8-KLeadership Changes

CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Sep 21, 2017)

Filed September 21, 2017For Securities:ED

Summary

Consolidated Edison, Inc. (ED) filed an 8-K on September 21, 2017, to announce a significant leadership change within its key subsidiary, Consolidated Edison Company of New York, Inc. (CECONY). Craig S. Ivey, the current President of CECONY, has announced his intention to retire around December 31, 2017. This transition marks the end of Mr. Ivey's tenure and signals a shift in leadership for one of the company's core utility operations. To ensure a smooth handover, the Board of Trustees of CECONY has appointed Timothy P. Cawley as the new President of CECONY, effective upon Mr. Ivey's retirement. Mr. Cawley brings a wealth of experience from within the Consolidated Edison system, having most recently served as President and CEO of Orange and Rockland Utilities, Inc. (O&R), and previously holding several senior operational roles within CECONY. This appointment suggests a focus on continuity and leveraging internal expertise during this leadership transition.

Key Highlights

  • 1Craig S. Ivey, President of Consolidated Edison Company of New York, Inc. (CECONY), announced his retirement, effective on or about December 31, 2017.
  • 2Timothy P. Cawley has been appointed as the new President of CECONY, effective upon Mr. Ivey's retirement.
  • 3Mr. Cawley's prior experience includes serving as President and CEO of Orange and Rockland Utilities, Inc. (O&R).
  • 4Mr. Cawley has also held various senior operational positions within CECONY, including Senior Vice President – Central Operations.
  • 5CECONY and O&R are wholly-owned subsidiaries of Consolidated Edison, Inc.
  • 6The filing is an 8-K Current Report, indicating a material event for the company.
  • 7The company is not an emerging growth company and has not elected to delay adopting new accounting standards.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce a key executive transition: the retirement of Craig S. Ivey, President of Consolidated Edison Company of New York, Inc. (CECONY), and the appointment of Timothy P. Cawley as his successor.

Mr. Ivey's retirement is expected to be effective on or about December 31, 2017.

Timothy P. Cawley has extensive experience within the Consolidated Edison system. He most recently served as President and CEO of Orange and Rockland Utilities, Inc. (O&R), and prior to that, held several senior operational roles at CECONY, including Senior Vice President – Central Operations.

This change directly impacts the leadership of CECONY, a major subsidiary of Consolidated Edison, Inc. While the parent company's overall strategy and operations may be indirectly influenced, the immediate change in management is at the subsidiary level. The appointment of an internal candidate with significant experience suggests an emphasis on continuity for CECONY's operations.