Executives retiring from Entergy; utility sees drop in net income
Published: January 31,2012
NEW ORLEANS — Entergy Corporation has announced changes on its executive team following the announcement of two of its officers.
Gary Taylor, group president of utility operations at Entergy Corporation, will be retiring from the company May 31. Taylor will continue to lead utility operations with a transition period to his successor, who will be named at a later date.
In addition, Robert (Bob) Sloan, executive vice president and general counsel, announced his decision to retire as general counsel. Replacing Sloan is Marcus Brown, who was elected Jan. 27 by the company’s board of directors to the position of senior vice president and general counsel.
Brown reports to Rod West, executive vice president, and chief administrative officer. Sloan has agreed to serve as special counsel during a period of transition.
Taylor has held leadership roles in both Entergy’s nuclear and utility business. Prior to his current role of group president of utility operations, a role he has held since 2007, Taylor served as CEO of Entergy’s nuclear business. He joined the company in 2000 as COO of the company’s Nuclear South region.
Sloan joined Entergy in 2003 as senior vice president, general counsel and secretary, and brought with him more than 30 years of legal experience. Before joining the company, he was vice president and general counsel at GE Industrial Systems.
Brown brings to his new role experience, a career in private practice and a 17-year career with the company. Formerly vice president and deputy general counsel for Entergy, Brown began his career with Entergy in 1995. Brown is also a member of the Legal Department’s Management Committee.
Brown earned a juris doctorate from Southern University Law Center in 1988 where he was a member of the Law Review, an MBA from Tulane University in 2002 and, in 2009, received a certification in corporate governance from Harvard Business School.
In a separate item, Entergy’s net income dropped 33 percent in the fourth quarter on charges related to the sale of one of its businesses.
The power provider earned $154.1 million, or 87 cents per share, for the three months ended Dec. 31. A year earlier it earned $228.3 million, or $1.26 per share.
Excluding one-time costs tied to the planned sale of its electric transmission business, earnings were 94 cents per share.
The results beat the 90 cents per share that analysts polled by FactSet predicted.
Revenue edged down 2 percent to $2.49 billion from $2.53 billion and missed the $2.72 billion that Wall Street expected.
Entergy reported better utility segment results mostly because of lower income tax costs. Its wholesale commodities unit posted higher earnings due to a lower effective income tax rate and lower decommissioning expense.
Full-year net income increased 8 percent to $1.35 billion, or $7.55 per share, from $1.25 billion, or $6.66 per share, in 2010.
Annual revenue fell 2 percent to $11.23 billion from $11.49 billion.
Entergy maintained its 2012 forecast for adjusted earnings between $5.40 and $6.20 per share. Analysts expect $5.84 per share for the year.
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