Vince Parisi, president and CEO of Indianapolis Power & Light Co., is resigning after less than a year at the helm, citing family reasons.
The Indianapolis-based utility issued a brief statement Wednesday afternoon, saying that Parisi wanted to spend more time with his family, who live in Columbus, Ohio. Parisi had been commuting to Indianapolis from Columbus since taking over the top job here last June.
Parisi’s resignation is effective June 5. He was also president of Dayton Power & Light and is resigning from that position as well. Both are owned by Virginia-based AES Corp. No replacement was named for the top job at IPL.
His departure marks the latest in a string of turnovers at IPL, which has gone through four CEOs since 2015.
“I thank Vince for his thoughtful leadership, customer-centric approach and focus on our Indianapolis and Dayton communities,” said a statement from Lisa Krueger, president of parent AES Corp.’s United States strategic business unit, based in Indianapolis. “We will continue to deliver safe, reliable and affordable energy service to our customers and invest in the communities we serve.”
An IPL spokeswoman said Parisi was unavailable for comment. The utility did not say whether Parisi had taken a job in Ohio.
“Leaving AES is a bittersweet decision, but it is the best choice for my family and me at this time,” Parisi said in written remarks. “I value the talented team at AES and the friendships I made here and, in the Indianapolis and Dayton communities. I wish everyone at AES my best as they continue to accelerate the future of energy.”
During Parisi’s brief tenure as CEO, the utility received state permission to spend $1.2 billion to upgrade its local energy grid, a move that will allow for seven straight years of rate increases to pay for the improvements. IPL said the project would mean fewer outages and the ability to isolate problems and re-route power, reducing service interruptions.
Also under Parisi, IPL said last year it would retire two of the four coal-burning units at its massive Petersburg Generating Station by 2023. The power plant, about 120 miles southwest of Indianapolis, has been called a “super polluter” by environmental groups. It has racked up more than a dozen environmental violations in the past five years, emitting excess sulfur dioxide, nitrous oxide particulate matter and sulfuric mist. All four units at the power station have run afoul of regulations. Petersburg is the largest generating station in IPL’s fleet.
Parisi has about two decades of experience in the utilities industry, previously serving as a vice president at Columbia Gas of Ohio, a unit of Merrillville-based NiSource Inc.
At IPL, Parisi succeeded Craig Jackson, who stepped down in December 2018 after just 10 months in the job. Previous CEOs were Rafael Sanchez, who left in a reorganization after two years and is now president of private banking in Indianapolis for Evansville-based Old National Bank; and Kelly Huntington, who left in 2015 after two years and is now a senior vice president at U.S. Infrastructure Co. in Indianapolis.
IPL provides electricity to more than 500,000 residential, commercial, and industrial customers in central Indiana.