SAN
DIEGO, Nov. 27, 2023 /PRNewswire/ -- Sempra
(NYSE: SRE) (BMV: SRE) today announced updates to its officer team
with a view toward strengthening the company's existing management
capabilities and sustained financial and operational
performance.
"As we continue our mission to build North America's leading energy infrastructure
company, we understand the importance of continuing to invest in
and build a strong and diverse leadership team that delivers
quality results to our customers, communities and shareholders,"
said Jeffrey W. Martin, chairman and
chief executive officer of Sempra. "This is an exciting time for
our company, and I am confident that today's announcement will
better position us to execute our strategic priorities and record
capital campaign, which is centered on safety, reliability, growth
and clean energy investments, and better serve our customers."
The following management updates are effective Jan. 1, 2024, unless otherwise noted, and these
individuals will report directly to Martin.
Justin Bird, chief
executive officer of Sempra Infrastructure, will continue in his
current role leading the business operations of Sempra
Infrastructure, one of Sempra's three growth platforms with
approximately 2,500 employees. In addition, Bird has been appointed
executive vice president of Sempra where he will lead several
corporate functions, including Corporate Development and Financial
Planning. Bird has served within the Sempra family of companies for
close to 20 years in a variety of leadership roles, serving more
recently as the chief executive officer of Sempra LNG.
Diana Day, who currently
serves as deputy general counsel, has been appointed chief legal
counsel of Sempra with responsibility for the company's Legal
Affairs and Governance. Over the last 25 years, Day has served in a
variety of leadership roles within the company's law department.
Most recently, Day served as the senior vice president and general
counsel at San Diego Gas & Electric (SDGE) with responsibility
for Legal Affairs and Governance and formerly served as the vice
president of enterprise risk management for Southern California Gas
Company (SoCalGas) and SDGE.
Trevor Mihalik, who currently serves as the
company's executive vice president and chief financial officer, has
been appointed executive vice president and group president of
Sempra. In his new role, Mihalik will have responsibility for
Sempra California, as well as several corporate functions,
including Risk and Compliance, Human Resources and Audit Services
and Insurance. Over the last 11 years, Mihalik has served as the
company's chief accounting officer and more recently as the chief
financial officer.
Karen Sedgwick, who
currently serves as the company's chief administrative officer and
chief human resources officer, has been appointed executive vice
president and chief financial officer of Sempra, where she will
lead several corporate functions, including Accounting, Tax,
Finance and Investor Relations. Over the last 31 years, Sedgwick
has held a series of financial leadership roles within the Sempra
family of companies, including Treasury and Cash Management,
Investor Relations, Financial Planning, Audit Services and
Insurance, and Enterprise Risk Management and Compliance.
Kevin Sagara, executive
vice president and group president of Sempra, will be retiring
effective Dec. 1, 2023, as previously
announced. Over the last 31 years, Sagara has held a series of
leadership roles within the Sempra family of companies.
At Sempra, there is a long-standing commitment to fostering a
high performing culture that privileges safety and operational
excellence, leadership and workforce development and diversity and
inclusion. The appointments announced today support the company's
mission and continue the company's tradition of periodic leadership
rotations to provide opportunities for broader leadership
experiences and organizational development.
About Sempra
Sempra is a leading North American energy infrastructure company
that helps meet the daily energy needs of nearly 40 million
consumers. As the owner of one of the largest energy networks on
the continent, Sempra is helping to electrify and decarbonize some
of the world's most significant economic markets, including
California, Texas, Mexico
and the LNG export market. The company is also consistently
recognized as a leader in sustainable business practices and for
its long-standing commitment to building a high-performance culture
focused on safety and operational excellence, leadership and
workforce development and diversity and inclusion. In 2022,
Investor's Business Daily named Sempra the top-ranked utility in
the U.S. for environmental, social and governance scores and
financial performance. Sempra was also included on the Dow Jones
Sustainability North America Index for the 12th consecutive year.
More information about Sempra is available
at sempra.com and on social media @Sempra.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on assumptions about the
future, involve risks and uncertainties, and are not guarantees.
Future results may differ materially from those expressed or
implied in any forward-looking statement. These forward-looking
statements represent our estimates and assumptions only as of the
date of this press release. We assume no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise.
In this press release, forward-looking statements can be
identified by words such as "believe," "expect," "intend,"
"anticipate," "contemplate," "plan," "estimate," "project,"
"forecast," "should," "could," "would," "will," "confident," "may,"
"can," "potential," "possible," "proposed," "in process,"
"construct," "develop," "opportunity," "initiative," "target,"
"outlook," "optimistic," "poised," "maintain," "continue,"
"progress," "advance," "goal," "aim," "commit," or similar
expressions, or when we discuss our guidance, priorities, strategy,
goals, vision, mission, opportunities, projections, intentions or
expectations.
Factors, among others, that could cause actual results and
events to differ materially from those expressed or implied in any
forward-looking statement include: California wildfires, including
potential liability for damages regardless of fault and any
inability to recover all or a substantial portion of costs from
insurance, the wildfire fund established by California Assembly
Bill 1054, rates from customers or a combination thereof;
decisions, investigations, inquiries, regulations, denials or
revocations of permits, consents, approvals or other
authorizations, renewals of franchises, and other actions by the
(i) California Public Utilities Commission (CPUC), Comisión
Reguladora de Energía, U.S. Department of Energy, U.S. Federal
Energy Regulatory Commission, Public Utility Commission
of Texas, U.S.
Internal Revenue Service and other governmental and regulatory
bodies and (ii) U.S., Mexico and states, counties,
cities and other jurisdictions therein and in other countries where
we do business; the success of business development efforts,
construction projects, acquisitions, divestitures and other
significant transactions, including risks in (i) being able to make
a final investment decision, (ii) completing construction projects
or other transactions on schedule and budget, (iii) realizing
anticipated benefits from any of these efforts if completed, and
(iv) obtaining third-party consents and approvals; macroeconomic
trends or other factors that could change our capital expenditure
plans and their potential impact on rate base or other growth;
litigation, arbitrations, property disputes and other proceedings,
and changes to laws and regulations, including those related to tax
and trade policy and the energy industry
in Mexico;
cybersecurity threats, including by state and state-sponsored
actors, of ransomware or other attacks on our systems or the
systems of third parties with which we conduct business, including
the energy grid or other energy infrastructure, all of which
continue to become more pronounced; the availability, uses,
sufficiency, and cost of capital resources and our ability to
borrow money or otherwise raise capital on favorable terms and meet
our obligations, including due to (i) actions by credit rating
agencies to downgrade our credit ratings or place those ratings on
negative outlook, (ii) instability in the capital markets, or (iii)
rising interest rates and inflation; failure of foreign
governments, state-owned entities and our counterparties to honor
their contracts and commitments; the impact on affordability of
SDGE's and SoCalGas's customer rates and their cost of capital and
on SDGE's, SoCalGas' and Sempra Infrastructure's ability to pass
through higher costs to customers due to (i) volatility in
inflation, interest rates and commodity prices, (ii) with respect
to SDGE's and SoCalGas' businesses, the cost of the clean energy
transition in California, and (iii) with respect to
Sempra Infrastructure's business, volatility in foreign currency
exchange rates; the impact of climate and sustainability policies,
laws, rules, regulations, disclosures and trends, including actions
to reduce or eliminate reliance on natural gas, increased
uncertainty in the political or regulatory environment
for California natural gas
distribution companies, the risk of nonrecovery for stranded
assets, and our ability to incorporate new technologies; weather,
natural disasters, pandemics, accidents, equipment failures,
explosions, terrorism, information system outages or other events
that disrupt our operations, damage our facilities or systems,
cause the release of harmful materials or fires or subject us to
liability for damages, fines and penalties, some of which may not
be recoverable through regulatory mechanisms or insurance or may
impact our ability to obtain satisfactory levels of affordable
insurance; the availability of electric power, natural gas and
natural gas storage capacity, including disruptions caused by
failures in the transmission grid, pipeline system or limitations
on the withdrawal of natural gas from storage facilities; Oncor
Electric Delivery Company LLC's (Oncor) ability to reduce or
eliminate its quarterly dividends due to regulatory and governance
requirements and commitments, including by actions of Oncor's
independent directors or a minority member director; and other
uncertainties, some of which are difficult to predict and beyond
our control.
These risks and uncertainties are further discussed in the
reports that Sempra has filed with the U.S. Securities and Exchange
Commission (SEC). These reports are available through the EDGAR
system free-of-charge on the SEC's website, sec.gov,
and on Sempra's website, sempra.com. Investors should
not rely unduly on any forward-looking statements.
Sempra Infrastructure, Sempra Infrastructure Partners, Sempra
Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética
Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as
the California utilities, SDGE or
SoCalGas, and Sempra Infrastructure, Sempra Infrastructure
Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova
are not regulated by the CPUC.
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SOURCE Sempra