Pepco Holdings Inc. chairman, president and CEO Joseph M. Rigby notified the PHI board of directors of his plans to retire from PHI in the first half of 2015. To provide for a smooth transition, Rigby will step down as CEO near the end of 2014, following the selection of his successor.
The board also announced that Rigby would remain as executive chairman of the board until the 2015 annual meeting of shareholders.
“Joe is a tremendous leader, committed to outstanding customer service, devoted to the company and its employees, and a model of personal and business integrity,” said Frank Heintz, lead independent director of the board. “Under Joe’s leadership, PHI has transformed itself into a regulated electric and gas utility delivering improved reliability and service to its 2 million customers.”
Under Rigby’s oversight, PHI embarked on an initiative to improve reliability and resiliency across its three utilities. More than three years later, Pepco, Delmarva Power and Atlantic City Electric customers have all seen improvements in the frequency and duration of outages, which has translated into improved customer satisfaction for all three utilities.