Dominion Energy promotes exec to CFO

Richmond-based Dominion Energy Inc. has promoted Steven D. Ridge to chief financial officer and senior vice president, replacing James R. Chapman, who will leave the company, the Fortune 500 utility announced Friday.

Currently vice president of investor relations, Ridge will start his new role later this month and will be responsible for corporate and financial planning, investor relations, tax, treasury, mergers and acquisitions and asset management. He joined Dominion in 2014 and was previously an executive director in the energy investment banking group at J.P. Morgan Chase & Co. in New York.

“At Dominion Energy, we have remarkable bench strength. Steven Ridge is a great example of that. After nearly a decade in energy investment banking, Steven joined Dominion Energy and has spent the past eight years in leadership roles in mergers and acquisitions, corporate strategy, financial management and investor relations,” Dominion Chair, President and CEO Robert M. Blue said in a statement. “During much of that time he worked closely with Jim Chapman and me, along with the rest of our senior leadership team. For the past year, he has been successfully leading our western gas operations that serve nearly 1.2 million customers. He has a wealth of experience in finance, is well-known to many of our investors, and is a strong, capable leader.”

Ridge earned a bachelor’s degree in economics from Brigham Young University and a master’s degree in international economics and finance from Brandeis University.

Chapman, the departing CFO, has been in his role since 2018 and before that was senior vice president of mergers and acquisitions and treasurer since 2016. He started at Dominion in 2013.

“During his tenure, Jim has adeptly overseen a rapid transition to an asset mix largely defined by state-regulated utility operations and a capital plan aimed at decarbonization in support of public policy goals and our commitment to net-zero emissions by 2050,” Blue said. “He has served the company well, and we wish him good fortune in the next chapter of his career.”

Also on Friday, Dominion announced its third-quarter earnings. Operating earnings for the three months that ended Sept. 30 were $944 million, compared to $918 million for the same period last year.