NUI Chairman John Kean announced that he will step down on April 1, while retaining his directorship for the remainder of his term. Kean is scheduled to retire at the company’s next annual meeting of shareholders, as required by NUI corporate bylaws. NUI bylaws stipulate that directors are to retire at age 72, or with the first annual meeting of shareholders following their 72nd birthday. “I have been intricately involved with NUI Corp. for more than 40 years as we have grown the company and moved through many different phases,” Kean said. “Now, during perhaps the most dramatic period, the sale of the company, I believe it is important to our shareholders, customers and employees that the transition to the next chairman allow for an uninterrupted stewardship.” James J. Forese, a member of the NUI board since 1978, will succeed Kean as chairman effective April 1. NUI put itself up for sale last September, and Kean resigned as CEO after leading the company since its inception in 1969 (see Daily GPI, Sept. 29, 2003). Earlier this year, NUI brought in former KeySpan executive Craig G. Matthews as NUI’s new president and CEO to lead the sale of the company. Matthews will be responsible for overseeing the sale process, including negotiating a definitive agreement with a final party and securing shareholder and multi-state regulatory approvals. A transaction is expected in the second quarter.

Southwest Gas Corp. announced Tuesday that CEO Michael O. Maffie will retire in June after being with the company for 25 years, and serving as CEO for 10 years. He will continue to serve as a member of the board. The board intends to appoint Jeffrey W. Shaw, current president, as the new CEO. Several years ago the company took steps to broaden and deepen the experience of senior management to provide for an orderly transition in succession planning, Southwest said. The appointment of Shaw to the position of CEO will complete this process, which included his promotion to president in July 2003. “Mike has been instrumental in guiding a company whose customer base has grown over 50% during his tenure as CEO,” said Chairman Thomas Y. Hartley. “At the same time, we are pleased to turn over the reins to Jeff and are confident Southwest Gas will continue to flourish under his leadership.”

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.