The typical CEO tenure is 5 years - then you "retire" to Chairman of the Board, United Way, EEI, EPRI, etc. His turn in the barrel is about over. Its a shame that POM went the "pipes and wires" route - vertically integrated utilites seem to have survived just fine.
They will cut the dividend. A new guy will be appointed from the ranks. He will blame everything on his predecessor - just like Obama blames Bush Rigby will be appointed to several boards of directors within the utility and not-for-profit realm. The promises of earnings accretion and merger savings never materialized......it didn;t happen when Delmarva bought ACE and it didn;t happen when PEPCO bought CONECTIV. Where did all the money and opportunity go?
You can always borrow to pay the dividend. What would be more concerning is whether the E&P ( Earnings and Profits ) calcultion for IRS would deem the dividend to be taxable or a return of capital. E&P is a totally separate calculation and is different from book retained earnings.....
When's Rigby retiring? He has been the CEO for a while - time to retire to Chairman of the Board.
He's been on the speaking tour the last year and currying favor with various for profit and not for profit institutions. He has his house at the Jersey Shore ready to go.....
Vanguard told me they have not received the information from PRPFX yet. The earliest I can see my $ 2,000 is mid next week. This is really #$%$-poor service.
$ 25 would be the sale price - gotta get the same premium that Atlantic Electric got when it went to Conectiv and then when Conective webt to Pepco - thats the only time you get to $ 25
First of all, they are UNION jobs - so they have to find a place for them. If they have a RIF ( Reduction In Force ) they will have to pay some huge termination fee. Also, the meters are not smart enough to maintain themselves, so now you need a whole infrastructure and skill set to fix them. I see it as a break even - the whole thing with smart emeters is to allow some societal benefit pricing - tax the rich who run air conditioners in the summer more and have the poor urban guy sweating buckets less. Makes sense for a DC company, right?
Mr. Rigby has been bestowed the title of Utility CEO of the year. Apparently earnings quality and customer service were not the criteria. Personally, I think he's a great guy at a lousy company. Bring on the lobster and steak
Uncle am s afraid to confront the Great Wall, so they do as they please
Sentiment: Strong Sell
Its their own stupid fault for outsourcing to the #$%$ - they copy everything - the first shift is for Apple, the second shift goes out the back door to the black market
Sentiment: Strong Sell
Problem with PEPCO has laways been that it is run by Beltway Lawyers with more emphasis on regulatory side than technical or customer satisfaction. Lawyers ruin everything. When lawyers burn out, they go to PEPCO to retire on the job,
Frisby appounted to board - the problem with POM is they have more lawyers trying to get them out of trouble than workers to keep them out of trouble. But I guess thats how bizness gets done in the DC area. Fire the accountants - bring in the lawyers.......
On or about April 1, 2013, Mr. Emge will receive a non-pensionable severance payment in the amount of $706,667, consisting of (i) $466,667, which is equal to the amount of salary that Mr. Emge would have earned at his current salary rate over the period from April 1, 2013 through May 31, 2014, which would have been his normal retirement date under the Pepco Holdings Retirement Plan, and
(ii) $240,000, which is equal to Mr. Emge's 2013 target bonus under the PHI Amended and Restated Annual Executive Incentive Compensation Plan (the EICP).