Evansville-based Vectren Corp. (NYSE: VVC) has announced Jean Wojtowicz as the next lead director of its board of directors. She has been on the board for 15 years and will succeed Tim McGinley, who is retiring in May. The utility is reporting third quarter net income of $39.3 million, compared to $49.4 million during the same period lat year.
Vectren Chief Executive Officer Carl Chapman says "our utility operation continues to show very strong results, driven largely by our gas infrastructure investment programs and a continued focus on cost control. Our Energy Services business is right on track to meet its target for the year as evidenced by a strong improvement in results this quarter. The distribution business of Infrastructure Services also contributed nicely for the quarter as the strong demand for infrastructure repair and maintenance continues. As we discussed last quarter, the transmission portion of Infrastructure Services continues to be challenged by near term headwinds created by sustained low oil prices and their impact on the competitive environment for pipeline work. We continue to see a strong future for the transmission business once we emerge from the current market conditions."
The company is lowering its consolidated earnings guidance for 2016 to a range of $2.45 to $2.65 per share because of what Chapman says are "lower expected results from Infrastructure Services."
You can view more details about the company’s third quarter earnings by clicking here.
Wojtowicz is expected to become Vectren’s lead director May 24, 2016, following an election at the company’s annual shareholder meeting. Timothy McGinley says she has "extensive knowledge of the company and its strategies and will serve its stakeholders well. Her financial and business background, as well as her leadership skills and ability to build consensus, make her the right choice for our company. Our entire board is of the mindset that just as it is essential to plan for the future with a robust management succession planning process, it is equally important to make such plans for the board of directors. For that reason, we are pleased to have what we believe should be a seamless transition of board leadership that will serve the best interests of all of our stakeholders."