Morning Briefing - May 20, 2019
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May 20, 2019

Westinghouse Electric Taps New CEO

By ExchangeMonitor

Westinghouse Electric announced Thursday it will change CEOs this summer.

After 11 years with Westinghouse, José Emeterio Gutiérrez will resign as president and CEO effective July 31 and will be succeeded Aug. 19 by Patrick Fragman, group senior vice president at ABB Limited, an international technology company involved with electrification, industrial automation, and other fields.

An executive committee of senior managers will run Westinghouse daily operations in the three weeks between Gutiérrez and Fragman, the company said in a press release.

Fragman has about 30 years of experience in the global power and energy services businesses and currently manages ABB’s electric grid integration operations.

After joining Westinghouse in 2008 as technical director of nuclear services and regional vice president of Spain, Gutiérrez was named president and CEO in 2017 after being appointed on an interim basis in 2016. He will stay on as a member of the Westinghouse Global Advisory Board. “It has been an honor to serve as president and CEO of Westinghouse, a truly iconic company and global leader in the nuclear industry,” Gutiérrez said in the release.

Gutiérrez helped the company emerge from Chapter 11 bankruptcy reorganization in August 2018. Global asset management firm Brookfield Business Partners purchased Westinghouse out of bankruptcy last August for $4.6 billion.  Westinghouse was previously owned by Toshbia since 2016.

Last November, the head of affiliate Westinghouse Government Services, Cathy Hickey, took a voluntary buyout and went to work with another Energy Department contractor, Navarro Research and Engineering.

Westinghouse is a member of the Atkins-led Mid-America Conversion Services, which has a five-year, $475 million contract for conversion of depleted uranium hexafluoride (DUF6) into a more stable form at the Portsmouth Site in Ohio and the Paducah Site in Kentucky.