Daily Briefing

DAILY BRIEFING

August 08, 2009

Integral Systems CEO of one year resigns

Integral Systems Inc. announced Friday that John B. Higginbotham resigned as chief executive, president and a member of the board of directors after about a year with the Columbia-based maker of satellite ground systems. The company declined to comment on why the 53-year-old resigned. Paul G. Casner, a board director since 2006, replaces Higginbotham on an interim basis. The 71-year-old is the former chief operating officer of DRS Technologies Inc. and former CEO and president of Norden Service Co. News of the resignation comes about a week after the Securities and Exchange Commission filed a complaint against three former Integral executives, claiming they had hidden the criminal securities fraud conviction of one of the executives from shareholders. The SEC also said last week it had reached a settlement with Integral.

- Eileen Ambrose

PSC to make 'smart grid' decision by end of year

The Maryland Public Service Commission will decide whether to approve "smart grid" proposals submitted by several Maryland utilities by the end of the year. According to an order issued this week, the five-person panel will hear testimony in November on advanced meter infrastructure plans by Baltimore Gas & Electric as well as a joint filing by Pepco and Delmarva Power and Light Co. BGE had requested that the commission fast-track consideration of its $500 million plan to install more than 2 million "smart meters" over five years by issuing a decision by Sept. 30. The utility estimates it can save millions by automating meter readings and outage information and customers can save billions by seeing the meters' hour-by-hour information about their consumption. Advocates such as the Office of the People's Counsel objected to the request to expedite the review, saying that more time was needed to vet the utility's claims.

- Liz F. Kay

AIG reports quarterly profit, first since 2007

WASHINGTON - American International Group reported a return to profitability Friday after six straight quarters of losses. It attributed the results to steadier performance in some of its businesses and increased value of some of its assets. The insurance giant said its net income in the quarter ending June 30 was $1.8 billion, or $2.30 per share.

- The Washington Post

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