NYC-based Consolidated Edison (NYSE: ED ) will have a new CEO next year.
On Thursday, ConEd announced that 40-year company veteran -- and eight-year CEO -- Kevin Burke will retire from his posts as President and CEO on December 31. He will remain non-executive Chairman of the Board, however, for an unspecified "transition period" after stepping down from his other posts.
Thereafter, the new Chief Executive Officer will be John McAvoy, who takes office January 1, 2014. McAvoy will simultaneously serve as CEO of the company's principal subsidiary, Consolidated Edison Company of New York,
McAvoy himself has been with ConEd for quite some time, joining the company just seven years after Burke did, in 1980, and serving as CEO of the company's Orange and Rockland Utilities subsidiary since last year.
In a statement on McAvoy's promotion, Burke called his successor "a leader. He also said that, "His extensive experience in the energy industry will be invaluable to our customers, investors and all who rely on the company."