John Hinton is Appointed to Continue as Non-Executive Chairman of the Board
FARMINGTON HILLS, Mich., March 10 /PRNewswire-FirstCall/ -- SEMCO ENERGY,
Inc. (NYSE: SEN) today announced the appointment of George A. Schreiber, Jr.
as President and Chief Executive Officer. Mr. Schreiber will also serve as a
member of SEMCO ENERGY's Board of Directors.
Mr. Schreiber (55) is a prominent banking and energy company executive who
most recently served as Chairman of Credit Suisse First Boston's Global Energy
Group. In this capacity, he headed CSFB's energy, power and utility
businesses. He previously was President of Pinnacle West Capital Corporation,
a $7 billion diversified holding company whose principal businesses are
Arizona Public Service Company and Suncor Development Corp, its real estate
development company. Mr. Schreiber's experience has covered the gamut of
financial matters in the utility industry with extensive experience in
corporate finance, M&A and restructuring activities. Additionally, Mr.
Schreiber has testified before the U.S. Congress on various energy policy
matters, and has been involved in various rate, tax, finance and operational
regulatory issues before ten different state commissions. Mr. Schreiber
received his Bachelor of Science degree in 1970 and his MBA in 1971, both from
Arizona State University.
Mr. Schreiber's appointment is effective immediately.
Mr. John Hinton, a SEMCO ENERGY director since 2002 has been elected
SEMCO's non-executive Chairman.
Mr. Hinton said: "George Schreiber is a highly successful executive whose
long professional involvement with the energy industry will be enormously
helpful as we seek to return SEMCO to sound financial health and to build
value for shareholders, customers and employees. On behalf of the entire
Board of Directors, I want to personally welcome George to the SEMCO ENERGY
Board and to its senior management. Mr. Schreiber has discussed with the
Board SEMCO ENERGY'S recent history and current opportunities and challenges.
He is focusing on strategies for increasing stakeholder value now and over the
"I also thank Gene Dubay for his dedicated service as interim President
and CEO." Mr. Dubay, who has been serving as interim president and chief
executive, has resumed his previous duties as a Vice President of the Company
and as Senior Vice President and Chief Operating Officer of SEMCO ENERGY GAS
SEMCO ENERGY, Inc. is a diversified energy and infrastructure company that
distributes natural gas to approximately 391,000 customers in Michigan and
Alaska. It owns and operates businesses involved in natural gas pipeline
construction services, propane distribution and intrastate pipelines and
natural gas storage in several regions in the United States. In addition,
SEMCO provides information technology, specializing in serving mid-sized
companies in various sectors.
The following is a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995. This release contains forward-looking
statements that involve risks and uncertainties. Statements that are not
historic facts, including statements about the Company's outlook, beliefs,
plans, goals and expectations, are forward-looking statements. Factors that
may impact forward-looking statements include, but are not limited to, the
effects of weather, the economic climate, competition, commodity prices,
changing conditions in the capital markets, regulatory approval processes,
success in obtaining new business, the Company's ability to implement its
strategic, operational and financial initiatives, management performance and
other risks detailed from time to time in the Company's Securities and
Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.