By John Kell
Consolidated Edison Inc. (ED) said President and Chief Executive
Kevin Burke will retire at the end of 2013, leaving the utility
company after a 40-year run.
Mr. Burke, 62 years old, had served in those roles since 2005.
He will be succeeded by his colleague John McAvoy, who most
recently led ConEd's Orange and Rockland Utilities Inc. subsidiary,
a division Mr. Burke also oversaw.
ConEd's new CEO, Mr. McAvoy, first joined the company in 1980
and served in several executive management positions. He serves on
several boards, including economic-development efforts in the New
York metropolitan area.
ConEd, which serves the New York metropolitan area, has reported
weaker profits in the first two quarters of 2013. The company also
has requested a base-rate increase totaling more than $400 million
for all of its operations, which includes electric, gas and steam.
The new rates, if approved by a regulatory agency, could go into
effect by 2014.
ConEd shares were up 0.2% at $56.71 in after-hours trading.
Write to John Kell at john.kell@wsj.com
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