VALLEY FORGE, Pa. (AP) -- Utility company UGI Corp. said Thursday that its CEO Lon Greenberg plans to retire in the spring of 2013.
Greenberg, 62, has served as CEO of the company since 1905 and on its board since 1996. He will continue to serve as a nonexecutive chairman of UGI's board, as well as serving on the boards of AmeriGas Propane Inc. and UGI Utilities Inc.
John Walsh, UGI's president and chief operating officer, will take over as president and CEO following Greenberg's retirement. Walsh, 57, has worked as chief operating officer since 2005.
UGI's presiding director Marvin Schlanger said Greenberg helped the company deliver remarkable growth and instill a culture of excellence.
The company, based in Valley Forge, Pa., operates natural gas and electric utilities throughout the state and distributes propane around the globe. UGI, through subsidiaries, also owns 26 percent of AmeriGas Partners L.P., the nation's largest retail propane distributor.
Shares of UGI fell 16 cents to close the day at $31.56 and were unchanged in after-hours trading.