EL PASO, Texas (AP) -- El Paso Electric Co. said Thursday that Thomas Shockley, the utility's interim chief executive, was named as its permanent CEO.
The company said separately that it is raising its quarterly dividend 14 percent, to 25 cents from 22 cents.
Shockley has served as interim CEO since the resignation of David Stevens in January and has been a member of the company's board since 2010.
He has over 35 years of experience in the utility industry and is a former vice chairman and chief operating officer of electric utility American Electric Power Co., El Paso Electric said.
Shares of the company, which is based in El Paso, Texas, rose 29 cents, or 1 percent, to $30.76 in afternoon trading.
