Having lost its chief financial officer (CFO) who left to enter a new industry in Pennsylvania, Albuquerque, NM-based PNM Resources Monday said it reached into the public power sector for a new CFO, naming Charles N. Eldred to that position. Eldred, 52, comes from Omaha (NE) Public Power District, where he has been CFO since 1999.
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Stephen A. Furbacher, longtime executive vice president of Dynegy Inc.’s Midstream natural gas business, has been promoted to president and chief operating officer. Furbacher, 57, whose Midstream unit has been sold to Targa Resources, had announced earlier this month that he would retire after 30 years at Dynegy (see Power Market Today, Aug. 3). Furbacher agreed to defer his retirement after Alec G. Dreyer, power generation executive vice president, announced earlier this week he was resigning to pursue other interests. Furbacher will add Dreyer’s power generation responsibilities to his midstream operations oversight. He will continue to report directly to Bruce A. Williamson, Dynegy’s chairman and CEO.
David Hauser, chief financial officer of Duke Energy, last week told an audience of investment professionals that his company is open to the idea of partnering its troubled Duke Energy North America (DENA) unit with an entity with deep pockets, such as a bank, as DENA continues to face tough times in the merchant power sector.
Timothy H. Ling, 46, the president and chief operating officer of Unocal Corp., died suddenly on Wednesday, the company said. He had been a member of Unocal’s board of directors since 2000 and also was a member of the company’s management committee.
Western Gas Resources, Inc. announced Tuesday that John F. Chandler has been named chief operating officer and executive vice president of Western effective immediately. Chandler will be in charge of all day-to-day operations including exploration, production, midstream and marketing and will continue to report directly to President and CEO Peter Dea. Chandler joined Western in 1984 and most recently was executive vice president-upstream and marketing.
John N. Seitz stepped down Tuesday as president and chief executive officer of Anadarko Petroleum due to concern over the independent producer’s steady loss of stock value, the company said.
Duke Energy Corp.’s board of directors has elected Fred J. Fowler as president and chief operating officer, reporting directly to Chairman and CEO Richard B. Priory, the company announced last Monday. Fowler had been the company’s group president for energy transmission since 1997, where he oversaw Duke Energy’s interstate natural gas pipelines and Duke Energy Field Services. In the “new executive role,” Fowler will be responsible for the operations of Duke Energy’s energy businesses, including Duke Power Co., Duke Energy Gas Transmission, Duke Energy Field Services, Duke Energy International, Duke Energy Trading and Marketing and Duke/Fluor Daniel, according to the Charlotte, NC-based energy company. Fowler, a veteran of the energy business for nearly 35 years, has worked at Panhandle Trading Corp., been president of Trunkline Gas Co., president of Texas Eastern Transmission Corp. and group vice president of PanEnergy Corp. Duke Energy was created in 1997 as a result of the merger of PanEnergy and Duke Power. He currently serves as chairman of the board for the Interstate Natural Gas Association of America, which represents interstate gas pipelines, and serves on the board of Texas Eastern Products Pipeline Co.
On the heels of its reorganization plan that will split Marathon Oil Co. from parent USX-Marathon Group (see Daily GPI, Aug. 1), the company announced five new officer positions have been created as part of the reorganization, as well as revised titles and responsibilities. All positions will be based in the Houston headquarters and will take effect Jan. 1, 2002. John T. Mills, senior vice president of finance and administration, has been named CFO. Reporting to Mills will be three new vice presidents, including Albert G. Adkins, currently USX comptroller, who will be vice president, accounting and controller. James F. Meara, currently controller for Marathon, will become vice president of taxes and Paul C. Reinbolt, currently US Steel comptroller, will become vice president, finance and treasurer. Also Jerry Howard, currently vice president of taxes for USX, has been named senior vice president of corporate affairs. The corporate affairs division will be in charge of information technology; health, environment and safety; public affairs; state government affairs; and the Washington, DC-based federal government affairs. Kenneth L. Matheny, currently investor relations for USX, has been named vice president, investor relations for Marathon, and William F. Schwind Jr., now general counsel and secretary, will assume the vice president, general counsel and secretary. Mills, Howard, Matheny and Schwind will report to Marathon president Clarence P. Cazalot Jr., who assumes the Marathon CEO position in January.