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

Thomas Fanning, president and main executive officer of Southern Co speaks to attendees during the Section 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) Chief Executive Tom Fanning is predicted to phase down by the conclusion of this 12 months and the company has introduced a look for for his successor, Bloomberg News documented on Friday, citing people familiar with the make a difference.

Fanning is anticipated to continue to be with Southern in some ability immediately after stepping down as CEO, the report mentioned. (https://bloom.bg/3zmkTvQ)

Fanning, 65, told Bloomberg in an job interview that he desires to continue being CEO right until Southern’s Vogtle nuclear plant growth is comprehensive, the report reported.

A company spokesperson explained that no timelines have been established pertaining to any probable retirement.

Southern on Thursday lifted the price estimate for the Vogtle plant expansion to about $10.5 billion. The strategies are by now billions of pounds about budget and yrs behind schedule.

The Ga, Atlanta-based business also explained its next-quarter internet gain virtually tripled to $1.11 billion.

Reporting by Ruhi Soni in Bengaluru Modifying by Devika Syamnath

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