Schrock Tells Integrys Shareholders Company is Well-Positioned for the Future; Notes Strong Rebound in Stock Price
CHICAGO, May 13 /PRNewswire-FirstCall/ -- Integrys Energy Group (NYSE: TEG) Chairman, President and Chief Executive Officer Charles A. Schrock was upbeat in his assessment of the company's future. He pointed out that the company's growth will be primarily from utility investments, complemented by its nonregulated energy services subsidiary, Integrys Energy Services, which is right-sized and ready for controlled growth with reasonable risks following a year of restructuring efforts.
Schrock, noting that the company stock price had dipped under $20 per share immediately following the announcement of the Integrys Energy Services strategy change in early 2009, said, "We persevered…and eventually arrived at our current destination – a restructured Integrys Energy Services with a smaller geographic footprint... (and) a refined focus on its core competencies of retail operations and distributed renewable resources."
Since the restructuring announcement, Integrys stock has rebounded significantly, closing at $49.19 on May 12, 2010.
Schrock also cited a "laser-focus" on improving the performance of the Integrys utility group and an aggressive approach to cost management, including a reduction in workforce across the company. "Starting with a focus on the customer, we looked for opportunities to provide customer benefits and shareholder growth. We embarked on a journey – albeit a long one – toward operational excellence in all facets of our business."
In acknowledging comments and questions submitted by shareholders before the meeting, Schrock made these remarks:
- Dividend – "I am pleased we have been able to maintain the dividend at its current level. We have put together a plan that will support the dividend, and I am confident in that plan. I understand the dividend we pay is very important to many of our shareholders."
- Executive pay – "Our compensation policy is that every employee should be able to earn compensation that is commensurate with the market value of the job they perform. We determine market value based on industry surveys performed by an independent compensation consultant who reports directly to the Board of Director's compensation committee."
Also at the meeting, Bill Laakso, Vice President – Human Resources presented the company's "Recognition of Valor" award to four employees.
Christopher Nowakowski, lead power systems control engineer in Green Bay, WI, who after being awakened by his wife Laura's gasping and irregular breathing, performed CPR to keep her blood circulating until paramedics arrived. Laura was experiencing heart fibrillation and was stabilized at a nearby hospital.
Dave Kahara, distribution mechanic at the Green Bay Service Center, left his home to investigate a light in a nearby road when he found a motorcycle accident with the victim lying in the roadway. He moved his vehicle to form a protective barrier, covered the victim with a blanket to help prevent shock and kept the injured man immobile until rescue personnel arrived.
Ed Tlougan, a field technician in La Crescent, MN, was fishing with a friend when they saw three men in the cold water hanging onto a boat that had apparently tipped. None were wearing life jackets. Ed and his friend sped to the men, ages 82, 79, and 48, and pulled them to safety.
Robert Thiery, utility fitter in Waukegan, IL, was servicing a meter outside a customer's home when he saw a little girl about nine years old yelling to him from a screen door that there was a fire. Knowing there were residents in the home, Rob ran in and discovered thick smoke on the second floor. As the people in the lower level left the home, Rob asked them to call the fire department. He then grabbed a fire extinguisher and ran back into the building to make sure everyone was out. He located the fire behind a dryer and extinguished it.
The employees each received a commemorative plaque and $500 donations were made to their charities of choice.
About Integrys Energy Group, Inc.
Integrys Energy Group is a diversified holding company with regulated utility operations operating through six wholly owned subsidiaries, Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation; nonregulated operations through its wholly owned nonregulated subsidiary, Integrys Energy Services; and also a 34% equity ownership interest in American Transmission Company LLC (an electric transmission company operating in Wisconsin, Michigan, Minnesota, and Illinois). More information about Integrys Energy Group, Inc. is available online at www.integrysgroup.com.
SOURCE Integrys Energy Group, Inc.
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