The El Paso Electric Company (NYSE:EE) Board of Directors
announced the election of board members Charles A. Yamarone as the
new Chairman of the Board of Directors and El Pasoan Edward
Escudero as Vice Chairman of the Board. Mr. Yamarone will replace
departing Chairman, Michael K. Parks, who has resigned in order to
accept a position with a global investment management firm.
Charles A. Yamarone, Chairman of the
Board of Directors, El Paso Electric (Photo: Business Wire)
“We would like to thank Michael Parks for his guidance and
leadership throughout his tenure as Chairman of the Board since
2012 and as an active Board member since 1996,” said Tom Shockley,
El Paso Electric CEO. “Through his leadership and business acumen,
Michael has contributed significantly in moving our company to
where it is today. We wish Michael the very best in his new
endeavor.”
El Paso Electric’s new Chairman, Charles A. Yamarone, is
currently a Managing Director of Houlihan Lokey and has been a
director of El Paso Electric since 1996. He manages the Capital
Markets Group at Houlihan Lokey, providing leadership to a team of
25 professionals crafting customized financing solutions for the
firm’s clients. Mr. Yamarone is a director of United Continental
Holdings, Inc. (United Airlines), and was chairman of their
compensation committee since United Airlines and Continental
Airlines merged in 2010 until June 2014.
“El Paso Electric has made large, cost-effective investments to
meet the energy needs of a growing community, and I look forward to
the opportunity to work in partnership with our senior management
team to continue to plan for and meet the future needs of our
customers,” said Charles Yamarone, Chairman of the Board. “As we
look to the future, El Paso Electric will continue to fulfill its
mission and obligation to maintain and improve its safe, reliable
and cost-effective grid and services. El Paso Electric is well
situated to meet those obligations with a strong blend of local and
national leadership at the Board level and talented management team
that is in place.”
Edward Escudero, CPA, has been a director of El Paso Electric
Company since 2012 and is President and Chief Executive Officer of
High Desert Capital LLC, a finance company specializing in
providing various types of capital alternatives to
small-to-mid-size companies. Previously, he served as the Secretary
and CFO of Petro Stopping Centers, L.P. and during his tenure,
Petro grew to have locations in over 34 states and sales of over $2
billion. Mr. Escudero serves on several local boards, including the
Medical Center of the Americas Foundation, WestStar Bank, Sierra
Providence East Medical Center, Council for Regional Economic
Expansion and Educational Development and the El Paso Hispanic
Chamber of Commerce.
“As an El Pasoan, I understand the vital role El Paso Electric
plays as both a service provider and an economic driver that has
been in our community for more than 100 years,” said Edward
Escudero, Vice Chairman. “It is a privilege to serve our community
and be an essential partner in promoting the quality of life and
strong economic health of our region. I am proud to call El Paso
home and with that comes a great deal of responsibility that starts
with effective leadership that cares about the families and
individuals that live in our community.”
About Michael K. Parks:
Mr. Parks, age 55, retired as Managing Director of Crescent
Capital Group, LP (“Crescent”) at year-end 2013. Mr. Parks served
as Managing Director of Crescent and for limited purposes as a
Managing Director of Trust Company of the West (“TCW”) from 2011
through 2013 and prior to that was a Managing Director of TCW since
2000. Prior to joining Crescent and TCW, Mr. Parks held various
executive level positions at Aurora National Life Assurance Company
from 1993 to 2000, including Chief Executive Officer, President and
Chief Investment Officer from 1996 to October 2000. From 1981 to
1992, he held various positions at Salomon Brothers Inc. He served
as a director of E*Trade Financial Corp. (formerly, E*Trade Group
Inc.) from April 2003 until May 2012 and served on its audit
committee and finance risk oversight committee. He also served as a
director of Aurora National Life Assurance Company until 2012. He
has been a director of the Company since 1996 and served as
Chairman of the Board since July 2012, and previously served as
Vice Chairman of the Board from November 2005 through July
2012.
About Charles A. Yamarone:
Mr. Yamarone, age 56, has been Managing Director of Houlihan
Lokey since January 2014 where he has been a senior investment
banker since November 2009. He currently manages the Capital
Markets Group, providing leadership to a team of 25 professionals
crafting customized financing solutions for the firm’s clients.
Between 1991 and 2009, he was a senior officer of Libra Securities
(“Libra”), an institutional broker dealer, and was involved in all
areas of Libra’s business, including capital markets, corporate
finance, sales and trading, research, legal, compliance and
operations. He is currently a member of the executive and
compensation committees. He had previously served on the
Continental Airlines board of directors since 1995, where he was
chairman of the human resources committee and a member of the
corporate governance and social responsibility committee. He
previously served as a director of four other public companies:
Bally’s Grand, Inc., LIVE Entertainment, Merry-Go-Round
Enterprises, Inc. and Vagabond Inns, Inc. Mr. Yamarone is an
attorney and active member in good standing of the California Bar
Association, and is registered with Financial Industry Regulatory
Authority (“FINRA”) as a general securities principal, options
principal and municipal securities principal. Mr. Yamarone received
his Bachelor of Arts degree in economics from the University of
California, Berkeley (1980) and his Juris Doctorate degree from
Boalt Hall, School of Law at U.C. Berkeley (1984). Mr. Yamarone has
been a director of the Company since 1996 and is Chairman of our
Compensation Committee.
About Edward Escudero:
Mr. Escudero, age 44, is President and Chief Executive Officer
of High Desert Capital, LLC, a finance company that specializes in
providing various types of capital alternatives to small and
mid-size companies. Until 2013, Mr. Escudero was Executive Vice
President and Chief Financial Officer of C&R Distributing, a
major distributor of fuel and lubricants and the owner of various
convenience stores in west Texas and southern New Mexico. He also
served as Secretary and Chief Financial Officer of Petro Stopping
Centers, L.P. During his tenure at Petro, the Company grew to have
locations in over 34 states and sales of over $2 billion. While at
Petro, he held the vital role of managing key departments within
the Company, including Accounting, Legal, Human Resources, Audit,
Financial Planning and Information Systems. In 2007, Mr. Escudero
was instrumental in assembling the sale of Petro. Mr. Escudero
believes in playing a key role in community affairs and has
received several awards to recognize his achievements and
philanthropic efforts, including the Community Spirit Award in
2015, El Paso Business Hall of Fame in 2014, Hispanos Triunfadores
Award in 2013 and the UTEP Gold Nugget Award in 2012. He is also a
member of several associations, including the American Institute of
Certified Public Accountants, the Texas Society of Certified Public
Accountants, and the El Paso Chapter of the Texas Society of
Certified Public Accountants. He received a B.B.A. in Accounting
from the University of Texas at El Paso and is a CPA in Texas.
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
400,000 retail and wholesale customers in a 10,000 square mile area
of the Rio Grande valley in west Texas and southern New
Mexico. El Paso Electric has a net dependable generating
capability of 1,872 MW.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150206005747/en/
El Paso ElectricEddie Gutierrez, 915-497-3495Vice President,
External and Public Affairseddie.gutierrez@epelectric.com
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