RUTLAND - Bob Young, who as president led Central Vermont Public Service through a cultural, service and environmental transformation, today announced his planned retirement. Young will stay on as chairman, president and chief executive officer until May 2011 to allow for an orderly search and transition.
"Bob turned CV into a lean, progressive and caring company that placed customer service, reliability, the environment and corporate citizenship as its cornerstones," said Lead Director Bill Sayre. "Through his leadership, CV became one of the most respected and professional utilities in the U.S., and has provided a solid value for shareholders and customers alike."
Sayre said Russell Reynolds Associates, a leading executive search firm, will assist CVPS with an internal and national search for Young's successor. CVPS's ongoing succession planning should ensure a smooth process, Sayre said. CV announced Young's plans now so the company could begin the search.
"We have detailed succession plans for our key positions, so we expect an orderly transition," Sayre said. "Bob's successor will be named around the end of the year and will work alongside Bob until his retirement at the 2011 annual meeting in May."
Young became president at a difficult time, on Dec. 31, 1995. CVPS faced a national push toward utility restructuring; rate pressures weighed heavily; employee numbers were high and morale was low; CVPS was often perceived as out of touch with Vermont values; and regulatory conflicts were common.
Young led an environmental renaissance and encouraged employees to reduce environmental impacts and improve wildlife habitat.
Young reinvigorated CVPS's civic commitments as well. CV doubled shareholders' annual donations to CVPS Shareheat; developed five company-organized annual community events including food drives, a coat drive and the Gift-of-Life Marathon Blood Drive; provided major funding and employee expertise to restore the Paramount Theatre; and tied corporate giving to employee volunteerism to support employees' efforts.