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Dayton
Business Journal...
Report: Paul Barbas
resigns as CEO at DPL
by Ginger Christ
Thursday, December 15, 2011
Paul Barbas, president and CEO of DPL Inc., is leaving the company
earlier than expected.
Barbas resigned two and a half weeks earlier than scheduled, according
to WDTN-TV, a media partner of the Dayton Business Journal.
DPL — the sixth-largest in the Dayton region —is being acquired by
Virginia-based AES Corp., a global power company, for $4.7 billion.
Barbas was expected to remain with the company through the end of the
year. He will receive $9.8 million as part of the deal with AES,
according to a filing with the U.S. Securities and Exchange Commission
That amount includes $3.5 million in salary and bonuses; $1.1 million
in LTIP awards; and $900,000 in stock awards, among others.
DPL Inc. is the parent company of The Dayton Power and Light Co.; DPL
Energy LLC and DPL Energy Resources Inc.
DPL Inc. shareholders in September approved the AES buyout.
The company did not immediately return calls seeking comment.
Under terms of the deal, DPL will remain a standalone business, with
local management and corporate functions, and its headquarters will
remain in Dayton for at least two years.
Barbas joined DPL in 2006 as president and CEO. Before coming to DPL,
he was executive vice president and COO of Dover, Del.-based Chesapeake
Utilities Corp.
He also previously worked as executive vice president of Allegheny
Power.
Barbas began his career in 1981 at General Electric Co., where he
served in a variety of operations and financial positions until 1998.
Barbas is activie in the Dayton community. He serves on the Dayton
Development Coalition’s board of trustees and is also a member of its
executive committee. In addition, he chairs the Montgomery County
Workforce Investment Board and is a board member of the Edison Electric
Institute, an association of shareholder-owned electric companies.
DPL serves more than 500,000 customers in West Central Ohio through its
subsidiaries, DP&L and DPL Energy Resources.
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