Key Executive Appointments Announced At Sempra Energy And California Utilities

Rhea-AI Summary

Sempra Energy (NYSE: SRE) announced key executive appointments within its California utility infrastructure on June 23, 2020, aimed at enhancing leadership and succession planning. Kevin C. Sagara is appointed group president, while Caroline A. Winn and Scott D. Drury become CEOs of San Diego Gas & Electric Co. and Southern California Gas Co., respectively, effective August 1, 2020. These changes reflect Sempra's commitment to safety and sustainable practices in energy. The company boasts over $60 billion in assets and serves over 35 million consumers across North America.

Positive

• Key executive appointments signal a focus on leadership development.
• Sempra has over $60 billion in total assets, indicating financial strength.
• Company recognized for leadership in safety and sustainable practices.

Negative

• Bret Lane, CEO of SoCalGas, is retiring, which may impact continuity.

SAN DIEGO, June 23, 2020 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced key executive appointments at its California utility infrastructure companies as part of its ongoing commitment to leadership development and succession planning.

Kevin C. Sagara has been named group president of Sempra Energy, overseeing the company's California utilities, San Diego Gas & Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas). Caroline A. Winn, chief operating officer of SDG&E, has been named CEO of SDG&E. Scott D. Drury, president of SDG&E, has been named CEO of SoCalGas.

"At Sempra Energy, we re-focused our strategy in 2018 on building North America's premier energy infrastructure company. Central to that mission is a commitment to also lead our industry in safety and sustainable business practices," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "Our company's long-standing focus on developing leaders of character includes recognizing and promoting leaders who are committed to furthering our safety culture and leading the energy transition through innovation and technology."

Sagara currently serves as chairman and CEO of SDG&E and is credited with raising the company's standing as a national leader in wildfire safety and clean energy.  Previously, he served as president of Sempra Renewables, leading that business to become one of the largest renewable energy companies in the U.S. Sagara's leadership at the national level includes his service as a director of the Edison Electric Institute.

Winn has served as chief operating officer at SDG&E since 2017 and is responsible for SDGE's industry leadership in sustainability, technology and innovation, including the company's significant advances in safety and wildfire mitigation. She previously served as SDG&E's chief energy delivery officer, vice president of customer services and has held other operational leadership positions. She first joined the company in 1986 as an associate engineer. Winn also serves as the chair of the San Diego Regional Chamber of Commerce.

Under Drury's leadership as president of SDG&E since 2017, the utility strengthened the safety and reliability of the energy grid and provided customers with increasingly cleaner energy choices while maintaining affordability and expanding electric vehicle charging infrastructure in the region. Previously, he served as SDG&E's chief energy supply officer and vice president of human resources, diversity and inclusion. He has been with the Sempra Energy family of companies since 1986.

Bret Lane, currently CEO of SoCalGas, is retiring after 38 years of distinguished service for the company.

The CEO appointments are effective Aug. 1, 2020. Sagara's appointment as group president of Sempra Energy is effective June 27, 2020.

About Sempra Energy

Sempra Energy's mission is to be North America's premier energy infrastructure company. With more than $60 billion in total assets in 2019, the San Diego-based company is the utility holding company with the largest U.S. customer base. The Sempra Energy companies' more than 18,000 employees deliver energy with purpose to over 35 million consumers worldwide. The company is focused on the most attractive markets in North America, including California, Texas, Mexico and the LNG export market. Sempra Energy has been consistently recognized for its leadership in sustainability, and diversity and inclusion, and is a member of the S&P 500 Utilities Index and the Dow Jones Utility Index. The company was also named one of the "World's Most Admired Companies" for 2020 by Fortune Magazine.

This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees of performance. Future results may differ materially from those expressed in the forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

In this press release, forward-looking  statements can be identified by words such as "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "target," "pursue," "outlook," "maintain," or similar expressions, or when we discuss our guidance, strategy, goals, vision, mission, opportunities, projections or intentions.

Factors, among others, that could cause our actual results and future actions to differ materially from those described in any forward-looking statements include risks and uncertainties relating to: California wildfires and the risk that we may be found liable for damages regardless of fault and the risk that we may not be able to recover any such costs from insurance, the wildfire fund established by California Assembly Bill 1054 or in rates from customers; decisions, investigations, regulations, issuances of permits and other authorizations, renewal of franchises, and other actions by the Comisión Federal de Electricidad, California Public Utilities Commission, U.S. Department of Energy, Public Utility Commission of Texas, regulatory and governmental bodies and jurisdictions in the U.S. and other countries in which we operate; the success of business development efforts, construction projects and major acquisitions and divestitures, including risks in (i) the ability to make a final investment decision and completing construction projects on schedule and budget, (ii) obtaining the consent of partners, (iii) counterparties' financial or other ability to fulfill contractual commitments, (iv) the ability to complete contemplated acquisitions and/or divestitures, and (v) the ability to realize anticipated benefits from any of these efforts once completed; the impact of the COVID-19 pandemic on our (i) ability to commence and complete capital and other projects and obtain regulatory approvals, (ii) supply chain and current and prospective counterparties, contractors, customers, employees and partners, (iii) liquidity, resulting from bill payment challenges experienced by our customers, decreased stability and accessibility of the capital markets and other factors, and (iv) ability to sustain operations and satisfy compliance requirements due to social distancing measures or if employee absenteeism were to increase significantly; the resolution of civil and criminal litigation, regulatory investigations and proceedings, and arbitrations; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow at favorable interest rates; moves to reduce or eliminate reliance on natural gas and the impact of the extreme volatility and unprecedented decline of oil prices on our businesses and development projects; weather, natural disasters, accidents, equipment failures, computer system outages and other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires and subject us to liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power and natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses, and the confidentiality of our proprietary information and the personal information of our customers and employees; expropriation of assets, the failure of foreign governments and state-owned entities to honor the terms of contracts, and property disputes; the impact at San Diego Gas & Electric Company (SDG&E) on competitive customer rates and reliability due to the growth in distributed power generation and from departing retail load resulting from customers transferring to Direct Access, Community Choice Aggregation or other forms of distributed power generation and the risk of nonrecovery for stranded assets and contractual obligations; Oncor Electric Delivery Company LLC's (Oncor) ability to eliminate or reduce its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; volatility in foreign currency exchange, interest and inflation rates and commodity prices and our ability to effectively hedge the risk of such volatility; changes in trade policies, laws and regulations, including tariffs and revisions to or replacement of international trade agreements, such as the North American Free Trade Agreement, that may increase our costs or impair our ability to resolve trade disputes; the impact of changes to federal and state tax laws and our ability to mitigate adverse impacts; and other uncertainties, some of which may be difficult to predict and are beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or Southern California Gas Company, and Sempra South American Utilities, Sempra North American Infrastructure, Sempra LNG, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the California Public Utilities Commission.

 

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SOURCE Sempra Energy

FAQ

What are the recent executive appointments at Sempra Energy?

Kevin C. Sagara is named group president, Caroline A. Winn becomes CEO of SDG&E, and Scott D. Drury is appointed CEO of SoCalGas.

When do the new appointments at Sempra Energy take effect?

The CEO appointments are effective August 1, 2020, while Sagara's group president role starts on June 27, 2020.

What is Sempra Energy's mission?

Sempra Energy aims to be North America's premier energy infrastructure company.

How many customers does Sempra Energy serve?

Sempra Energy serves over 35 million consumers worldwide.

What financial assets does Sempra Energy have?

Sempra Energy reported over $60 billion in total assets in 2019.