BC Hydro’s money-man, Charles Reid, has been named acting president and CEO of the Crown corporation amid the impending departure of current chief executive Dave Cobb.
The utility said Monday Reid would assume his new role December 1.
BC Hydro chairman Dan Doyle said the appointment “ensures” the utility’s executive leadership team remains strong.
Reid, who is currently executive vice-president finance and CFO, has 35 years of combined manufacturing and utility industry experience, Doyle said, and would continue BC Hydro’s aim to cut costs and maintain low rates for taxpayers.
“Following on our own cost-cutting measures and the subsequent recommendations from the recent government review, there is much to be done to further trim our costs while continuing to deliver safe reliable power and invest in critical electricity,” said Doyle.
Earlier this month, Cobb announced he would be stepping down as CEO a little more than a year after he took the job.
He’ll stay on as president and CEO until November 30, after which he will join the Jim Pattison Group.
The utility’s deputy CEO and executive vice president Bev Van Ruyven enjoyed her last day at BC Hydro on Monday following a 14-year career with the Crown corporation, including a stint as acting president and CEO.
The executive changes at BC Hydro come amid ongoing controversy over spending at the 50-year-old utility, following a government review in August that blasted the organization for excessive spending and having too many employees.
Then, last week, Auditor General John Doyle released a report questioning the utility’s use of deferral accounts, which have already racked up $2.2 billion in public debt.
Check out this week’s edition of Business in Vancouver for more about that report.
BC Hydro said its board of directors would determine a selection process for a permanent president and CEO at its next quarterly meeting this month.
Joel McKay
@jmckaybiv