Over the weekend, our current CEO Doyle Beneby informed the Board of Trustees he’s declining the proposal we discussed with him earlier this month to continue as CEO of CPS Energy. While this is disappointing, we wish Doyle and his family the best of luck in his new role, and thank him for his five years of extraordinary and innovative leadership.
As an aside, I’d also like to clarify some published misconceptions regarding the proposal that we extended to Doyle. The base pay and incentives of the new proposal had not changed from the original one, and at no time was there any consideration that he would reduce the amount of time and focus devoted to the important mission of our company.
Beginning, November 1, Paula Gold-Williams, currently our Group Executive Vice President, and Chief Financial Officer, will assume the interim CEO role as we continue our search. Paula is a dynamic leader, and I and the rest of the Board offer her our full support and confidence in this critical assignment.
Speaking of the search, we have made great progress, and we have a solid slate of candidates for review. Because of the hard work and dedication of our more than 3,000 employees, CPS Energy has become the standard by which many other municipally-owned utilities are compared. We’re confident that we will continue this positive momentum forward, and we remain focused on identifying the ideal person who will lead CPS Energy in this exciting next chapter.