Southern CEO Fanning to exit, hunt on for successor – Bloomberg News

Thomas Fanning, president and chief executive officer of Southern Co speaks to attendees throughout the Department of Homeland Security’s Cybersecurity Summit in Manhattan, New York, U.S., July 31, 2018. REUTERS/Eduardo Munoz

July 29 (Reuters) – U.S. utility Southern Co (SO.N) Main Govt Tom Fanning is expected to move down by the close of this 12 months and the enterprise has released a search for his successor, Bloomberg News documented on Friday, citing men and women acquainted with the matter.

Fanning is anticipated to keep on being with Southern in some capacity right after stepping down as CEO, the report reported. (https://bloom.bg/3zmkTvQ)

Fanning, 65, advised Bloomberg in an job interview that he needs to continue being CEO until eventually Southern’s Vogtle nuclear plant expansion is comprehensive, the report stated.

A company spokesperson reported that no timelines have been established relating to any opportunity retirement.

Southern on Thursday elevated the price estimate for the Vogtle plant growth to about $10.5 billion. The strategies are previously billions of bucks about price range and many years behind schedule.

The Ga, Atlanta-primarily based organization also mentioned its 2nd-quarter net income practically tripled to $1.11 billion.

Reporting by Ruhi Soni in Bengaluru Modifying by Devika Syamnath

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