Piedmont Natural Gas Senior Vice President and CFO David J. Dzuricky to Retire at Fiscal Year-End in October

Karl W. Newlin, Senior Vice President Corporate Planning and Business Development, to Succeed Mr. Dzuricky as CFO

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Jun 03, 2011, 01:45 ET

CHARLOTTE, N.C., June 3, 2011 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) announced today that chief financial officer (CFO) David J. Dzuricky has announced his plans to retire at the end of the Company's current fiscal year on October 31, 2011. Mr. Dzuricky, who will turn 60 in October, has served as Piedmont's CFO since joining the Company in 1995. Thomas E. Skains, Piedmont's chairman, president, and chief executive officer commented, "In addition to being an excellent CFO, Dave's leadership and business acumen have made him a highly-valued and well-respected member of Piedmont's executive management team for more than sixteen years. Dave has always represented the interests of Piedmont Natural Gas, its employees, shareholders, and customers with integrity, enthusiasm, and commitment. He has been an outstanding business partner and is a close personal friend. We will all miss Dave and we wish him the absolute best in retirement."

Prior to joining Piedmont in 1995, Mr. Dzuricky was Vice President and Treasurer of Consolidated Natural Gas Company in Pittsburgh, Pennsylvania. Mr. Dzuricky, who received his bachelor's degree in marketing from Syracuse University and his MBA in finance from the University of Pittsburgh, was a key player in developing and structuring Piedmont's successful portfolio of complementary businesses which includes its Cardinal Pipeline, Pine Needle LNG, Hardy Storage, and SouthStar Energy Services joint ventures. In 2003, Dzuricky helped manage the successful acquisition, merger and integration of North Carolina Natural Gas from Progress Energy. That acquisition added approximately 176,000 customers in eastern and southern North Carolina to Piedmont's customer base and literally stretched Piedmont's service territory in North Carolina from the Appalachian Mountains to the Atlantic Ocean.

Reflecting on his tenure with Piedmont Natural Gas, Mr. Dzuricky said, "It has been my privilege to serve as Piedmont's CFO for the past sixteen years. I was afforded many opportunities to grow in my position as the Company expanded from slightly more than 500,000 customers in 1995 to more than one million in 2010 and net income increased from $40 million in 1995 to $142 million at the end of 2010. I am very happy to leave the Company in sound financial health – exactly as it was when I arrived. I will miss the Piedmont family and all the friends and acquaintances I have made over the years. I now look forward to the next part of my journey and to spending more time with my wife, Jan, and our children."

Mr. Dzuricky is a past Chairman and current member of the Finance Committee of the American Gas Association. Mr. Dzuricky serves on the Board of The United Way of Central Carolinas and chairs the Finance Committee. He also serves on the Board of the Central Piedmont Community College Foundation, and Finance Committee.

Piedmont's Karl W. Newlin to Succeed David J. Dzuricky as CFO

In related news, Thomas E. Skains, Piedmont's chairman, president, and chief executive officer announced today that Mr. Karl W. Newlin, Piedmont's senior vice president of corporate planning and business development, will be promoted to the role of CFO effective November 1, 2011, the start of Piedmont's 2012 fiscal year.

"Karl has very quickly brought his unique experiences and familiarity with the energy industry to bear as we develop strategies and execute business plans for achieving success in a new energy economy, one in which natural gas will play a crucial role," said Mr. Skains. He continued, "We are fortunate to have someone with his talent and skill sets that both broaden and complement our executive management team. In addition, Karl will certainly have the benefit of Dave's experience and insights over the remaining five months of this fiscal year as he transitions into the CFO role. That will allow him to hit the ground running with the start of our new fiscal year in November."

Mr. Newlin, 42, joined Piedmont in May, 2010, having worked previously at Merrill Lynch where he served as managing director, investment banking in that company's New York and Los Angeles offices. He has extensive experience in the energy industry leading teams in corporate financings and business transactions for natural gas distribution and midstream companies, electric utilities, independent power producers and clean energy companies. Mr. Newlin is a Chartered Financial Analyst (CFA), and he earned his Bachelor of Business Administration degree from Southern Methodist University and his MBA from UCLA's Anderson School of Management.

Commenting on his new role with Piedmont, Mr. Newlin said, "I am honored and truly appreciate the trust and confidence that has been placed in me to be a good steward for the Company, its shareholders, employees, and customers. Piedmont Natural Gas is an excellent company with a proven track record of financial success, operational excellence, and a tremendous reputation for integrity and I look forward to working with our employees and other stakeholders in my new role as we build on our past success."

About Piedmont Natural Gas

Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee, including 53,000 customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation. Additional information about Piedmont is available on the Internet at http://www.piedmontng.com.

SOURCE Piedmont Natural Gas