Sempra Energy CEO and president Debra Reed plans to retire in May, ending a 40-year career with Sempra companies, and on the heels of a multi-billion deal.
On March 9, San Diego-based Sempra acquired Texas behemoth Oncor Electric Delivery in a $9.45 billion transaction, overcoming intense regulatory scrutiny and a graveyard of other companies’ attempts.
“We are close to concluding several of our major growth initiatives, such as expanding in Texas with our acquisition of a majority interest in Oncor and the anticipated launch of our liquefied natural gas (LNG) export business in Louisiana next year. We have established a strong growth engine in Mexico with our IEnova subsidiary. Our California and South America utilities continue to perform at a very high level,” Reed said in a news release.
Reed will retire as president and CEO in May, but will remain on as chairman until December. Reed, 61, was named Sempra Energy’s CEO in 2011.
The company’s board of directors has elected Jeffrey Martin, currently executive vice president and chief financial officer of Sempra Energy, to succeed her as CEO. He has been with Sempra for 13 years, including from 2014 to 2016 as CEO of San Diego Gas & Electric, a Sempra subsidiary.
In addition, Joseph Householder, currently corporate group president of infrastructure businesses for Sempra Energy, will become the company’s president.
The San Diego company reported 2017 revenues of more than $11 billion.