9.66%QQQQ 30.60 8.96%XLF 15.45 10.85%
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EL PASO, Texas - El Paso Electric Co. said Tuesday that President and Chief Executive Ershel Redd resigned to pursue other business opportunities after less than a year at the helm.
The utility company named Chief Operating Officer J. Frank Bates as interim president and CEO and said its board will start searching for a replacement immediately. Chairman George Edwards said Bates, 57, is "well qualified" for the role and that he will be working closely with Bates through the transition.
Redd, 60, became CEO on May 15, joining the company from a position as executive vice president of NRG Energy Inc.'s commercial operations and president of its Western region.
El Paso shares rose 48 cents, or 2.1 percent, to $22.86 in afternoon trading.
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