SCEcorp SENIOR VP & CHIEF FINANCIAL OFFICER ALAN FOHRER NAMED INTERIM VICE CHAIRMAN AND CEO OF MISSION ENERGY CO.
ROSEMEAD, Calif., May 21 /PRNewswire/ -- Alan J. Fohrer, senior vice president and chief financial officer of SCEcorp, has been named vice chairman and chief executive officer of Mission Energy Co., a subsidiary of SCEcorp. James S. Pignatelli, who had been chief executive officer of Mission Energy, continues as president of the subsidiary. John E. Bryson, chairman and chief executive officer of SCEcorp and chairman of Mission Energy, said that Fohrer's appointment as chief executive officer of Mission Energy is an interim measure until completion of a search Mission has launched for a new chief executive officer. "We seek to enhance our already excellent strategic position in the domestic and the burgeoning international electric power markets," Bryson said. Mission Energy has recognized the need for change, resulting from its dramatic growth, and it will place emphasis in its search on candidates with experience in managing large and complex global businesses, he said. Mission Energy's business focus and expected near-term results are unaffected by this management change, Bryson said. "All of the projects we have on line are operating well, and projects under development are proceeding in accord with our long-range plans," Bryson said. "We expect that the officers and senior managers of the company will remain in place and continue with their responsibilities." In the short term Pignatelli will devote his efforts to development of international projects. Bryson said that discussions are ongoing with Pignatelli regarding his longer-term role with Mission Energy and SCEcorp. "I am hopeful that Jim's talents and experience will continue to be available to us as we move forward," Bryson said. Mission Energy was founded in 1986. It is a wholly owned subsidiary of SCEcorp, which also is the holding company for Southern California Edison (the electric utility serving most of Southern and Central California). Mission Energy has $2.1 billion in assets, and in 1992 earned $89 million. It has investment interests in 31 operating power production projects. Its share of the output of those projects totals 1,591 megawatts. Mission Energy also has 1,923 megawatts under construction or in development in four countries. The company is headquartered in Irvine, Calif., and has 530 employees. -0- 5/21/93 /CONTACT: Lewis M. Phelps of Southern California Edison, 818-302-2255/ (SCE)
CO: Southern California Edison; SCEcorp; Mission Energy Co. ST: California IN: UTI SU: PER
MS-JL -- LA009 -- 1071 05/21/93 08:00 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||May 21, 1993|
|Previous Article:||UNDERWRITERS FINANCIAL GROUP INC. REPORTS 200 PERCENT JUMP IN FISCAL FIRST QUARTER EARNINGS|
|Next Article:||THE SANDS REGENT ANNOUNCES 1993 THIRD QUARTER EARNINGS|