|Southwest Gas Corporation CEO Michael O. Maffie Announces Retirement|
LAS VEGAS, March 23 /PRNewswire-FirstCall/ -- Southwest Gas Corporation (NYSE: SWX) announced today that Chief Executive Officer (CEO), Michael O. Maffie, will retire effective June 2004. Maffie's career at Southwest Gas has spanned 25 years, with over 10 years in the position of CEO. Mr. Maffie will continue to serve as a member of the Board of Directors.
The Board of Directors has been planning for this eventuality for several years and intends to appoint Jeffrey W. Shaw, current President, as the new CEO. Several years ago the company took steps to broaden and deepen the experience of senior management to provide for an orderly transition in succession planning. The appointment of Mr. Shaw to the position of CEO will complete this process, which included his promotion to President in July 2003.
According to Thomas Y. Hartley, Chairman of the Board of Directors, "Mike has been instrumental in guiding a company whose customer base has grown over 50% during his tenure as CEO. He has built a strong organization at Southwest Gas and we thank him for all he has done for the company. We will miss his leadership and experience and wish him well in retirement. At the same time, we are pleased to turn over the reins to Jeff and are confident Southwest Gas will continue to flourish under his leadership."
Prior to his position as President, Mr. Shaw served as Senior Vice President/Gas Resources and Pricing, Senior Vice President/Finance and Treasurer as well as the Chief Accounting Officer. He joined Southwest Gas in 1988 as Director/Internal Audit.
Shaw graduated from the University of Utah in 1983 with a degree in Accounting. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants, the Nevada Society of CPAs and the Leadership Las Vegas Alumni Association. Shaw has served on the board for the YMCA of Southern Nevada, and is active with the Boy Scouts of America.
Southwest Gas, with headquarters in Las Vegas, Nevada, serves over 1.5 million homes and businesses in Nevada, Arizona and California. The company has been one of the fastest growing natural gas distribution companies in the nation for more than 10 years.
This press release may contain statements which constitute "forward- looking statements" within the meaning of the Securities Litigation Reform Act of 1995 (Reform Act). All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.
SOURCE Southwest Gas Corporation