PITTSBURGH, July 14 /PRNewswire/ -- George A. Davidson, Jr., chairman and
CEO of Consolidated Natural Gas Company (NYSE: CNG), said today that he has
informed CNG's Board of Directors of his intention to retire at age 62 and has
asked the Board to initiate a search for a president and CEO, considering both
internal and external candidates. Mr. Davidson, who has been CNG's chairman
since 1987, will be 60 this month.
Mr. Davidson said he will serve as chairman and CEO until the new
executive is in place, at which time he will step down as CEO and continue as
chairman.
"CNG is in excellent shape for the future," Mr. Davidson said. "We're
coming off of two years of record earnings, and we've already accomplished the
goal we set in 1994 of increasing earnings an average of 10 percent a year
over five years. And, perhaps most important, we've committed the company and
our entire executive team to focusing on adding shareholder value in the next
five years. It's important that we have the top management in place to carry
through on that commitment," he said.
Mr. Davidson joined CNG in 1966 and became chairman and CEO in May of
1987. During his career, he served as vice chairman of Consolidated;
president of CNG Transmission Corporation, Consolidated's interstate gas
transmission subsidiary; vice president of System Gas Operations for
Consolidated; and in various posts in the rate and regulatory area.
Consolidated Natural Gas Company (CNG) is one of the nation's largest
producers, transporters, distributors and retail marketers of natural gas.
The company's natural gas transmission and distribution operations serve
customers in Ohio, Pennsylvania, Virginia, West Virginia, New York and other
states in the Northeast and Mid-Atlantic regions. CNG explores for and
produces oil and natural gas in the United States and makes selective
investments abroad.
CNG's recent news releases are available 24 hours a day on the Internet,
by fax machine, or by voice recording. On the Internet, use CNG's web site:
http://www.cng.com For faxing, call 1-800-758-5804 on a touch-tone phone and enter
CNG's company extension, which 203456. From a menu, you will then be able to
select releases that will be faxed to you immediately without charge. For
voice recordings, call 1-888-CNG-NEWS. This line is toll-free.
SOURCE Consolidated Natural Gas Company
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Related links:
http://www.cng.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 203456
CONTACT:
John Conti of Consolidated Natural Gas,
412-690-1133
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