Pepco Holdings' Joseph Rigby To Step Down As CEO In 2014 End - Quick Facts

(RTTNews) - Electric utility Pepco Holdings Inc. (POM) Monday announced that its Chairman, President and CEO Joseph Rigby has notified the company's board of his plans to retire in the first half of 2015. To provide for a smooth transition, Rigby will step down as CEO near the end of 2014, following the selection of his successor.

The board also announced that Rigby will remain as executive chairman of the board until the 2015 annual meeting of shareholders to help guide the continuing implementation of the company's strategy focused on enhancing customer reliability and delivering shareholder value. He occupied the CEO position for the past five years.

Pepco noted that it will conduct a very thorough and deliberate process to evaluate both internal and external candidates for the CEO position.

The board has retained Russell Reynolds Associates, a nationally recognized executive search firm, to assist the board in the selection process and expects to name a successor by the end of the third quarter of 2014.