(Bloomberg) -- Dominion Energy Inc. is getting a new CEO to lead the second-biggest U.S. power company through its shift away from natural gas.
Robert M. Blue, co-chief operating officer, will be promoted to president and chief executive officer on Oct. 1, according to a statement Friday. Thomas F. Farrell II, chairman, president and CEO, will become the company's executive chairman.
The change follows the company's decision earlier this month to sell substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion to focus on renewables. Utilities are facing increasing pressure to pull back from fossil fuels, and Farrell said then that the trend is the “new reality” for power companies.
“I will be particularly focused on continuing to develop our strategic plan and Dominion's leadership in the new clean energy economy,” Farrell said in Friday's statement.
As part of the management change, Diane Leopold, executive vice president and co-COO, will become sole COO, reporting to Blue.
Dominion shares gained 1.2% before the start of regular trading in New York.
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