CenterPoint Energy 2013 Annual Report Download - page 7
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Dear Shareholders,
It has been an honor and a privilege to serve as CenterPoint
Energys president and CEO the past years. When I started at
Houston Lighting & Power Company in , I never expected to
spend my entire career with one company, nor did I dream that
Imight someday be CEO of a Fortune company. It was my
good fortune that both of those possibilities became realities.
When I was named CenterPoint Energy’s first CEO in , the company faced some
stichallenges and an uncertain future. The electricity market in Texas had just been
completely restructured, and the rules were still being developed. The capital markets
were challenging and wary of all energy companies following the Enron debacle. At the
same time, we were highly leveraged and needed access to the capital markets to
refinance debt and finance necessary infrastructure investments. The company’s
futurewas less than clear.
However, we had a lot going for us. Our workforce was second to none. We had a plan
torecapitalize the company by selling our electric generating plants and, through the
regulatory process, recovering our capital investments that had been “stranded” by the
restructuring of the Texas electric market. Just as important, we had a vision to create
America’s leading energy delivery company based on a foundation of core values and
keystrategies. It was a vision that would keep us focused and striving for excellence.
Although deleveraging the company took longer than we expected, we ultimately
accomplished this goal, and the company is now in sound financial shape. Our senior
leadership team embraced the company’s vision and never wavered despite a number
ofsignificant challenges along the way. Our employees pulled together to get us through
theearly days, redesigned internal processes and systems to achieve top-tier operating
performance and led the industry in implementing new technology. We also invested in
new infrastructure to assure that energy was reliably and safely delivered to our customers.
The CenterPoint Energy of today was truly created through a great team eort. I could not
be more proud of this accomplishment.
As I begin my retirement there is not a better person to lead the company than Scott
Prochazka. I’veworked with Scott during my entire tenure as CEO. He knows and
understands the company’s businesses well. He is bright, articulate, passionate about
ourcompany, and hehas strong values and a great internal compass. I’m excited about
thefuture of CenterPoint Energy with Scott at the helm.
Let me close by first thanking you, our shareholders, for your support over the years. Most
of all, however, I would like to thank my fellow employees. Through their hard work and
commitment we have accomplished a lot. They are the reason I stayed with the company
for years. Together we have created a very special company.
Our
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DAVID M. McCLANAHAN
Former President & CEO