SAN DIEGO, June 27, 2011 - The board of directors of Sempra Energy (NYSE: SRE) today announced that Debra L. Reed has been elected chief executive officer of the company and a new member of the company's board.
Reed, 55, succeeds Donald E. Felsinger, who will continue in the role of Sempra Energy's executive chairman until his planned retirement at age 65 in late 2012. Neal E. Schmale, president and chief operating officer of Sempra Energy, will remain in his current role until his planned retirement later this year.
"Our board of directors has worked diligently over the past year to ensure a smooth leadership transition in the wake of Neal Schmale's and my planned retirements," Felsinger said. "Early on in the process, we identified Debbie Reed as a top candidate. In her 33-year career with the Sempra Energy companies, Debbie has demonstrated outstanding leadership at every level of responsibility, a keen ability to drive superior performance and a broad understanding of the energy industry.
"Our board and I believe strongly that Debbie is the best person to take this company forward and continue our excellent track record of creating value for our shareholders while maintaining superior service for our millions of customers worldwide.
"With all of our businesses operating effectively and the company performing well financially, we felt the timing was ideal to begin our transition to a new generation of leadership at the company."
Reed has been executive vice president of Sempra Energy since April 2010. Previously, she was president and chief executive officer of San Diego Gas & Electric (SDG&E) and Southern California Gas Co. (SoCalGas), Sempra Energy's regulated California utilities. She also served as chief operating officer of the two utilities, after being initially appointed president of SDG&E in 2000.
Reed first joined SoCalGas in 1978 as an energy systems engineer. In 1988, she became the first female officer appointed at the company.
Reed serves on the board of directors of Halliburton Co. and Avery Dennison Corp. Previously, she was a board member of the American Gas Association, Genentech and Dominguez Services Corp.
She also serves on the board of the San Diego Regional Economic Development Corporation (as chair), as well as on the advisory councils of UCSD's Jacobs School of Engineering and the Precourt Energy Efficiency Center at Stanford University. Additionally, Reed is a member of The Trusteeship, an affiliate of the International Women's Forum.
Reed graduated summa cum laude from the University of Southern California with a bachelor's degree in civil engineering.
Sempra Energy's five principal subsidiaries are SDG&E, SoCalGas, Sempra Generation, Sempra Pipelines & Storage and Sempra LNG.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2010 revenues of $9 billion. The Sempra Energy companies' nearly 16,000 employees serve about 26 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "would," "could," "should," "potential," "target," "depends," or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.
Sempra Generation, Sempra LNG and Sempra Pipelines and Storage are not the same company as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Generation, Sempra LNG and Sempra Pipelines & Storage are not regulated by the California Public Utilities Commission.