Board elects Cavanaugh CEO; declares dividend.RALEIGH, N.C.--(BUSINESS WIRE)--Sept. 18, 1996--Carolina Power & Light's board of directors, meeting today in Raleigh, elected William Cavanaugh III the company's chief executive officer, succeeding Sherwood H. Smith Jr., who will step down from that position Oct. 1. The change had been announced at CP&L's annual shareholders meeting May 8. Smith, 62, made the announcement as an element of the company's overall management succession plan. Smith, who has been CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. since 1979 and chairman of the board since 1980, will continue to serve as chairman of the board of directors. Cavanaugh, 57, CP&L's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , has been with the company since 1992. He came to CP&L after spending 23 years with Entergy Corp., a New Orleans-based utility holding company, and its electric utility company subsidiaries. Cavanaugh also serves on the CP&L board of directors. Cavanaugh held various positions with Entergy between 1969 and 1992. He served in executive capacities with Mississippi Power & Light in Jackson, Arkansas Power & Light and Louisiana Power & Light. His last position at Entergy was as group president-Energy Supply. Before his career at Entergy, Cavanaugh had spent eight years in the U.S. Navy, from which he was honorably discharged as a lieutenant commander. He holds a bachelor of science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in mechanical engineering from Tulane University and has attended a number of post-graduate programs, including the Harvard University Advanced Management Program. Cavanaugh has been active in national and worldwide utility organizations, especially those related to nuclear power. Since May 1995, he has served as chairman of the Atlanta governing board of the World Association of Nuclear Operations (WANO WANO World Association of Nuclear Operators ) -- whose mission is to maximize the safety and reliability of the operation of nuclear power plants by exchanging information and encouraging communication, comparison and emulation. WANO operates through regional centers in Atlanta, Moscow, Paris and Tokyo, with a coordinating center in London. Cavanaugh also has served as director of the Institute of Nuclear Power Operations The Institute of Nuclear Power Operations (INPO) is an organization established by the U.S. nuclear power industry in response to recommendations by the Kemeny Commission Report [1], following the investigation of the Three Mile Island Unit 2 event [2] , as a member of the American Nuclear Society The American Nuclear Society (ANS) is an international, not-for-profit 501(c)(3) scientific and educational organization consisting of approximately 11,000 engineers, scientists, educators, students, and others with nuclear-related interests. and as an advisory board member for the Tulane University School of Engineering. At its meeting Sept. 18, the CP&L board of directors also declared dividends on the company's common and preferred stock. The quarterly common-stock dividend of 45.5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. is payable Nov. 1, 1996, to shareholders of record as of Oct. 10, 1996. Dividends at the prescribed rate for preferred stock are $1.25 per share on the $5 series; $1.05 per share on the $4.20 series; $1.36 per share on the $5.44 series; $1.93 on the $7.72 series; and $1.9875 on the $7.95 series. The preferred stock dividends are payable Jan. 2, 1997, to shareholders of record as of Dec. 18, 1996. CP&L (NYSE NYSE See: New York Stock Exchange : CPL) serves more than 1.1 million customers in a 30,000-square-mile area that includes much of central and eastern North Carolina Eastern North Carolina or (often abbreviated as ENC) is the region of North Carolina which includes the eastern third of North Carolina. It includes the Outer and Inner banks, thus it is often known geographically as the state's coastal region. , the Asheville area and northeastern South Carolina. CONTACT: Carolina Power & Light, Raleigh Mike Hughes, 919/546-6189, Internet: www.cplc.com |
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