(Source: Business Wire)
TECO Energy, Inc. (NYSE:TE) today announced a new senior executive team structure as part of its response to industry changes, economic uncertainties and the overall need to maintain a lean and efficient organization. The changes include establishing a single management team over the electric and gas divisions of Tampa Electric Company, and the integration of operating and support functions. A new Business Strategy team will also be created at TECO Energy to identify opportunities that position the group of companies for growth in an environment of significant industry policy changes.
Chairman of the Board and Chief Executive Officer Sherrill W. Hudson said, "Many companies, local and nationwide, have been affected by the sluggish economy and slowdown in growth. TECO Energy is no exception. As we balance current and future environmental, economic and energy factors, it is clear that we need to continue to improve efficiencies in order to enhance our strong financial position moving forward.
"Our companies have already taken numerous steps to reduce costs by implementing process improvements and limiting compensation and new hires. The organizational change is designed to ensure a continued focus on cost management through enhanced productivity and efficiency through untapped synergies."
Hudson and President and Chief Operating Officer John B. Ramil will remain in their current roles, with Ramil assuming additional direct reports. Key changes in the TECO Energy senior management team reporting to Ramil include:
Gordon L. Gillette (formerly Executive Vice President-Finance and Chief Financial Officer, and President of TECO Guatemala) is named the new president for both Tampa Electric and Peoples Gas. Gillette will be responsible for operations of the utilities including Energy Supply, Energy Delivery Operations and Engineering, Customer Care, Fuels Management, TECO Foundation and Regulatory Affairs.
Phil L. Barringer (formerly Vice President -- Controller, Operations) is named the President of TECO Guatemala and Vice President - Human Resources. Barringer will be responsible for all aspects of the company's Guatemalan operations including generation and energy sales. Barringer will also be responsible for corporate human resource activities.
Sandra W. Callahan (formerly Vice President -- Treasury and Risk Management) is named Vice President -- Finance and Accounting and Chief Financial Officer responsible for all corporate and operational accounting functions, corporate taxes, investor relations, corporate finance and risk oversight.
Charles A.
