THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, February 28, 1995 TAG: 9502280231
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: RICHMOND LENGTH: Short : 40 lines
The chief executives of Virginia Power and its parent company could resign under a proposal being considered by a special committee of the companies' boards of directors.
In addition to the resignations of Virginia Power CEO James T. Rhodes and Dominion Resources Inc. CEO Thomas E. Capps, the proposal could significantly restructure the companies' boards of directors.
The four-member special committee was created to oversee the implementation of an August settlement that ended a feud between Dominion Resources and Virginia Power over management of the utility.
The proposal was developed in a meeting Friday, four days after the companies reached a deal with the State Corporation Commission that would prevent Dominion Resources from changing without regulatory approval the utility's management, directors or bylaws through mid-1996. However, Virginia Power's board would not be blocked from acting under the consent decree.
The special committee has not acted on the proposal. ILLUSTRATION: Color photos
Thomas E. Capps
CEO
Dominion Resources
James T. Rhodes
CEO
Virginia Power
by CNB