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Pepco Holdings CEO to retire in first half of 2015

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WASHINGTON (AP) — Utility company Pepco Holdings Inc. said Monday that Joseph Rigby, its chairman, president and CEO, plans to retire in the first half of 2015.

To help ease the transition, Rigby will step down as CEO near the end of this year after his successor is selected. He will remain as executive chairman of the board until the company's 2015 annual shareholder meeting.

Pepco said it plans to consider both internal and external candidates for the CEO position and has hired executive search firm Russell Reynolds Associates to help with the search.

The company said it expects to name a successor by the end of the third quarter.

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