- Push-out Score determined
- After seven years in the position
- Praise and thanks for McAvoy
- Tim Cawley taking over
- McAvoy will remain as chairman of the board at Con Edison
- McAvoy said 70 words
(exechange) — New York, September 17, 2020 — John McAvoy, chief executive of Con Edison, leaves his position. As announced by Consolidated Edison Inc. in a news release and in a regulatory filing published on Thursday, September 17, 2020, John McAvoy leaves his post as chief executive officer at the energy-delivery company after seven years in the role, effective December 31, 2020.
John McAvoy’s duties as CEO will be taken over by Timothy P. (Tim) Cawley, currently president of Con Edison of New York.
John McAvoy’s departure from the CEO post is explained as follows. Con Edison said: “The Board is truly grateful that John has decided to continue to serve as chairman. We are also excited that his focus in succession planning has allowed us to appoint new leadership from within the company.”
McAvoy will remain as chairman of the board at Con Edison
“He will remain the chairman of the board,” Con Edison said.
Con Edison said: “After 40 years of service, John McAvoy has decided to retire as president and chief executive officer at the end of the year.”
Con Edison further said: “Mr. McAvoy will retire from each position effective December 31, 2020 and will continue to serve as Chairman of the Board of Directors of Con Edison and Chairman of the Board of Trustees of Con Edison of New York.”
Share price decline
The announcement follows a decline in Consolidated Edison Inc.’s share price of 10% since September 2017.
In the position of CEO since 2013
John McAvoy became CEO of the Company in 2013.
McAvoy joined the company in 1980 and has served as president and chief executive officer since 2014.
His bio reads as follows:
Career Highlights: McAvoy has been Chairman of the Board of the Company and Con Edison of New York since May 2014.
McAvoy has been President and Chief Executive Officer of the Company and Chief Executive Officer of Con Edison of New York since December 2013.
McAvoy was President and Chief Executive Officer of Orange & Rockland from January 2013 to December 2013.
McAvoy was Senior Vice President of Central Operations for Con Edison of New York from February 2009 to December 2012.
McAvoy joined Con Edison of New York in 1980.
Other Directorships: McAvoy is a Trustee of Con Edison of New York. McAvoy is also a Director or Trustee of the American Gas Association, the Edison Electric Institute, the Intrepid Sea, Air & Space Museum, the Mayor’s Fund to Advance New York City, the Partnership for New York City, Manhattan College, and the Electric Power Research Institute.
McAvoy also served as a Director of the Business Council of New York State, Inc., and New York State Energy Research and Development Authority. McAvoy is also Co-Chair of the Electricity Information Sharing and Analysis Center Members Executive Committee and Chairman of Orange & Rockland.
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 Con Edison and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2020 ($).