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CenterPoint CEO Resigns

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Vectren
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The head of the utility company that recently purchased Vectren has stepped down. 

Texas-based CenterPoint Energy says Scott Prochazka has resigned as President and Chief Executive Officer, and as a member of the company’s board of directors.

There’s no word from the company on why he stepped down, but the Houston Chronicle reports the departure came after the Texas Public Utility Commission approved a reduced rate increase for CenterPoint.

The paper also reported complaints about power reliability from grocery chain H-E-B that contributed to the reduction of CenterPoint’s allowable returns.

In a company release, CenterPoint Executive Chairman Milton Carroll thanked Prochazka for “meaningful contributions to the company during his distinguished career.”

CenterPoint named John Somerhalder II as interim President and CEO.

The company purchased Evansville-based Vectren last year.