- Push-out Score determined
- After less than four years in the position
- Praise and thanks for Kipp
- Adrian Rodriguez taking over in the interim
- Kipp said 96 words
(exechange) — El Paso, Texas, July 1, 2019 — Mary Kipp, chief executive of El Paso Electric, leaves. As announced by El Paso Electric Co. in a news release and in a regulatory filing published on Monday, July 1, 2019, Mary E. Kipp leaves her post as Chief Executive Officer at the regional electric utility after less than four years in the role, effective August 1, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange.
Mary Kipp’s duties as CEO will be taken over in the interim by Adrian J. Rodriguez, currently Senior Vice President, General Counsel and Assistant Secretary of El Paso Electric Company, as interim Chief Executive Officer.
Mary Kipp’s move is part of a management shake-up also involving the position of interim Chief Operating Officer.
Kipp will be President at Puget Sound
“These appointments are effective beginning August 1, 2019 and follow Mary Kipp’s (EPE’s current CEO and President) decision to accept the position of President with Puget Sound Energy in Washington state,” El Paso Electric said.
Puget Sound is an electricity and natural gas utility company.
“Resigning”
El Paso Electric said: “On June 25, 2019, Ms. Mary E. Kipp, President, Chief Executive Officer and a director of El Paso Electric Company …, informed the Board of Directors of the Company … that she was resigning from her positions at the Company and as a member of the Board effective August 1, 2019 to become the President of Puget Sound Energy, Inc. and Puget Energy, Inc.”
Share price increase since December 2015
The announcement follows an increase in El Paso Electric Company’s share price of 82 percent since December 2015.
Chaired by Charles Yamarone
El Paso Electric Company is chaired by Charles Yamarone.
In the position of CEO since 2015
To ensure a smooth transition, Kipp will continue with EPE until August 1, 2019.
Kipp was appointed by the Board to serve as President of the Company concurrently with her position as the Company’s Chief Executive Officer (“CEO”) on May 25, 2017.
Kipp has served as the Company’s CEO since December 15, 2015.
Previously, she was the Company’s President from September 2014 to December 2015; Senior Vice President, General Counsel and Chief Compliance Officer of the Company from June 2010 to September 2014; and Vice President, Legal and Chief Compliance Officer from December 2009 to June 2010.
Before rejoining the Company in 2007, Kipp was an attorney at Greenberg Traurig LLP, the Company, and El Paso Natural Gas Company.
In addition to her duties with the Company, Kipp serves as deputy chair of the Federal Reserve Bank of Dallas; board member of Landis+Gyr (SIX Swiss Exchange: LAND); and chair-elect of SEPA (Smart Electric Power Alliance).
She also serves as the chair of The Borderplex Alliance, and on the executive committee of the Texas Business Leadership Council.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to El Paso Electric and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2019 ($).