Dominion Realigns Business Units To Reflect
Strategic Refocusing
Three operating units: Dominion Virginia Power, Generation, Energy
Realignment and reporting effective Oct. 1
Climate Change Initiative to look for new business opportunities
RICHMOND, Va. – Dominion (NYSE: D) today announced that it will realign
its business units and services company to reflect the company’s refocused
strategic positioning and the sale of most of its natural gas and oil exploration
and production assets, effective Oct. 1.
The new operating business units and service company leadership changes will
be:
Dominion Virginia Power will be responsible for
all regulated electric distribution and electric transmission operations
in Virginia and North Carolina. It will also be responsible for Dominion
Retail and all customer service. Jay
L. Johnson, who is chief executive officer of the unit now called Dominion
Delivery, will be chief executive officer of Dominion Virginia Power. David
A. Heacock, who is currently senior vice president-Fossil & Hydro
in Dominion Generation, will be president of Dominion Virginia Power.
Dominion
Generation will be responsible for Dominion’s 26,500 megawatts
of regulated and merchant power generation. Mark F. McGettrick will continue
to head this unit as president and chief executive officer. David
A. Christian will become president and chief nuclear officer (CNO) for Dominion
Nuclear. He currently is senior vice president and CNO. James
K. Martin is being promoted to senior vice president-Business Development & Generation
Construction. He is currently vice president-Fossil & Hydro
Technical Services. J. David Rives is being promoted to senior vice
president-Fossil & Hydro. He is currently vice president-Fossil & Hydro
System Operations.
Dominion Energy will be responsible for all natural
gas distribution, transmission and storage operations. It also will be
responsible for the Appalachian-based natural gas and oil exploration and
production operations and producer services. Paul D. Koonce will continue
to head this unit as chief executive officer. Bruce
C. Klink will become president of Dominion East Ohio. He is currently
vice president-Gas Regulation. Benjamin A. Hardesty will become
president of Dominion Exploration & Production (E&P). He
is currently E&P vice president and general manager for the Northeast
Gas Basins. Gary L. Sypolt remains president of Dominion Transmission.
Dominion
Resources Services, the company’s shared services division,
will be headed by Steven A. Rogers, who will become its president and chief
administrative officer. He is currently senior vice president and chief accounting
officer. Rogers’ current position will be filled
by Thomas P. Wohlfarth, who is currently vice president-Budgeting, Forecasting & Investor
Relations.
Mary C. Doswell will assume the newly created position
of senior vice president-Regulation and Integrated Planning. She
is currently senior vice president of Dominion Resources and president
and CEO of Dominion Resources Services.
“This new structure is designed to help Dominion
take advantage of its strengths and maximize opportunities to serve our customers
and shareholders to the best of our ability,” said Dominion Chairman,
President and CEO Thomas F. Farrell II.
Farrell noted that the vast majority
of Dominion’s income and revenues
will now come from regulated and energy infrastructure businesses. The planned
sale of most of the company’s E&P operations is nearly complete,
electric re-regulation legislation was adopted in Virginia earlier this year,
and other planned asset sales are expected to be completed by the end of the
year.
In addition, the company announced the creation of a new Climate Change
Initiative to determine if there are business opportunities for Dominion in
light of increasing demand for ways to reduce greenhouse emissions from fossil-fueled
power stations and other sources. Johnson will head this initiative.
“Dominion
has a long history of operational excellence at its power stations and of getting
ahead of the curve in reducing other emissions,” Farrell
said. “We want to see if this expertise can be transferred to help ourselves
and others reduce greenhouse gas emissions.”
Also new will be a Governance
Department, which will provide oversight of corporate governance matters for
the board of directors. This group will include the Corporate Secretary's department.
Dominion
is one of the nation's largest producers of energy, with a portfolio of more
than 26,500 megawatts of power generation. It also owns and operates 7,800
miles of natural gas transmission pipeline as well as the nation's largest
underground natural gas storage system, with about 960 billion cubic feet of
storage capacity. It serves retail energy customers in 11 states. For more
information about Dominion, visit the company's Web site at http://www.dom.com.
