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.
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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.
Winter Sticks Around, Squeezes Nearly All Prices Higher
Winter was retaining a tougher post-season grip on severalregions’ weather than expected Tuesday, and the result waswidespread price rises that ranged from flat to barely higher atthe PG&E citygate and Rockies, to about a quarter at someNortheast and Pacific Northwest points. A sharply higher Aprilfutures contract also lent some support to cash on its penultimateday of trading, sources said.
