Gascape Wins Another Surprise For Consumers
May 24, 1997 Announcement
The San Francisco Chronicle May 22, 1997 Headline reads: Stanley Skinner, President and CEO of Pacific Gas and Electric announced his resignation.
Three weeks following the resignation of the President and CEO of the American Gas Association - and five weeks after Gascape first went on-line. The resignations begin. Coincidence? Hardly!
Pressure from investors prompted this industry scion's defection from the cushiest job with the largest utility in the United States.
WSJ May 23, 1997 pg. B5 Some analysts noted that the departure of a relatively young chairman and chief executive highlights the extent of change gripping the power industry. The mandatory PG&E retirement age for executives is 65. Mr. Skinner has been chief executive of the utility since 1994. "This may be the tip of the iceberg for management changes nationwide," said Dan Scotto, a utilities analyst with Bear, Stearns & Co. in New York.
SFChronicle May 22, 1997 pg. B1 But after more than 33 years at PG&E, he decided he wanted time to pursue other interests, including teaching college.
Peggy Jones, an analyst at Prudential Securities, said Skinner's departure reflects the enormity of changes in the industry. "As we enter this completely new era of competition, I've noticed a lot of management changes going on at utilities," she said. "What has worked in the past may not in the future."
Analysts are asking the right questions, they just haven't read the facts Gascape publishes to help them get to the bottom of these defections.
Skinner worked hard getting to the top. His future held the same promise others used to enjoy in the utility industry. Once one makes it to the top, million dollar salaries, perks with pension and stock options make the journey pay off.
Why then, would a man that's worked over 30 years getting there, and one that's been in this position of power for just 2 short years - suddenly decide he wants to teach college courses. His excuse would sound better if he told us he quit because he got a calling to take up missionary work in the Congo.
Big players in big corporations don't bail out unless they are exposed to "something" that is so overwhelming, they have no choice but to quit.
Contaminated natural gas is still being pumped into your home without your knowledge or permission. Women and children are still going to suffer the most. People have to start raising issues Gascape reports on and demand an end to poor utility management practices.
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