RICHMOND, Va.—Dominion Energy (NYSE: D) Oct. 9 announced that Mark F. McGettrick, executive vice president and CFO, will retire on Jan. 1, 2019, capping a 38-year career at the company.
Effective Nov. 1, 2018, McGettrick will step down as CFO. James R. “Jim” Chapman, senior vice president-M&A and treasurer, will succeed McGettrick as CFO. McGettrick will assist Chapman during the two-month transition.
Thomas F. Farrell, II, chairman, president and CEO, said:
“Dominion Energy’s shareholders, customers and employees have benefited greatly from Mark McGettrick’s decades of exemplary service to the company. As chief of our generation unit, he led a buildout in Virginia that has helped improve the reliability of the electric service Dominion Energy provides to our utility customers in Virginia and North Carolina. As CFO, Mark has spearheaded and overseen tremendous capital growth across all of our businesses. In his time as CFO, our asset base has nearly doubled and our annual dividend rate has more than doubled. Mark has been outstanding in every way, and we will miss him.
“This year, Mark and Jim Chapman have worked together to complete our credit improvement initiatives—through a forward sale of equity, project debt at Cove Point and agreements to sell some non-core assets. They will continue their collaborative relationship through the end of the year to ensure a successful handoff of duties and to maintain cohesive and coordinated communications with our analysts and investors.”
McGettrick joined the company in 1980. During his career, he held a variety of management positions in distribution design, accounting, financial planning, customer service and generation. He was named president of the services company in 2002 and CEO of the generation operating unit in 2003. In June 2009, he was promoted to CFO, where his responsibilities have included treasury, accounting, tax, investor relations, risk management, business planning and financial analysis.
“Jim Chapman comes in as CFO with a wealth and depth of experience in the finance industry,” Farrell said. “Jim’s unique skillset of knowledge and agility has been on full display in our recent acquisitions of Carolina Gas Transmission, Questar Corporation and a larger stake in Iroquois. His promotion is part of a longstanding succession plan to fill top jobs at Dominion Energy.”
Chapman, 49, came to Dominion Energy in 2013 after more than 20 years in investment banking and corporate finance, principally related to the utility and energy sector. Among his roles, he was managing director and head of Asia Pacific Power & Utilities Investment Banking at Barclays plc, as well as holding similar senior roles at Barclays and its predecessor firm, Lehman Brothers in New York and overseas. Chapman earned a bachelor’s degree in history and political science from Auburn University and an MBA from the University of Virginia’s Darden School of Business.
Chapman assumed his current post in February 2016. Once he becomes the company’s CFO, he is expected to retain his role as treasurer.