Westinghouse President and CEO Aris Candris to Retire Effective March 31

PITTSBURGH, Jan. 9, 2012  /PRNewswire/ -- Westinghouse Electric Company announced today that its President and Chief Executive Officer Aris S. Candris has informed the Board of Directors that he intends to retire effective March 31.  Westinghouse also announced that Dr. Candris will stay on as a Senior Advisor to Westinghouse.

In addition, Westinghouse announced the formation of the Westinghouse Executive Office, effective April 1, with Jim Ferland appointed President and CEO and Ricardo (Ric) Perez appointed President and Chief Operating Officer.  Mr. Ferland currently serves as President, Americas Region for Westinghouse, and Mr. Perez currently serves as President, Operations. Both have extensive experience at Westinghouse.  In making the announcement, Westinghouse Board Chairman Shigenori Shiga thanked Dr. Candris for the significant contributions he has made to Westinghouse and the global commercial nuclear energy industry over his 37-year career.

"The recent U.S. Nuclear Regulatory Commission approval of the final design of the AP1000® nuclear power plant, the imminent approval of the construction of the first new nuclear plants in the United States in 30 years, and the ongoing construction of the first phase of four nuclear plants in China caps Dr. Candris' magnificent career with Westinghouse," he said.  "He helped keep the firm vibrant during the lean years of the 1980s and 1990s, and he very much laid the groundwork for the global nuclear energy renaissance we are experiencing today."

Mr. Shiga also pointed out that Westinghouse revenues and operating profit increased at an average rate in excess of 20 percent per year during Dr. Candris' tenure.

Recent and Pending Milestones

The U.S. Nuclear Regulatory Commission granted final design certification to the AP1000 plant design in December, 2011.  It is also expected that the NRC will soon grant Combined Construction and Operating Licenses (COLs) for four new AP1000 plants, two each at Southern's Vogtle site in Georgia and SCANA's V.C. Summer site in South Carolina.

Westinghouse, during Dr. Candris' tenure as President and CEO, greatly expanded its ability to provide fuel and services to the global operating fleet of nuclear plants, with significant expansion in the Boiling Water Reactor market segment.  Westinghouse also greatly expanded the global nuclear energy industry infrastructure as part of a long-term strategy to maintain an industry-leading position in all four nuclear energy market segments: fuel, services, automation and new plant.

In announcing his retirement, Dr. Candris told employees: "The future of our industry, with Westinghouse at the lead, remains vibrant.  We are achieving success in China, and are now prepared, with the NRC's pending approval of COLs for both Vogtle and V.C. Summer, to move to the actual construction phase for new AP1000 plants in the United States.  Our prospects are also bright throughout Europe, Asia and in the Americas.  All of this, combined with the investments we have made, and will continue to make, in technology development will ensure that Westinghouse will maintain and even expand our industry-wide leadership position so that each of you will have opportunities that will be both challenging and rewarding."

Executive Office Formation

In announcing the formation of the Westinghouse Executive Office, Dr. Candris also said: "The Executive Office reflects the global nature of Westinghouse's operations, the potential for significant growth within all market segments, and the challenges associated with conducting business in such a heavily regulated and closely scrutinized industry," he said.  "Both Jim and Ric will have clearly defined responsibilities, but they will also work closely as a team to lead Westinghouse forward." 

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world.  Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa.  Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants.

SOURCE Westinghouse Electric Company

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