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Pike Electric Announces Management Structure to Lead Energy Solutions Strategy

Posted on: Friday, 17 October 2008, 12:00 CDT

MT. AIRY, N.C., Oct. 17 /PRNewswire-FirstCall/ -- Pike Electric Corporation today announced the management structure to lead its energy solutions strategy, including key leadership promotions, to better serve customers as an Energy Solutions Company.

"These leadership changes reflect our continued commitment to customer service, along with the expanded vision of an energy solutions company," said Eric Pike, Chairman and CEO of Pike Electric. "Whether our customers need traditional transmission and distribution (T&D) construction, engineering, substation construction, EPC, renewable energy, or any combination of these services, Pike Electric stands ready to provide the turn-key energy solutions they need."

Effective January 1, the company's T&D Operations will be restructured into two regions -- East and West, with the Engineering/Substation/Renewable Operations remaining nationally focused.

These changes are designed to improve customer focus, while implementing the company's energy solutions vision, gaining cost efficiencies and providing a renewed focus on transmission construction.

"With the increased synergies and service offerings resulting from our acquisition of Energy Delivery Services (EDS) in September, we've positioned ourselves as an energy solutions company -- helping our customers meet the needs of their customers," said Pike. "As the business evolves to serve a broader, more diversified footprint and turn-key functionality, our structure -- and our management team -- need to mold that new vision."

Operations management will be led by three senior vice presidents, with responsibility for the T&D East Region, T&D West Region, and Engineering/Substations/Renewables, National.

"Together, our goal is to provide our customers all the energy solutions they may need, while continuing to grow our business and control our costs," said Pike.

Pike Electric's T&D East Region will be led by Jim Benfield, Senior Vice President. The T&D West Region will be led by Tim Harshbarger, Senior Vice President. Benfield and Harshbarger will report to Audie Simmons, Executive Vice President Operations, reporting to Pike. Jim Hicks will continue to serve as Senior Vice President, Engineering/Substation/Renewables, reporting to Pike.

Benfield formerly served as Regional Vice President. He's held positions in nearly every facet of Pike Electric, including customer service and supervisory roles, over a span of more than 25 years at the company. Benfield earned a degree in electrical engineering from NC State University.

"Jim's depth of experience brings tremendous strength to the leadership team," said Pike. "He understands the industry and the environment, and has an impressive track record of success."

Harshbarger joined Pike Electric in August 2007, as Vice President, Human Resources. With experience in powerline, utility, nuclear and engineering, he formerly worked with American Electric Power for 21 years, holding various roles in nuclear operations, energy sales, mergers and acquisitions and human resources. In addition, he served for two years as Executive Assistant to AEP's Chairman, President and Chief Executive Officer. He holds a Bachelor of Science from Purdue University and an MBA from The Ohio State University.

"The success of this company begins with people, and Tim's ability to build relationships and his innate understanding of our business is uniquely valuable," said Pike. "He's been instrumental in our transition to an Energy Solutions Company, with solid management skills, personal drive to move the company forward and experience in working with our customers."

Hicks has served as Pike Electric's Senior Vice President, Engineering Substations, since the company's acquisition of EDS in September, where he was President. Previously, Hicks spent 31 years with Duke Energy, where he was Senior Vice President of Transmission and Distribution. He also worked for the U.S. government in Iraq, rebuilding electric infrastructure. Hicks is a registered professional engineer in North and South Carolina. He has a degree in electrical engineering from Louisiana State University.

"Jim's background and talents are vital aspects of our operations team," said Pike. "His knowledge of engineering, procurement, construction, and maintenance services for the power industry is an essential part of our new vision."

In addition to these management changes, Pike has a renewed focus on Transmission construction and maintenance. The company is adding a Transmission manager in each of its T&D regions as well as a Transmission fleet manager, who will focus on growing the company's transmission business.

"I'm very pleased with the changes we're putting in place," said Pike. "Together with our 63 year track record in T&D construction and our new turn- key capabilities, we have great confidence in our ability to provide the energy solutions our customers need."

About Pike Electric

Pike Electric is one of the largest providers of outsourced electric distribution and transmission services in the United States. The Company performs engineering, design, maintenance, upgrade and construction of electric distribution powerlines, sub-500 kilovolt transmission powerlines and substations for electric utilities, cooperatives and municipalities. The Company is also a recognized leader in storm restoration services. The Company's common stock is traded on the New York Stock Exchange under the symbol PEC. For further information regarding Pike Electric, visit the Company's website at http://www.pike.com/.

Safe Harbor

This press release contains forward-looking statements that relate to Pike Electric's plans, objectives and estimate, and include those in the "Outlook" section above. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. The terms "should,""believe,""plan,""expect,""anticipate,""estimate,""intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and factors, please refer to the Risk Factor section of Pike Electric's Annual Report on Form 10-K for the fiscal year ending June 30, 2008 and in its other filings with the Securities and Exchange Commission. Pike Electric makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement, except as may be required by applicable law.

Pike Electric Corporation

CONTACT: Lara Travars of Pike Electric Corporation, +1-336-719-4492

Web site: http://www.pike.com/

Source: PRNewswire-FirstCall

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