Southern Company CFO Art Beattie leaves at short notice

  • Push-out Score suggests push-out forces
  • After almost eight years in the position
  • Praise and words of regret for Beattie
  • Drew Evans taking over

(exechange) — Atlanta, Georgia, April 17, 2018 — Art Beattie, finance chief of Southern Company, leaves. It is a change at short notice. As announced by The Southern Company in a news release and in a regulatory filing published on Tuesday, April 17, 2018, Arthur P. (Art) Beattie leaves his post as chief financial officer at the gas and electric utility holding company after almost eight years in the position, effective June 1, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.3 years, according to data compiled by exechange.

Beattie’s duties will be taken over by Andrew W. (Drew) Evans, currently Executive Vice President of The Southern Company.

Beattie’s move is part of a management shake-up also involving the position of CEO of Southern Company Gas.

“Committed to having the best leadership team in the industry”

A reason for Beattie’s imminent departure from the CFO post was not explicitly given. Southern Company Chairman, President and CEO Thomas A. Fanning said: “At Southern Company we are committed to having the best leadership team in the industry. Today’s announcements show that our leadership development continues to advance the knowledge and experience that serves our customer-focused business model to provide clean, safe, reliable and affordable energy along with premier customer service.”

Precise information about Beattie’s future plans was not immediately available.

“Retire”

Southern Company said that Art P. Beattie “has announced his plans to retire.”

Southern Company further said: “Mr. Evans will succeed Art P. Beattie, who will retire as Executive Vice President and Chief Financial Officer of Southern Company, effective June 1, 2018.”

Share price decline

The change follows a decline in the share price of The Southern Company since December 2017.

CEO: Thomas A. Fanning

Thomas A. Fanning serves as CEO of The Southern Company. Thomas A. Fanning has been the Chairman and Chief Executive Officer of The Southern Company since December 1, 2010 and its President of Southern Company since August 1, 2010.

In the position of CFO since 2010

Arthur P. Beattie has been the Chief Financial Officer and Executive Vice President of Southern Company since August 13, 2010.

Prior to being named chief financial officer, Beattie was executive vice president, chief financial officer and treasurer of Alabama Power from 2005-2010.

He served as vice president and comptroller of Alabama Power from 1998-2005 and vice president, secretary and treasurer from 1992 through 1997.

Before becoming an officer of Alabama Power, Beattie served in a variety of positions within the company’s accounting, finance, treasury and corporate governance organizations.

He first joined the company in 1976 as a junior accountant.

Beattie has served on many non-profit boards, including the Alabama Power Foundation, the Alabama School of Fine Arts, the Alabama Trust Fund and the Greater Birmingham Salvation Army Advisory Board.

Beattie and his wife, Angie, have three daughters, Jenna Lauren, Jessica Leigh, and Julie Lynne.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Art Beattie’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 17.2018 ($).