George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see Daily GPI, Dec. 4, 2003).

In addition, John Hinton, a Semco director since 2002, has been elected Semco’s non-executive chairman. Hinton said that Schreiber will be “enormously helpful as we seek to return Semco to sound financial health and to build value for shareholders, customers and employees.” Semco reported a $30 million net loss last year ($1.34/share) after $9 million in net income in 2002 (48 cents/share).

Schreiber also is a previous president of Pinnacle West Capital Corp., which owns Arizona Public Service and real estate company Suncor Development.

Eugene Dubay, which had been serving as interim president and CEO, has resumed his previous duties as a vice president of the company and as senior vice president and CEO of Semco Energy Gas Co.

Semco distributes gas to 391,000 customers in Michigan and Alaska. It owns and operates businesses involved in natural gas pipeline construction services, propane distribution and intrastate pipelines and natural gas storage in several regions in the United States.

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