Xcel Energy said Teresa S. Madden would retire during the second quarter, 2016. Madden, 59, has been executive vice president and chief financial officer for Xcel Energy Inc. and its units since September 2011.
Over her 36-year career, Madden has held a variety of roles, including controller and vice president of finance for customer and field operations for Xcel Energy and its predecessor companies.
“Teresa has been a great asset to Xcel Energy and she leaves the company in a strong position,” said Ben Fowke, chairman, president, and CEO. “Over her tenure as CFO, we built a strong balance sheet, always met or exceeded our earnings guidance, and increased our market capitalization by $7.8 billion. As a result, we have a tremendous platform for continued growth, positioning us well for the future. I am grateful for her many contributions and leadership in making Xcel Energy what it is today.”
“I am proud to have played a role in Xcel Energy’s success,” said Madden. “Discipline and focus are the hallmarks of our investment strategy, and we deliver great value for our investors while keeping prices affordable for customers. I am proud of that track record and grateful for the opportunities I have had to grow professionally in the ever-changing energy industry.”
“Xcel Energy is in a great position for continued success,” Madden continued. “I have personally benefited from the opportunity to mentor women and develop new talent in the company. While I look forward to a retirement filled with travel and time with family and friends, I take with me a great deal of satisfaction for what we have accomplished.”
Xcel Energy has retained a firm to undertake a search for a successor and will be considering both internal and external candidates. The company expects an orderly transition to Madden’s successor.