Vectren Announces Key Leadership Changes; New VUHI President and CFO Named

EVANSVILLE, IN--(Marketwired - Apr 3, 2014) - Stemming from plans of two executive vice presidents, Vectren Corporation (NYSE: VVC) Chairman, President and CEO Carl Chapman announced organizational changes today that will essentially serve as phase two of the leadership changes put in place in August 2013 and align with the company's ongoing succession planning strategy. Approved by the company's Board of Directors today, these changes will be effective June 1, 2014, and continue to advance Vectren's next generation of senior leadership.

William (Bill) Doty, Vectren's long-time executive vice president of utility operations and president of Vectren Utility Holdings, Inc. (VUHI), the holding company for all utility investments, has chosen to step down from his position due to health-related reasons. In addition, Jerome (Jerry) Benkert, Vectren's executive vice president and chief financial officer, announced his intentions to transition from his chief financial officer (CFO) responsibilities and toward his full retirement, which is currently expected during the second quarter of 2015. Benkert will become executive vice president and chief administrative officer and will continue to report to Chapman. Benkert will retain oversight of the company's other shared services departments, including performance management and strategic sourcing, human resources, information technology and customer service, until his planned retirement.

Succeeding Doty will be Eric (Rick) Schach, who will become Vectren's senior vice president of utility operations and president of VUHI. Schach has served as the senior vice president of marketing and energy delivery since August, and prior to that was the utility's vice president of energy delivery for more than 10 years. Schach will retain senior level oversight of his current responsibilities, including energy delivery, marketing and corporate communications, and add the power supply, business process planning and measurement and safety departments.

Susan Hardwick will become senior vice president and CFO. Hardwick has served as Vectren's senior vice president of finance since August 2013 and prior to this role was the company's vice president and controller. In addition to assuming the CFO role, Hardwick will retain responsibilities for the controller group and the regulatory implementation and analysis department as well as the treasury, investor relations and risk management teams.