Electricite de France announced Monday that they named Henri Proglio as the new chief executive of the state-controlled utility company, according to Associated Press.
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Proglio will now be in charge of EdF, which is Europe's largest utility, in addition to an extensive French nuclear plant network and nuclear projects in the United States and Britain.
EdF's board met Sunday and nominated six new executives, including CEO. The names will be submitted to shareholders Nov. 5. The government, the largest shareholder, ultimately appoints the candidate.
Proglio, the current chief of Veolia Environnement, would take over from Pierre Gadonneix, who spent five years at the head of EdF, France's No. 2 publicly listed company by market capitalization. Gadonneix' days at the head of EdF have been numbered since July, when he called for a whopping 20 percent electricity price hike in the middle of France's worst recession in 50 years.
Proglio, 60, has led Veolia since it was spun out of Vivendi in 2003. Proglio spent his entire carreer at Veolia, which owns the world's largest water company and provides water to U.S. cities Atlanta and Indianapolis and many other cities around the world.
Gadonneix grew EdF through major acquisitions, from British Energy in Britain to Constellation Energy in the United States.
At the head of EdF, Proglio will have authority over the company's 58 nuclear reactors in France and a range of international energy assets across Europe as well as in the U.S., China and South Africa.
Proglio also inherits EdF's fraught project to build a third-generation nuclear plant in Flamanville, France. The plan has been plagued by delays and cost overruns. EdF currently estimates it will cost around euro4 billion ($5.87 billion) to build, 20 percent more than originally planned. It is due to start up in 2012.
The move also could pave the way for a larger EdF stake in Veolia, which France's opposition Socialists cautioned against, saying it would take EdF away from its role as a state-controlled company and employer.
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