Aug 13, 2007
RICHMOND, Va., Aug. 13 /PRNewswire-FirstCall/ -- Dominion (NYSE: D) today announced that it will realign its business units and services company to reflect the company's refocused strategic positioning and the sale of most of its natural gas and oil exploration and production assets, effective Oct. 1.
The new operating business units and service company leadership changes will be:
-- Dominion Virginia Power will be responsible for all regulated electric distribution and electric transmission operations in Virginia and North Carolina. It will also be responsible for Dominion Retail and all customer service. Jay L. Johnson, who is chief executive officer of the unit now called Dominion Delivery, will be chief executive officer of Dominion Virginia Power. David A. Heacock, who is currently senior vice president-Fossil & Hydro in Dominion Generation, will be president of Dominion Virginia Power. -- Dominion Generation will be responsible for Dominion's 26,500 megawatts of regulated and merchant power generation. Mark F. McGettrick will continue to head this unit as president and chief executive officer. David A. Christian will become president and chief nuclear officer (CNO) for Dominion Nuclear. He currently is senior vice president and CNO. James K. Martin is being promoted to senior vice president- Business Development & Generation Construction. He is currently vice president-Fossil & Hydro Technical Services. J. David Rives is being promoted to senior vice president-Fossil & Hydro. He is currently vice president-Fossil & Hydro System Operations. -- Dominion Energy will be responsible for all natural gas distribution, transmission and storage operations. It also will be responsible for the Appalachian-based natural gas and oil exploration and production operations and producer services. Paul D. Koonce will continue to head this unit as chief executive officer. Bruce C. Klink will become president of Dominion East Ohio. He is currently vice president-Gas Regulation. Benjamin A. Hardesty will become president of Dominion Exploration & Production (E&P). He is currently E&P vice president and general manager for the Northeast Gas Basins. Gary L. Sypolt remains president of Dominion Transmission. -- Dominion Resources Services, the company's shared services division, will be headed by Steven A. Rogers, who will become its president and chief administrative officer. He is currently senior vice president and chief accounting officer. Rogers' current position will be filled by Thomas P. Wohlfarth, who is currently vice president-Budgeting, Forecasting & Investor Relations. -- Mary C. Doswell will assume the newly created position of senior vice president-Regulation and Integrated Planning. She is currently senior vice president of Dominion Resources and president and CEO of Dominion Resources Services.
"This new structure is designed to help Dominion take advantage of its strengths and maximize opportunities to serve our customers and shareholders to the best of our ability," said Dominion Chairman, President and CEO Thomas F. Farrell II.
Farrell noted that the vast majority of Dominion's income and revenues will now come from regulated and energy infrastructure businesses. The planned sale of most of the company's E&P operations is nearly complete, electric re- regulation legislation was adopted in Virginia earlier this year, and other planned asset sales are expected to be completed by the end of the year.
In addition, the company announced the creation of a new Climate Change Initiative to determine if there are business opportunities for Dominion in light of increasing demand for ways to reduce greenhouse emissions from fossil-fueled power stations and other sources. Johnson will head this initiative.
"Dominion has a long history of operational excellence at its power stations and of getting ahead of the curve in reducing other emissions," Farrell said. "We want to see if this expertise can be transferred to help ourselves and others reduce greenhouse gas emissions."
Also new will be a Governance Department, which will provide oversight of corporate governance matters for the board of directors. This group will include the Corporate Secretary's department.
Dominion is one of the nation's largest producers of energy, with a portfolio of more than 26,500 megawatts of power generation. It also owns and operates 7,800 miles of natural gas transmission pipeline as well as the nation's largest underground natural gas storage system, with about 960 billion cubic feet of storage capacity. It serves retail energy customers in 11 states. For more information about Dominion, visit the company's Web site at http://www.dom.com/.
CONTACT: Media, Mark Lazenby, +1-804-819-2042, Mark.Lazenby@dom.com, or
Ryan Frazier, +1-804-819-2521, C.Ryan.Frazier@dom.com, or Analysts, Joseph
O'Hare, +1-804-819-2156, Joseph.OHare@dom.com, or Greg Snyder,
+1-804-819-2383, James.Gregory.Snyder@dom.com, all of Dominion
Web site: http://www.dom.com/