DALLAS, Oct. 31, 2016 /PRNewswire/ -- Today, Oncor Electric Delivery Company LLC announced that after ten years of service as Chief Executive Officer, Bob Shapard, 61, will retire upon successful close of the proposed acquisition of Oncor by NextEra Energy and take over as Chairman of the newly constituted Oncor Board of Directors, subject to regulatory approval. Oncor Senior Vice President, General Counsel and Secretary Allen Nye, 49, will succeed Shapard as CEO upon his retirement.
"For the past ten years, leading the men and women of Oncor has been the opportunity of a lifetime," said Oncor CEO Bob Shapard. "I have spent more than 30 years in the utility business, and I have always tried to keep my focus on improving our service to make a positive impact in the lives of our customers and support a vibrant Texas economy."
Bob Shapard has been influential in driving results and innovation in both the board room and in the community. Under his leadership, Oncor has been an industry leader in deploying advanced systems and technologies, allowing Oncor, one of the largest transmission and distribution companies in the U.S., to achieve reliability, cost and safety measures well ahead of industry norms.
A Texas native, Shapard's career with Oncor and TXU legacy companies encompassed various leadership roles, including managing director of former TXU Corp. subsidiary TXU Australia. Previously, Shapard also served as chief financial officer of Tenet Healthcare Corporation, executive vice president and chief financial officer of Exelon Corporation, and executive vice president and chief financial officer of Ultramar Diamond Shamrock.
"The successful close of the proposed acquisition of Oncor by NextEra Energy presents the perfect time to make this transition," continued Oncor CEO Bob Shapard. "I know I am leaving the company in great hands with Allen, which is why I recommended him for the job, and I know that our customers, our shareholders and our employees will all benefit from his leadership. Upon my retirement from running the day-to-day operations of the company, I am proud to continue serving Oncor and our customers as Chairman of the new Oncor Board of Directors."
Allen Nye brings a wealth of experience to his new role as CEO of Oncor.
"I am truly honored to have this opportunity. I look forward to continuing Oncor's proud tradition of innovation, customer service and leveraging new technologies to improve reliability for our customers. We know how important our service is to the economy of this state. We power Texas and that is a responsibility we take very seriously," said Oncor General Counsel Allen Nye.
Allen Nye has served as Oncor Senior Vice President, General Counsel and Secretary since January 2011, responsible for overseeing all of Oncor's legal and compliance matters. In January 2013 his responsibilities were expanded to include oversight of all regulatory and governmental affairs activity of Oncor. From June 2008 until joining Oncor, Mr. Nye practiced law as a partner in the Dallas office of Vinson & Elkins LLP, where he focused on representation of regulated energy companies before state and federal government agencies, including the Public Utility Commission of Texas, the State Office of Administrative Hearings and the Federal Energy Regulatory Commission. Prior to Vinson & Elkins, Mr. Nye was a partner in the law firm of Hunton & Williams from January 2002 until May 2008. Nye graduated from Texas A&M University in 1989 and earned a J.D. at St. Mary's University School of Law in 1993. Texas Monthly named Nye a "Texas Rising Star" in 2005. Nye is an active community leader presently involved on the board of the Greater Dallas Chamber of Commerce and Salesmanship Club of Dallas. Previously, Nye was General Counsel for the Byron Nelson Championship and has served on the Board of Directors of the United Way of Metropolitan Dallas. Nye is a graduate of Leadership Dallas and lives in Dallas with his wife and two children.
"Bob Shapard is a great friend of mine, and he has done an exceptional job leading this company. We are blessed to have him staying on as Chairman of the new Oncor Board of Directors where our customers will continue to benefit from his experience with the company," continued Oncor General Counsel Allen Nye. "Bob's tenure as CEO has seen significant challenges brought by the bankruptcy proceedings of Oncor's parent company, EFH, but his steadfast leadership and vision for the future of the company ensured that neither our customers nor our employees were impacted by those proceedings. Bob will leave some very big shoes to fill, and I am excited to lead this company forward upon his retirement."
To view a video announcement featuring Bob Shapard and Allen Nye, please visit link.
Oncor Files Change-in-Control Application with Public Utility Commission
Also today, Oncor Electric Delivery Company LLC and NextEra Energy, Inc. (NYSE:NEE) filed a joint change-in-control application with the Public Utility Commission of Texas as part of the proposed purchase of Energy Future Holding's (EFH) 80 percent equity stake in Oncor by NextEra Energy. Today's filing begins a regulatory review period that by statute can take up to 180 days.
"With a strong track record, and a diverse portfolio of assets, NextEra is the kind of innovative company that both shares our dedication to customers and is committed to making the necessary strategic investments in innovation and technology to power our customers' daily lives. They are a recognized leader in energy and, like Oncor, known for delivering power at some of the lowest rates in the industry. Oncor customers will benefit from the exchange of best practices between our two companies," said Oncor CEO Bob Shapard.
If approved, Oncor expects the transaction to close in the first half of 2017.
"In partnering with NextEra Energy, Oncor will continue to deliver superior value for our customers," Oncor CEO Bob Shapard continued. "Backstopped by one of the best capitalized balance sheets in the utility industry, Oncor will have a partner committed to continuing our efforts to build a safer, smarter, more reliable electric grid. Today's filing also marks the second time in a year that the Public Utility Commission of Texas will review a change-in-control case involving Oncor, and I want to thank them for their hard work and due diligence. The Commissioners and their staff conduct a thoughtful and thorough review and do a great job of representing the best interests of Texas ratepayers."
Oncor Electric Delivery Company LLC ("Oncor") is a regulated electric transmission and distribution business that uses superior asset management skills to provide reliable electric delivery to consumers. Oncor operates the largest transmission and distribution system in Texas, delivering power to more than 3.3 million homes and businesses and operating more than 121,000 miles of transmission and distribution lines. While Oncor is owned by a limited number of investors (including majority owner, Energy Future Holdings Corp.), Oncor is managed by its Board of Directors, which is comprised of a majority of independent directors.
SOURCE Oncor Electric Delivery Company LLC