(Reuters) - U.S. utility Southern Co (NYSE:SO) Chief Executive Tom Fanning is expected to step down by the end of this year and the company has launched a search for his successor, Bloomberg News reported on Friday, citing people familiar with the matter.
Fanning is expected to remain with Southern in some capacity after stepping down as CEO, the report said. (https://bloom.bg/3zmkTvQ)
Fanning, 65, told Bloomberg in an interview that he wants to remain CEO until Southern's Vogtle nuclear plant expansion is complete, the report said.
A company spokesperson said that no timelines have been set regarding any potential retirement.
Southern on Thursday raised the cost estimate for the Vogtle plant expansion to about $10.5 billion. The plans are already billions of dollars over budget and years behind schedule.
The Georgia, Atlanta-based firm also said its second-quarter net profit nearly tripled to $1.11 billion.