Under indictment for fraud, conspiracy and submitting false documents to a federally insured bank in Topeka, KS, David C. Wittig, chairman and CEO of Westar Energy Inc. resigned over the weekend, two weeks after being put on unpaid administrative leave (see Power Market Today, Nov. 15; Nov. 8).

On Monday in an effort to restore investor confidence, the company named former chief operating officer, James S. Haines Jr. as director, CEO and president of the company, effective Dec. 9. The board is expected to elect a new chairman at a meeting on Dec. 11.

Haines, 56, left Westar in 1996 to become CEO and president for El Paso Electric Co. He retired in November 2001, and currently is an adjunct professor and Skov Professor of Business Ethics at the College of Business Administration for The University of Texas at El Paso.

In a letter to the Westar board, Haines said, “I am excited to have the opportunity to lead the management team of Westar Energy. The company has great potential to successfully resolve some very difficult problems to the benefit of customers, employees and investors. I am particularly pleased to return to the company that gave me my start in the electric industry.”

Haines began his career as an assistant attorney general for the State of Missouri. He then served nearly four years as a lawyer for the Missouri Public Service Commission. Haines was named executive vice president and chief administrative officer of Westar in March 1992, and in June 1995, Haines was named chief operating officer of Westar Energy. He served in that capacity until he joined El Paso Electric.

The announcement of Haines as CEO boosted Westar’s depressed stock price Monday. In early trading, the shares were up more than 13.7%, averaging just under $11.09/share.

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