PNM Resources Names Pat Vincent-Collawn New Board Chairman
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
The Board of Directors of PNM Resources (NYSE: PNM) today announced it
has elected Pat Vincent-Collawn as its new chairman.
Vincent-Collawn, currently PNM Resources' president and CEO, will assume
her new role on Jan. 1, 2012. She replaces Jeffry Sterba, who served as
the company's chairman since 2000 and preceded Vincent-Collawn as PNM
Resources CEO and president. The board yesterday unanimously elected
Vincent-Collawn to succeed Sterba, who will retire from the board Dec.
31.
Vincent-Collawn joined PNM Resources in June 2007 as utilities
president, overseeing operations for the company's utilities, PNM and
TNMP. In August 2008, she was named PNM Resources' president and chief
operating officer. She became CEO when Sterba retired in March 2010.
"We have had a detailed succession plan in place for Pat for the past
several years," said Sterba, who currently serves as president and CEO
of American Water Works Company in Voorhees, N.J. "Pat has demonstrated
outstanding strategic leadership and knowledge of the utility business,
giving us extreme comfort to grow her responsibilities. I am proud that
the board recognizes she is the right person to step in to the board
chair role and continue moving PNM Resources forward."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2010 consolidated operating revenues of $1.7
billion. Through its regulated utilities, PNM Resources has
approximately 2,530 megawatts of generation capacity and serves
electricity to more than 730,000 homes and businesses in New Mexico and
Texas. For more information, visit the company's Web site at www.PNMResources.com.
PNM Resources
Analysts
Lisa Eden, 505-241-2691
or
Media
Frederick
Bermudez, 505-241-4831
Source: PNM Resources
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