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RICHMOND, Va. - Dominion Energy (NYSE: D), a utility giant with a market capitalization of $45.51 billion, has announced changes to its senior management structure in light of executive vice president and chief operating officer Diane Leopold’s upcoming retirement. The reshuffle, which takes effect on June 1, 2025, includes new roles for three senior executives and the promotion of a key leader within the company’s Project Construction group. According to InvestingPro analysis, the company maintains a "FAIR" financial health score of 1.98, suggesting stable but measured performance as it approaches this transition.
Edward H. "Ed" Baine, currently president of Utility Operations and Dominion Energy Virginia, will extend his oversight to include the company’s utilities across Virginia, North Carolina, and South Carolina. Eric S. Carr, serving as chief nuclear officer and president of Nuclear Operations and Contracted Energy, is set to manage Dominion Energy’s seven-reactor nuclear fleet and its Contracted Energy operating segment.
Carlos M. Brown, who is the president of Dominion Energy Services and also holds the titles of executive vice president, chief legal officer, and corporate secretary, will take charge of the Project Construction group, which encompasses significant generation and gas construction projects. In his new role as executive vice president, chief administrative and projects officer, and corporate secretary, Brown will continue to lead Dominion Energy Services. Mark D. Mitchell will be promoted to president of Project Construction and will report directly to Brown.
Additionally, Regina J. "Gina" Elbert, currently senior vice president and chief human resources officer, will assume the role of senior vice president and chief legal and human resources officer, overseeing the company’s law and HR functions.
All four executives will report to Robert M. Blue, the chair, president, and CEO of Dominion Energy. Blue expressed confidence in the leadership transition, stating, "These five talented leaders from Dominion Energy’s deep bench are highly experienced and capable."
The company highlighted the extensive experience of the executives stepping into new roles. Brown, who joined Dominion Energy in 2007, has held various business, operational, and legal positions. Elbert, with the company since 2011, has led in HR, Governance, and the Law Department. Mitchell, a Dominion Energy veteran since 2000, brings nearly four decades of utility construction experience. This leadership stability complements the company’s impressive 43-year streak of consecutive dividend payments, currently yielding 5%.
Dominion Energy, a provider of regulated electricity and natural gas service to millions in the Southeast, is a significant player in the development and operation of regulated offshore wind and solar power and is noted for being the largest producer of carbon-free electricity in New England. The company’s mission emphasizes reliable, affordable, and increasingly clean energy. With annual revenue of $14.46 billion and an EBITDA of $7.22 billion in the last twelve months, the company maintains a significant market presence despite facing some operational challenges. For detailed insights into Dominion Energy’s financial health and future prospects, investors can access comprehensive analysis through InvestingPro, which offers exclusive access to over 30 key metrics and financial indicators.
This management restructuring is based on a press release statement from Dominion Energy.
In other recent news, Dominion Energy has entered into a $7 billion credit agreement with a consortium of banks, including JPMorgan Chase, to enhance its financial flexibility. This agreement, which amends a previous credit facility, will mature in 2030 and aligns with the company’s sustainability goals by extending the maturity of its Sustainability Revolving Credit Agreement to 2028. Additionally, Dominion Energy has issued $1.5 billion in senior notes, split into two series, as part of a strategic financial move to manage its capital structure. In a separate development, the company has launched a $1.2 billion at-the-market stock offering program, allowing it to raise capital through the sale of common stock. This initiative includes forward sale agreements with financial institutions like Barclays and Goldman Sachs. Meanwhile, Dominion Energy has proposed new rate adjustments to the Virginia State Corporation Commission to address rising costs and support grid enhancements. These adjustments include a base rate hike and a new rate class for high energy users. However, JPMorgan analysts have downgraded Dominion’s stock from ’Neutral’ to ’Underweight’ due to concerns about the Coastal Virginia Offshore Wind project, citing potential cost escalations and risks.
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