Aug. 10–San Diego Gas & Electric has a new chairman and CEO, with the announcement that Kevin Sagara is moving over from Sempra Renewables, to take over the reins of the utility, effective Aug. 25.
SDG&E and Sempra Renewables are subsidiaries of Sempra Energy, a Fortune 500 company based in San Diego.
Sagara has served as the president of Sempra Renewables for the past four years and has worked for Sempra or its subsidiaries for 22 years. Sagara will report to Sempra President and Chief Operating Officer Joseph Householder.
“Sustainability and innovation have become an increasingly important focus of SDG&E’s approach to customer service and Kevin Sagara’s expertise in these areas will further enhance the depth of SDG&E’s already strong leadership team,” Householder said in a statement Friday.
SDG&E boasts that about 45 percent of the utility’s power supplies come from renewable energy sources.
Scott Drury will remain SDG&E’s president, a role he has held since January 2017, and report to Sagara.
Sempra and its subsidiaries have a history of grooming executive talent and hiring from within.
Sempra Energy’s current CEO, Jeff Martin, served as CEO at SDG&E from 2014 to 2016. Prior to Sagara’s promotion, the CEO position at SDG&E has remained open since Martin’s departure.
The 57-year-old Sagara first joined SDG&E in 1992 as an attorney, left to work in the technology sector from 1999 to 2003 before returning to Sempra Energy as a vice president and an associate general counsel.
Friday’s news comes just six weeks after Sempra’s leadership announced it was selling all of Sempra Renewables’ solar and wind assets and investments, including its wholly-owned facilities. The parent company is also selling off some natural gas storage facilities in the Deep South.
The sales are part of what the parent company called “a portfolio optimization” effort to “sharpen the company’s focus and create value for all shareholders.”
A group of activist investors with a combined 4.9 percent stake in Sempra Energy have recently called on the company to make dramatic changes to its board and corporate structure, saying Sempra’s performance is lagging in comparison to its peers. The activist investors have called for streamlining the company by selling or spinning off some of Sempra’s assets.
Sempra officials have insisted the decision to sell some of its assets came from its own “comprehensive strategic review” of the company’s businesses.
(619) 293-1251 Twitter: @robnikolewski
CPUC rejects $639M pipeline project by SDG&E
Powering up by the beach? SDG&E looks to expand locations for electric vehicle charging stations
Ratepayer group says SDG&E and SoCalGas made false statements about natural gas pipeline
(c)2018 The San Diego Union-Tribune
Visit The San Diego Union-Tribune at www.sandiegouniontribune.com
Distributed by Tribune Content Agency, LLC.