CEO for the 21st Century - Dominion's Thomas Farrell
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Meet the Speaker:
F. Farrell II
Chairman, President and Chief Executive Officer
Dominion Resources, Inc.
As chairman, president and chief executive officer of Dominion Resources (NYSE: D), Tom Farrell has emerged as a leading expert on national energy issues and as an advocate of a cohesive national energy policy. In June 2012, he completed his term as chairman of the Edison Electric Institute (EEI), the industry's national trade association.
Headquartered in Richmond, Va., Dominion is one of America's largest energy companies, with a market capitalization of approximately $30 billion and operations in 15 states. In 2011, Dominion was ranked among the "100 Best Corporate Citizens" by Corporate Responsibility magazine, which graded the nation's 1,000 largest public companies based on their efforts in the areas of environment, climate change, human rights, philanthropy, employee relations, financial performance and governance. Dominion was also ranked among the world's most admired companies, according to Fortune magazine. Fortune's 2012 list of most admired electric and gas utilities ranked Dominion second.
In addition, during Farrell's tenure Dominion has been awarded both the Secretary of Defense Employer Support Freedom Award, the highest recognition given to employers for their support of employees who serve in the National Guard and Reserve, and United Way's national Summit Awards for exceptional volunteerism and community impact.
Under Farrell's leadership, Dominion is investing more than $5 billion in environmental upgrades and safeguards to its operating facilities, and has achieved double-digit growth in operating earnings per share and in the company's dividend rate. Dominion has also doubled its philanthropic giving since Farrell became CEO.
Farrell joined Dominion in 1995 and served in several senior management positions at the holding company and its subsidiaries. Among his first accomplishments was leading Dominion's expansion into international electric generation and distribution markets. He directed a successful public offer for East Midlands Electricity in the United Kingdom in 1997 and also oversaw Dominion's growth as a major U.S. power producer in Argentina, Bolivia, Peru and Belize.
As Dominion refocused itself domestically in 1999, Farrell led the company's simultaneous divestiture of foreign assets and the successful acquisition of another major U.S. energy company, Consolidated Natural Gas, the following year. The combined company became the nation's largest integrated natural gas and electric power company. Since then, under Farrell's direction, Dominion initiated a series of profitable domestic acquisitions to expand its operating base into the Midwest, mid-Atlantic and Northeast regions. Today, Dominion is one of the nation's largest power generators, with approximately 27,500 megawatts of production capability. It is one of the nation's largest and most efficient nuclear power operators with facilities in three states. The company's Dominion Virginia Power electric utility franchise is ranked one of the nation's most efficient. Dominion's natural gas gathering, processing, transmission and storage businesses lie in the heart of the prolific Marcellus and Utica Shale production regions.
Farrell was named president and chief executive officer effective Jan. 1, 2006; he was elected chairman of Dominion's board of directors in April 2007.
The past chairman of EEI, Farrell is the Presiding Director of Altria Group, Inc. Farrell was recently elected chairman of Colonial Williamsburg's Board of Trustees. Farrell also has served on the Board of Visitors at the University of Virginia, where he was Rector. He is a member of the Board of Visitors at Virginia Commonwealth University and the Board of Trustees of the Virginia Museum of Fine Arts. Farrell serves as Vice Chairman of the Institute of Nuclear Power Operations. Farrell also was a member of a Council on Foreign Relations independent task force that produced the June 2008 report, "Confronting Climate Change: A Strategy for U.S. Foreign Policy."
He chairs Governor Bob McDonnell's Commission on Higher Education Reform and has served as co-chairman of the Governor's five-member transition committee, as a member of the Governor of Virginia's Advisory Council on Revenue Estimates, as chair of the Virginia Business Council and of the Management Roundtable and as a member of the State Council of Higher Education for Virginia.
Farrell has appeared on CBS, CNBC, Fox Business News and other national networks, testified before Congress, spoken at major industry forums, and contributed opinion pieces to national and regional newspapers and magazines.
Farrell received both his B.A. in Economics and Law Degree from the University of Virginia.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states.