Spire Announces Leadership Succession Plan
Spire Inc. (NYSE: SR) announced the retirement of President and CEO Suzanne Sitherwood, effective December 31, 2023, after 12 years in the role. Sitherwood emphasized her pride in leading the company through significant growth, with Spire now serving over 1.7 million customers in Alabama, Mississippi, and Missouri. The Board of Directors has initiated a search for her successor, engaging an independent executive search firm. Ed Glotzbach, chair of the Board, acknowledged Sitherwood's transformational leadership and contributions to the energy sector, noting the importance of succession planning for Spire's future.
- Under Sitherwood's leadership, Spire's market value has more than quadrupled.
- Enterprise value increased over six-fold due to strategic acquisitions and infrastructure development.
- Sitherwood led the growth of Spire's customer base to 1.7 million, enhancing its market presence.
- The announcement of Sitherwood's retirement introduces potential uncertainty in leadership and company strategy.
Suzanne Sitherwood to Retire as President and CEO, Effective December 31, 2023
Board of Directors Initiates CEO Search Process
ST. LOUIS, March 29, 2023 /PRNewswire/ -- Spire Inc. (NYSE: SR) today announced that President and CEO Suzanne Sitherwood has informed the Board of her intention to retire from the company at the end of 2023, after serving 12 years in the role.
"Leading Spire for the last 12 years has been the privilege of a lifetime and my retirement represents the culmination of more than four decades in the industry," said Sitherwood. "As I reflect on my tenure, I'm extremely proud of the drive and grit that our employees showed as we delivered on our promise of being energy that champions people. Together, we have leaned into our culture and transformed Spire into an industry leader with Spire Marketing, Spire Midstream and our utilities that reach more than 1.7 million homes and businesses across Alabama, Mississippi and Missouri. I am energized to continue to lead Spire for the remainder of the year and am committed to facilitating a smooth transition. I am also committed to continuing my national work as the current chair of the American Gas Association."
Ed Glotzbach, chair of the Board of Spire, commented, "On behalf of the Board, I would like to thank Suzanne for her countless contributions to Spire over the last twelve years. Suzanne has been a transformational leader and played a pivotal role in further establishing Spire as a leader in the energy industry. Under her leadership, Spire, through its gas utilities and gas-related businesses, has grown tremendously while delivering consistent value for customers, communities and shareholders. Beyond that, Suzanne has long been a champion of the Spire team and is very proud of what they have accomplished together."
Glotzbach continued, "Succession planning has always been top of mind to the Spire Board. Looking ahead, we will continue to focus on identifying a strong leader who will build on our success, deliver on our long-term strategic priorities, while advancing our role in enabling a sustainable energy future."
In connection with Sitherwood's retirement, the Board has initiated a search process to find a successor. The Board will engage a leading, independent executive search firm to assist in a thorough and comprehensive process that considers both internal and external candidates.
About Suzanne Sitherwood
Suzanne Sitherwood is the President and CEO of Spire Inc. She oversees all aspects of Spire, including its natural gas utilities in Alabama, Mississippi and Missouri that serve nearly 1.7 million customers. Under Sitherwood's leadership, the company has more than quadrupled its market value and increased its enterprise value more than six-fold by acquiring four natural gas utilities, building a 65-mile interstate pipeline, transforming its marketing and trading business, and developing natural gas storage facilities serving the western U.S. Today, Spire is one of the largest publicly traded natural gas companies in the country.
Over the course of her more than 40-year career, Sitherwood has become a leader in the natural gas industry, currently serving as national chair of the American Gas Association. Additionally, she sits on multiple boards, including BJC Healthcare, and has chaired numerous civic groups and philanthropic efforts in the St. Louis region and across the nation. She currently serves as a member of the Chair's Council of Greater St. Louis, Inc. as well as chair of the AllianceSTL Advisory Board. Sitherwood holds a bachelor's degree in industrial engineering technology from the Southern College of Technology and an MBA from Brenau University. In retirement, Sitherwood and her husband Carl look forward to spending more time with their family, including 11 grandchildren, in America, Europe, South Africa and South America.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing, Spire STL Pipeline and Spire Storage. We are committed to transforming our business through growing organically, investing in infrastructure, and advancing through innovation. Learn more at SpireEnergy.com.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements with respect to Spire's leadership succession plan. Actual results may be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including risks associated with the Company's ability to implement its succession plan, as well as the uncertainties and risks described in the Company's annual (Form 10-K) filing with the Securities and Exchange Commission, more complete descriptions and listings of which can be found in such filing.
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
scott.dudley@spireenergy.com
Media Contact:
Jessica B. Willingham
314-342-3300
jessica.willingham@spireenergy.com
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SOURCE Spire Inc.
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