On a day when PNM personnel worked hard to repair the damage from a snow storm that crossed through northern New Mexico, the company announced that CEO Jeff Sterba will retire in March. Sterba will continue to work as chairman, though.
PNM’s board selected Pat Vincent-Collawn, currently PNM Resources’ president and chief operating officer, to be the company’s next CEO.
“While the last two years have been particularly challenging for the company and the nation, PNM Resources is well on its way to recovery after a restructuring of our businesses,” Sterba said in the statement. “In March I will complete my current five-year commitment to the company and our board, and a seamless transition of CEOs will occur.”
“As a thoughtful, progressive business leader, Jeff has left an indelible mark on PNM Resources,” said Vincent-Collawn. “While he will certainly be missed, we are glad to have him remain at the helm of our Board of Directors. In addition, he leaves a legacy at our company that will last far beyond his tenure as CEO.”
PNM, a subsidiary of PNM Resources, provides electric utility service to half a million New Mexicans.