BOISE, Idaho, March 12, 2003 — IDACORP Inc. Executive Vice President Rich Riazzi will leave the company March 31, a result of the company’s decision to exit wholesale energy trading, the business Riazzi established and managed as president of IDACORP Energy.
IDACORP in June 2002 announced that it would exit the wholesale electricity trading and marketing business. In November, the company announced it would forgo pursuit of a midstream natural gas development strategy. As a result of the decisions, IDACORP Energy has been winding down operations while reducing staffing levels. By mid-year the size of the workforce is expected to be less than 20 after peaking at approximately 125 in mid-2002.
“Rich has a proven track record of building and leading an energy marketing company during the most extraordinary of circumstances,” said IDACORP President and Chief Executive Officer Jan Packwood. “We at IDACORP appreciate all the contributions Rich has made to the company during his time here.”
IDACORP Energy Vice President of Finance, Sharon Hoyd, will assume the role of company president following Riazzi’s departure and will oversee the continuing wind-down of the business. Hoyd has been with IDACORP Energy since 2001 after transferring from Idaho Power Co., IDACORP’s electric utility subsidiary, where she had been employed since 1984 and served 11 years in financial management.