The President and CEO of Consolidated Edison, Kevin Burke, who had held the two positions in the firm announced that he would be retiring by year's end. Burke would be succeeded by John McAvoy, who came from Con Edison's Orange and Rockland utilities subsidiaries.
The announcement was made by the firm after the closure of the markets. The company chose McAvoy for his long service in the company, holding several management positions in the company since he joined the New York based company back in 1980.
Burke would remain as a non-executive chairman of the board, according to the company, for a 'transition period'.
The Orange and Rockland unit of Con Edison is one of the two regulated utility subsidiaries owned by the company. The other company is Consolidated Edison Company of New York, whose service covers New York City and Westchester County.
The shares of Con Edison was downgraded by Jefferies Inc to the former status of 'buy' to 'hold' in an announcement made earlier in the month. The reason for the downgrade was due to the perception that the company would be unable to reach a settlement with regulators for a proposed rate hike.
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