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Prepa Selects Executive Search Firm in Accordance with Revitalization Act

By on March 12, 2016

SAN JUAN – The Puerto Rico Electric Power Authority’s (Prepa) board approved Saturday its selection of recruiting firm Russell Reynolds Associates as responsible for producing a list of candidates to for the boards of both the public utility and the Prepa Revitalization Corp.

Prepa Chairman Harry Rodríguez explained that “the selection of Russell Reynolds represents another important step in the transformation of the authority and the beginning of the transition process to establish a board of directors whose qualifications and expertise in energy as well as in legal and financial areas that can meet the future challenges of Prepa’s complex operations. This corporate-governance reform will ensure the implementation of an uninterrupted and long-term strategic plan.”

The contract with Russell Reynolds will be valid until Oct. 15, for $559,000 and a 15 percent cap for reimbursable expenses. The executive search firm’s portfolio includes the selection of government board members for such companies as Xcel Energy, Dynegy and SemGroup.

Rodríguez said the list of potential candidates will be presented to the governor as required by the recently passed Prepa Revitalization Act.

The Revitalization Act stipulates that the six independent members of the government board to be appointed by the governor must be selected from a list of at least 10 candidates chosen by a reputable talent search firm for boards in institutions similar to Prepa in size, complexity and risk.

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