William Cavanaugh III
Who is William Cavanaugh III?
William Cavanaugh III is an American finance manager with a long history of leadership positions in the energy production and real estate industries. He presently fills in as a Lead Director on the Board of Directors of the Duke Realty, an American real estate investment trust (REIT), situated in Indianapolis, Indiana.
William Cavanaugh III Biography and Career
William Cavanaugh III was brought into the world in New Orleans, Louisiana in 1939. As a young fellow, he enrolled at Tulane University, likewise in New Orleans, where he concentrated on mechanical engineering.
Military Career in the Navy
In the wake of earning a four year certification in mechanical engineering in 1961, he enrolled in the United States Navy, where he served for the next eight years, learning important examples about nuclear power age through the United States Navy's nuclear submarine program.
In 1969, he was respectably released from the Navy, at which point he set out on a career at Entergy Corp., situated in New Orleans.
Cavanaugh's Early Career in the Energy Industry
At Entergy Cavanaugh served in executive leadership jobs at three of the firm's electric utility subsidiaries: Arkansas Power and Light, Louisiana Power and Light, and Mississippi Power and Light.
Cavanaugh proceeded to go to the Kidder-Peabody Utility Corporate Finance program in 1983 and Harvard University's advanced management program in 1991. These certifications set him up for senior management jobs in the energy production sector.
He joined Carolina Power and Light Company in the job of President and Chief Operating Officer in 1992, and rose to the job of President and Chief Operating Officer (CEO) in 1999.
Cavanaugh's Later Career
As CEO of Carolina Power and Light, Cavanaugh drove the firm's 1999 acquisition of Florida Progress Corp, which CP&L bought for $54 a share.
The combined company adopted another name, Progress Energy, and became what was at the time the 10th biggest energy producer in the United States. Under Cavanaugh's leadership, the firm developed to turn into a Fortune 500 company with another headquarters in Raleigh, North Carolina with roughly $8 billion in annual incomes.
During this period, Cavanaugh strikingly opposed the trend in the energy industry to exploit deregulation to shift operations into energy trading. Enron Corporation, the leader in this movement, was subsequently shamed after it was charged to deceiving shareholders and controlling energy markets. Cavanaugh's wariness drove him to lobby against deregulation of the energy industry. Eventually, Cavanaugh was justified, and his reputation as a CEO with integrity developed.
William Cavanaugh III Retirement
Cavanaugh retired as Chief Executive Officer of the new company in 2004, and the company was subsequently taken over by Duke Energy in a $26 billion merger that framed the country's biggest electric utility.
In the wake of resigning from Progress Energy, Cavanaugh filled in as chair of the World Association of Nuclear Operators, an international association of nuclear power plant administrators that is dedicated to advancing the safe double-dealing of nuclear energy.
Features
- William Cavanaugh III is best known as the CEO of Carolina Power and Light (CP&L), which later became Progress Energy.
- Cavanaugh retired from Progress Energy in 2004, and from that point forward he has held positions at energy industry bunches like the World Association of Nuclear Operators.
- During his tenure at CP&L and later Progress Energy, Cavanaugh went against deregulation of the energy industry since he didn't have the foggiest idea about how the move would make energy companies both more productive and better for customers.
