Chesapeake Utilities
| Chesapeake Utilities | |
| Company type | Public |
|---|---|
| NYSE: CPK | |
| Industry | Energy |
| Founded | 1859 |
| Headquarters | Dover, Delaware |
| Products | Natural gas |
| Website | www |
Chesapeake Utilities Corporation is a publicly held American energy services company focusing on distribution of natural gas and propane in Delaware, Maryland and Florida. The corporate headquarters are located in Dover, Delaware. In Delaware, the company operates the only natural gas distribution system in Kent and Sussex Counties. The company serves all consumer types in Delaware and Maryland, but markets primarily to commercial and industrial customers in Florida, where it operates as Peninsula Energy Services Company, Inc. (PESCO).
History
The Dover Gas and Light Company was formed in 1859. This company was incorporated in Delaware in 1947 as Chesapeake Utilities Corporation and has made at least thirteen corporate acquisitions since that time. Trading of common stock on the NASDAQ Exchange (formerly traded as CHPK) began in 1985 and on the New York Stock Exchange (currently traded as CPK) in 1993.
Subsidiaries
The company is involved in a number of other businesses through wholly owned subsidiaries. The subsidiary Eastern Shore Natural Gas Company conducts natural gas transmission operations in Pennsylvania and Delaware, while subsidiaries Sharp Energy and Xeron are involved in propane distribution to all customer types.
In October 2014, the company sold its information-technology subsidiary BravePoint to Progress Software.[1]
Governance
Mr. Michael P. McMasters, age 57, is President and Chief Executive Officer of Chesapeake. He was appointed Chief Executive Officer effective January 1, 2011. He was appointed as President in March 2010. Mr. McMasters is responsible for execution of the Company’s strategic plan and providing leadership and oversight of the Company’s businesses. Mr. McMasters previously served as Executive Vice President and Chief Operating Officer of the Company from 2008 to 2010. Mr. McMasters joined the Company in 1980. During his tenure with the Company he has also served as Chief Financial Officer, Senior Vice President, Vice President, Treasurer, Director of Accounting and Rates, and Controller. He serves on the Board of Directors of the American Gas Association. Mr. McMasters is also a member of the Delaware Business Roundtable. The former President and Chief Executive Officer (CEO) was John R. Schimkaitis, who held this position from 1999 (President since 1997) until 2010. Presidents exist for each of the four subsidiaries Sharp Energy, Xeron, BravePoint and OnSight Energy. The Chief Operating Officer was Paul M. Barbas, who held this position from 2003 until 2006. Paul left Chesapeake to become CEO of Dayton Power and Light in 2006.
References
Information was obtained from multiple parts of the company website: Staff (2006). "Chesapeake Utilities Corporation corporate web site". Retrieved 2006-09-01.