Summary
Southern Company (SO) announced a significant leadership transition within its subsidiary, Georgia Power Company, through an 8-K filing dated November 19, 2010. Michael D. Garrett, the current President and CEO of Georgia Power and Executive Vice President of Southern Company, will retire effective December 31, 2010. This departure marks the end of Mr. Garrett's tenure at the helm of Georgia Power. In connection with Mr. Garrett's retirement, W. Paul Bowers, currently COO of Georgia Power and Executive Vice President of Southern Company, has been appointed as the new President and CEO of Georgia Power, effective December 31, 2010. Mr. Bowers, a seasoned executive with extensive experience within Southern Company and its subsidiaries, including a prior role as CFO of Southern Company, is well-positioned to lead Georgia Power. Investors should note this smooth succession plan which aims to maintain operational continuity.
Key Highlights
- 1Michael D. Garrett, President and CEO of Georgia Power and EVP of Southern Company, will retire on December 31, 2010.
- 2W. Paul Bowers has been elected President and CEO of Georgia Power, effective December 31, 2010.
- 3Mr. Bowers will also continue his role as Executive Vice President of Southern Company.
- 4Mr. Bowers brings significant experience, including prior roles as COO of Georgia Power and CFO of Southern Company.
- 5The leadership change is effective at year-end, indicating a planned succession.
- 6The filing confirms Mr. Bowers's appointment to the Executive Committee of Georgia Power's Board of Directors.