Executive finds capital to keep power flowing
PUBLICLY TRADED COMPANIES, Mark F. McGettrick, Dominion Resources
- July 29, 2011
Mark McGettrick describes his management style at Dominion Resources Inc. as one that is focused on results.
“My philosophy has always been that we need to deploy capital in businesses that have the highest return for shareholders while ensuring a commitment to reliability and serving our electric and gas customers in a cost-effective manner,” he says.
As executive vice president and chief financial officer McGettrick shoulders a great deal of responsibility in a business where operations and financial management issues are complex. He took over his current role with the company from Tom Chewning, who won a Virginia CFO Award before retiring in 2009.
“Mark has had to follow in the oversized footsteps of his predecessor and has done so remarkably,” says Thomas Farrell, Dominion’s president and CEO. “Mark’s leadership has put our company and our principal subsidiary — Dominion Virginia Power — in a position to attract the capital required to meet the growing energy needs of our customers.”
Since joining Dominion in 1980, McGettrick has held a variety of management positions. He served as president of Dominion Resources Services Inc. and also as chief executive officer of Dominion Generation where he was responsible for growing the business.
McGettrick’s list of accomplishments at Dominion include helping guide financial planning and oversight in two major deals: the sale of Peoples Natural Gas Co. in Pennsylvania to PNG Companies LLC for after-tax proceeds of about $542 million and the $3.5 billion sale of most all of Dominion’s Appalachian exploration and production operations to CONSOL Energy.
McGettrick has been instrumental in planning Dominion’s current effort to invest more than $10 billion during the next five years to expand and improve its regulated electric and natural gas businesses. He also oversaw the financial analysis and treasury teams that worked on Dominion Virginia Power’s recent successful base rate case before the Virginia State Corporation Commission. The teams are now working on the SCC’s biennial review of Dominion Virginia Power’s base rates, terms and conditions.
He believes that it takes top-to-bottom teamwork to keep everything running smoothly. “We rely on diverse employee skill sets to be successful,” he says.
Away from work, McGettrick’s commitments include his alma mater, George Mason University, where he has served on the governing board and as a member of Dean’s Advisory Council for the School of Management. He is also an advocate for the homeless in the metropolitan Richmond area.
“Diligence, dedication, inquisitiveness, intellectual curiosity and scrupulous attention to detail are the marks of a successful and outstanding chief financial officer, and they are the marks of Mark McGettrick,” says Farrell.