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Sempra Announces Updates to Management Team

SRE | November 27, 2023

SAN DIEGO, Nov. 27, 2023 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced updates to its officer team with a view toward strengthening the company's existing management capabilities and sustained financial and operational performance.

"As we continue our mission to build North America's leading energy infrastructure company, we understand the importance of continuing to invest in and build a strong and diverse leadership team that delivers quality results to our customers, communities and shareholders," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "This is an exciting time for our company, and I am confident that today's announcement will better position us to execute our strategic priorities and record capital campaign, which is centered on safety, reliability, growth and clean energy investments, and better serve our customers."

The following management updates are effective Jan. 1, 2024, unless otherwise noted, and these individuals will report directly to Martin.

Justin Bird, chief executive officer of Sempra Infrastructure, will continue in his current role leading the business operations of Sempra Infrastructure, one of Sempra's three growth platforms with approximately 2,500 employees. In addition, Bird has been appointed executive vice president of Sempra where he will lead several corporate functions, including Corporate Development and Financial Planning. Bird has served within the Sempra family of companies for close to 20 years in a variety of leadership roles, serving more recently as the chief executive officer of Sempra LNG.

Diana Day, who currently serves as deputy general counsel, has been appointed chief legal counsel of Sempra with responsibility for the company's Legal Affairs and Governance. Over the last 25 years, Day has served in a variety of leadership roles within the company's law department. Most recently, Day served as the senior vice president and general counsel at San Diego Gas & Electric (SDGE) with responsibility for Legal Affairs and Governance and formerly served as the vice president of enterprise risk management for Southern California Gas Company (SoCalGas) and SDGE.

Trevor Mihalik, who currently serves as the company's executive vice president and chief financial officer, has been appointed executive vice president and group president of Sempra. In his new role, Mihalik will have responsibility for Sempra California, as well as several corporate functions, including Risk and Compliance, Human Resources and Audit Services and Insurance. Over the last 11 years, Mihalik has served as the company's chief accounting officer and more recently as the chief financial officer.

Karen Sedgwick, who currently serves as the company's chief administrative officer and chief human resources officer, has been appointed executive vice president and chief financial officer of Sempra, where she will lead several corporate functions, including Accounting, Tax, Finance and Investor Relations. Over the last 31 years, Sedgwick has held a series of financial leadership roles within the Sempra family of companies, including Treasury and Cash Management, Investor Relations, Financial Planning, Audit Services and Insurance, and Enterprise Risk Management and Compliance.

Kevin Sagara, executive vice president and group president of Sempra, will be retiring effective Dec. 1, 2023, as previously announced. Over the last 31 years, Sagara has held a series of leadership roles within the Sempra family of companies.

At Sempra, there is a long-standing commitment to fostering a high performing culture that privileges safety and operational excellence, leadership and workforce development and diversity and inclusion. The appointments announced today support the company's mission and continue the company's tradition of periodic leadership rotations to provide opportunities for broader leadership experiences and organizational development.

About Sempra

Sempra is a leading North American energy infrastructure company that helps meet the daily energy needs of nearly 40 million consumers. As the owner of one of the largest energy networks on the continent, Sempra is helping to electrify and decarbonize some of the world's most significant economic markets, including California, Texas, Mexico and the LNG export market. The company is also consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performance culture focused on safety and operational excellence, leadership and workforce development and diversity and inclusion. In 2022, Investor's Business Daily named Sempra the top-ranked utility in the U.S. for environmental, social and governance scores and financial performance. Sempra was also included on the Dow Jones Sustainability North America Index for the 12th consecutive year. More information about Sempra is available at sempra.com and on social media @Sempra.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "initiative," "target," "outlook," "optimistic," "poised," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, investigations, inquiries, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions by the (i) California Public Utilities Commission (CPUC), Comisión Reguladora de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, Public Utility Commission of Texas, U.S. Internal Revenue Service and other governmental and regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures and other significant transactions, including risks in (i) being able to make a final investment decision, (ii) completing construction projects or other transactions on schedule and budget, (iii) realizing anticipated benefits from any of these efforts if completed, and (iv) obtaining third-party consents and approvals; macroeconomic trends or other factors that could change our capital expenditure plans and their potential impact on rate base or other growth; litigation, arbitrations, property disputes and other proceedings, and changes to laws and regulations, including those related to tax and trade policy and the energy industry in Mexico; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure, all of which continue to become more pronounced; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, including due to (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, or (iii) rising interest rates and inflation; failure of foreign governments, state-owned entities and our counterparties to honor their contracts and commitments; the impact on affordability of SDGE's and SoCalGas's customer rates and their cost of capital and on SDGE's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices, (ii) with respect to SDGE's and SoCalGas' businesses, the cost of the clean energy transition in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate and sustainability policies, laws, rules, regulations, disclosures and trends, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and our ability to incorporate new technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid, pipeline system or limitations on the withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, sec.gov, and on Sempra's website, sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDGE or SoCalGas, and Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.