Investing.com -- Edison International (NYSE:EIX) CEO Theodore Craver announced on Wednesday afternoon that he will retire from the Southern California public utility in late-September in accordance with the company's practice of mandating retirement from its chief executive upon reaching the age of 65.
When Craver officially retires from the position on Sept. 30, he will be replaced by Pedro Pizarro, current president of Southern California Edison. At the same time, independent director William P. Sullivan will be promoted to non-executive chair. Pizarro will also join the utility's Board of Directors and will begin serving as president of Edison International on June 1. Craver began serving as the CEO of Edison Mission Energy since January, 2005 and the CEO of Edison International since April, 2008.
"Over the last several years, we have repositioned Edison International and developed the next generation of leaders capable of successfully navigating the enormous changes in our industry,” said Craver. "I am proud of what our team has accomplished for customers and shareholders. This year we are delivering an 8% reduction in customer average rates, and Edison International’s market value is higher this month than at any time in our 130-year history.”
Craver described Pizarro as a dynamic leader with the ability to grasp the forces reshaping the utilities industry exceptionally well. Pizarro, who has spent more than 16 years with the utility, will inherit a company, which provides electricity to more than 14 million customers throughout Central, Coastal and Southern California.
"I am honored and excited to be selected by the board to lead Edison International into the future,” Pizarro said in a statement. "We are better positioned than ever to be a trusted leader in electricity, renewable energy and energy services."
Shares in Edison International fell 0.14 or 0.20% to 69.77 in after-hours trading.