- After about six years in the position
- Thanks for Marsh
- Jimmy Addison taking over
- Marsh said 61 words
(exechange) — Cayce, South Carolina, October 31, 2017 — Kevin Marsh, chief executive of Scana, leaves. As announced by Scana Corporation in a news release on Tuesday, October 31, 2017, Kevin B. Marsh leaves the post as Chief Executive Officer at the energy-based holding company after about six years in the position, effective January 01, 2018.
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 twelve months was 8.9 years, according to data compiled by exechange.
Marsh’s duties are taken over by Jimmy Addison, currently Chief Financial Officer at Scana Corporation.
Marsh’s move is part of a management shake-up. Scana Corporation and its principal subsidiary, South Carolina Electric & Gas Company (SCE&G), also announced the following actions will be effective January 1, 2018:
- Stephen Byrne will retire as Senior Vice President of Scana and Chief Operating Officer and President, Generation and Transmission of SCE&G.
- Lead Independent Director Maybank Hagood will become Non-Executive Chairman of the Board of Directors.
- Keller Kissam will become President and Chief Operating Officer of SCE&G.
- Iris Griffin will become Chief Financial Officer.
“Some difficult issues to address”
The management change is explained as follows. Addison said in a fairly blunt statement: “I understand that we continue to have some difficult issues to address, but I am also excited by the opportunity to return our focus to our core businesses to provide safe, reliable energy for our customers, and economic development opportunities for the areas our subsidiaries serve.”
Precise information about the future plans of Marsh was not immediately available.
Scana said: “Chairman and Chief Executive Officer Kevin Marsh will retire as Chief Executive Officer of Scana and SCE&G.”
Share price decline
The change follows a sharp decline in the share price of Scana Corporation since June 2017.
In the position of CEO since 2011
Kevin B. Marsh has been Chief Executive Officer of Scana Corp. since November 30, 2011.
Marsh has been employed by Scana or its subsidiaries for over 30 years, and since December 2011 he has served as Scana’s Chairman of the Board and Chief Executive Officer.
Since January 2011, he has also served as the Company’s President and Chief Operating Officer. He served as the Company’s Chief Financial Officer from 1996 to April 2006, and served as a Senior Vice President from 1998 to January 2011.
In addition, he served as President of the Company’s principal subsidiary, South Carolina Electric & Gas Company, from April 2006 to November 2011.
Marsh served on the boards of First Citizens Bank and Trust Company, Inc. and its holding company, First Citizens Bancorporation, Inc., from 2004 until their mergers with First-Citizens Bank & Trust Company and First Citizens BancShares, Inc. in 2015 and 2014, respectively, including serving as Chair of the Compensation Committee.
Read the full story in the exechange report 45.2017 ($).