RENO, Nev.—Walt Higgins, chairman of Sierra Pacific Resources, will retire at the end of July.
The parent firm of Nevada's two main electric utilities announced that the 63-year-old Higgins will be replaced by Philip Satre, a member of Sierra Pacific's board and former chairman of Harrah's Entertainment Inc.
Higgins guided the company through financial turmoil early this decade during the Western energy crisis and saw its return to profitability.
He stepped down from the chief executive's post last July, leaving the day-to-day leadership to current CEO Michael Yackira but continuing in the part-time post of chairman of the board.
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