El Paso Electric has named El Paso native Adrian Rodriguez interim CEO. An Eastwood High grad and the company's general counsel, Rodriguez's first order of business will be guiding the 118-year-old utility through its $4.3 billion sale to JPMorgan’s Infrastructure Investments Fund.
El Paso Electric announced Monday morning that Mary Kipp, who has been with the utility since 2007, is stepping down as CEO. She will continue with the company until Aug. 1 “to ensure a smooth transition.”
“Realizing this is an important time for El Paso Electric, I have weighed the choice to depart very carefully as I considered, at length, the long-term plans for me and my family,” stated Kipp, who has accepted a position as president of Puget Sound Energy in Washington state.
Rodriguez joined El Paso Electric in 2013 and was appointed as an officer of the company and general counsel in 2017. He has a bachelor’s degree in economics and government from the University of Texas at Austin, a master’s in public policy from Harvard University and law degree from Columbia University, according to a news release.
“Adrian has consistently prioritized community service in his home town of El Paso, and his knowledge of our operations and our culture make him a natural choice to take on this responsibility,” Charles Yamarone, chair of the El Paso Electric board, said in a statement.
The board also announced Monday that Elaina Ball, El Paso Electric’s senior vice president and chief administrative officer, has been named interim chief operating officer.
The sale of El Paso Electric to JPMorgan’s Infrastructure Investment Fund was announced last month, and the deal is expected to close in the first half of 2020, pending shareholder and regulatory approval. El Paso Electric (NYSE: EE) serves 428,000 customers in West Texas and Southern New Mexico.
The fund has agreed to pay $68.25 cash per share to buy 40.7 million outstanding shares of El Paso Electric stock. That’s 17% above the May 31 closing price.
Updated July 2: The JPMorgan fund is buying 40.7 million outstanding shares. Not 40.7.