Sempra Energy, parent firm to San Diego Gas & Electric Co. and other subsidiaries, named CEO Debra Reed as its chairman of the board, replacing Donald Felsinger, 65, who’s retiring at the end of this month after 40 years with the company.
Reed, 56, was named as Sempra’s chief executive last year, and has worked for the company for 34 years. Before taking over as CEO she was vice president of Sempra Energy. She first joined the company in 1978 as an energy systems engineer at Southern California Gas Co.
Felsinger said since Reed became CEO she has sharpened the company’s strategic focus and continued to build shareholder value.
Felsinger has been Sempra’s executive chairman since June of last year. Previously, he was chairman and CEO from 2006 to 2012, and prior to that, he was the president and chief operating officer.
Reed’s new salary wasn’t disclosed but she’ll likely receive more than what she got in 2011. According to the most recent Sempra proxy report, Reed was paid a total compensation of $8.2 million last year, with about $3.7 million coming from stock awards. When she was promoted to CEO, her salary was increased to $1 million annually.
Felsinger was paid a total package of $11.7 million in 2011, with a base salary of $1.2 million.
— Mike Allen