Poindexter named chairman of BG&E

July 18, 1992|By Ross Hetrick | Ross Hetrick,Staff Writer

Christian H. Poindexter, a 25-year veteran of Baltimore Gas and Electric Co., was named head of the 176-year-old utility by the company's board of directors yesterday.

Mr. Poindexter, 53, will assume the positions of chairman and chief executive officer Jan. 1, succeeding George V. McGowan, who will reach BG&E's mandatory retirement age of 65 in January. Mr. Poindexter is now vice chairman of the company.

The company also reported that its second-quarter income dropped 35.7 percent, to $38 million, or 20 cents a share, from $59.2 million, or 38 cents a share, in last year's second quarter. The company attributed the drop to the cool weather in May and June, which decreased the demand for electricity for air conditioning.

The company's stock closed unchanged at $23.375 a share yesterday on the New York Stock Exchange.

Mr. Poindexter will be taking over at a time of dramatic changes at BG&E and the utility industry in general.

Under new agreements with state regulators, BG&E will be promoting the conservation of electricity rather than its use. Even the generation of electricity -- long a monopoly held by BG&E -- increasingly will involved independent power producers connected to BG&E's system.

"Our world has been changing pretty quickly," Mr. Poindexter said yesterday. To deal with the changes, he said, the company will diversify into such areas as providing power for electric cars or fuel for vehicles powered by natural gas.

The company is already involved in independent power production with its own non-regulated subsidiary that builds power plants for other utilities.

The company might also be changing its standard electrical services, Mr. Poindexter said.

"Are there different ways of packaging it to serve the customer?" he said. "We have to find out what our customers want and need and then go out and supply it."

Mr. Poindexter joined BG&E in 1967 after seven years in the Navy. A lieutenant, he was a pilot and qualified for the service's nuclear program.

BG&E also announced the following promotions, effective Sept. 1:

* Edward A. Crooke, 54, president of BG&E's utility operations since 1988, was named president and chief operating officer.

* George C. Creel, 58, vice president of nuclear energy, will become senior vice president, with broadened responsibility for

the company's nuclear programs.

* Robert E. Denton, 49, plant general manager for the Calvert Cliffs nuclear power plant, will move up to vice president, nuclear power.

* Charles H. Cruse, manager of nuclear engineering, will succeed Mr. Denton as plant general manager of Calvert Cliffs.

* Peter E. Katz, superintendent of technical support services at Calvert Cliffs, will succeed Mr. Cruse as manager of nuclear


Period: Three months ended 6/30/92

.... Revenue... .. ... ... Net... ... ... ... Share

'92. 543,150,000... ... . 38,049,000... ... 0.20

'91. 567,189,000... ... . 59,192,000... ... 0.38

% change -4.2... ... ... .. -35.7... ... ... . -47.4

Six months ended 6/30/92

....Revenue... ... ...... Net... ... ... ... Share

1,214,520,000... ... 97,302,000... ....0.57

'91 1,161,853,000... ... 120,048,000... ...0.78

% change +4.5... ... ... -18.9... ... ... .. -26.9

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