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Allegheny COO Pifer retires

October 21, 2003|by LAURA ERNDE

laurae@herald-mail.com

Allegheny Energy Inc. on Monday announced the retirement of Chief Operating Officer Jay S. Pifer, who has been with the company for more than 40 years.

Pifer is the last top executive to leave the Hagerstown-based utility in a reorganization plan put into place this year to deal with the company's financial problems.

Allegheny is trying to refocus on its core transmission and delivery business, and back away from its failed foray into energy trading, according to its 2002 annual report filed Sept. 25.

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Pifer, 66, briefly served as interim president and chief executive officer until Paul J. Evanson took over in June.

Pifer took the job of chief operating officer under Evanson, the former president of Florida Power and Light Co.

"The Board of Directors asked me to stay beyond my normal retirement date to serve as interim president and CEO and then, again, to serve as COO during the transition to a new leadership team for Allegheny," Pifer said in a prepared statement. "I have truly enjoyed my many years with the company and working with the many wonderful employees at Allegheny who are so committed to excellence, to teamwork and safety, and to customer service."

Pifer will be paid $27,815 a month in the form of a single life annuity after he retires Dec. 1, according to documents filed with the U.S. Securities and Exchange Commission.

Pifer also has been active in civic and community service in the Pittsburgh area.

He serves on the advisory board of the Northeast Region of the Boy Scouts of America. He's also board member, past president and recipient of the Silver Beaver Award of the Westmoreland-Fayette Council of the Boy Scouts.

He also is a director of the Westmoreland Trust, director and past chairman of the Pennsylvania Electric Association and director of the Ohio Electric Utilities Institute.

Pifer is a member of the Western Pennsylvania Conservancy and the Pittsburgh Chamber of Commerce, and has served on the boards of numerous organizations, including Waynesburg College, Penn State University Advisory Board, the University of Pittsburgh-Greensburg and United Way.

Allegheny reported a $632.7 million annual loss in 2002, largely due to the energy trading problems.

Allegheny delivers electricity and natural gas to about 3 million people in Maryland, Ohio, Pennsylvania, Virginia and West Virginia.

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