital Partners, has been named president and CEO of DENA, including merchant generation and energy trading and marketing. Richard J. McGee will continue as president and CEO of Duke Energy International.
“The reorganization of Energy Services is significant, and it must be done well,” said Fowler. “Bobby Evans, who has provided superior leadership as president and CEO of Duke Energy Gas Transmission (DEGT), will serve as transition executive for this effort. Bobby will manage the seamless transition of all of the current Energy Services businesses from the current group structure to the go-forward organization.” Evans will report to Fowler during this transitional assignment.
Thomas C. O’Connor, currently president of DEGT’s eastern operations, has been named president and CEO of DEGT, reporting to Fowler. O’Connor joined Duke Energy’s predecessor company in 1987 and has served in a number of positions of increasing responsibility, including senior operations and marketing positions at DEGT. He is also president of Maritimes & Northeast Management Company, which is responsible for the U.S. portion of the Maritimes & Northeast pipeline.
The other executives who will report directly to Fowler include William A. Coley, president of Duke Power, and Jimmy W. Mogg, president and CEO of Duke Energy Field Services.
“Duke Energy’s management team is strong and deep. Our approach to leadership development is to move our top talent into areas of opportunity where they can make a significant impact. Tom, Rob and Bobby are exceptional leaders, with demonstrated performance in operations, business development and customer relationships,” said Fowler.
This reorganization eliminates the group president roles from Duke Energy Transmission, formerly occupied by Fowler, and from Energy Services. Frank T. “Chip” Webster has been named president and CEO of Duke Capital Partners, replacing Ladd. Webster is currently managing director of Duke Capital Partners. He will report to Richard J. Osborne, who leads the Duke Ventures business units and serves as chief risk officer.
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