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Heads roll at Entergy
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November 25, 1997: 1:49 p.m. ET
Utility's CEO asks executives to resign as he tries to create "team spirit"
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NEW YORK (CNNfn) - The CEO of utility holding company Entergy Corp. has asked for the resignations of two top officials, the company said Tuesday.
Gerald McInvale has stepped down as vice chairman and chief financial officer and Terry Ogletree has resigned as president of the Entergy Power Group.
Both were asked to leave by Entergy CEO Ed Lupberger.
Lupberger, who will be acting CFO until a replacement is found, said he is striving to create a "team spirit" at Entergy (ETR).
"With a team at the top driven by our well-established corporate values, I am confident that Entergy will go onto the competitive playing field ready and able to win," Lupberger said.
Raymond Moore, a director at Dillon Read, said that Lupberger is trying to bolster the company's overseas operations, which include the United Kingdom, Australia and Argentina.
"It's obvious that he felt they weren't getting the job done," said Moore. "He felt that McInvale's financial experience was not strong enough and he was basically looking to get someone with more sophisticated international experience."
The resignations came just one day after the company's president and chief operating officer, Ron Burns, said he is leaving after just four months on the job.
Burns cited the problems associated with leaving his family in Omaha, Neb., while he worked at the New Orleans, La.-based Entergy as the reason for his departure.
Burns said he will remain with Entergy in a consulting role.
Entergy's operations include power production, distribution and other related services. About half of its 4.8 million customers reside in the Gulf Coast area of the United States.
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