Eugene R. McGrath

Eugene R. McGrath
Born	1942 Yonkers, New York, U.S.
Occupation	Executive
Known for	Chairman and CEO of Consolidated Edison Company of New York, Inc.

Eugene (Gene) R. McGrath (born 1942 in Yonkers, New York) is an American executive with a broad background in engineering, operations, and senior leadership within the utility sector. McGrath held the positions of Chairman of the Board and Chief Executive Officer at Consolidated Edison Company of New York, Inc., a regulated utility delivering electric, gas, and steam services throughout New York City and Westchester County. This company operates as a subsidiary of Consolidated Edison, Inc., which is the largest utility serving one of the globe’s most populous metropolitan regions. A lifelong New Yorker, McGrath dedicated his entire professional career to Con Edison. He has been acknowledged by Forbes magazine as one of the nation’s Most Influential Figures.

Consolidated Edison Company of New York, Inc.

McGrath earned his bachelor's degree in mechanical engineering from Manhattan College in 1963 and immediately joined Consolidated Edison. He started his career as an engineer and management trainee within the operations and customer service departments.

Rapid career progression saw him overseeing fossil-fuel and nuclear generating stations before his promotion to vice president in 1978. He obtained an MBA from Iona College in 1980. Subsequent advancements included appointments as senior vice president (1981), executive vice president (1982), and trustee (1987).

After completing Harvard University's Advanced Management Program in 1989, McGrath was appointed president and chief operating officer. In September 1990, he ascended to the roles of chairman of the board and chief executive officer.

In April 2001, Consolidated Edison submitted a filing with the SEC proposing to increase McGrath’s total compensation package to $9 million—tripling previous amounts—with $6.2 million allocated in restricted stock, which had not been part of his earlier remuneration. His salary was raised by 9.1% to $1.03 million, accompanied by a 67% bonus amounting to $981,000. The filing cited his leadership in financial results, employee engagement, and advancement toward environmental objectives.

Kevin Burke succeeded McGrath as president and CEO in September 2005; McGrath continued serving as chairman of the board.

Energy industry

Consolidated Edison Company of New York, Inc., a subsidiary under Consolidated Edison, Inc., provides electric power, natural gas, and steam services to customers across New York City and Westchester County. Serving more than four million clients, energy distribution is managed by subsidiaries such as Consolidated Edison Company of New York and Orange and Rockland Utilities. These entities operate what is considered the largest underground electric cable network globally—approximately 94,000 miles—along with about 36,000 miles of overhead lines.

In October 1997, McGrath took on the roles of president and CEO at Consolidated Edison, Inc., maintaining his position as chairman of the board until February 2006. He led the Committee of the Energy Association of New York State and was a board member of the Edison Electric Institute. Between July 1999 and September 2005, McGrath chaired Orange and Rockland Utilities. Since 2005, he has served as a director at Associated Electric and Gas Insurance Services Limited.

Current affiliations

Since 2005, McGrath has been a director at GAMCO Investors, Inc., Sensus (Bermuda 2) Ltd., and Sensus USA Inc. Additionally, he acts as an administrative trustee for both Barnard College and Manhattan College, and maintains involvement with the American Museum of Natural History.

He leads the Union Square Partnership as its chair and holds board positions with several organizations, including the American Woman's Economic Development Corporation, the Business Council of New York State, Partnership for New York City, AEGIS Insurance Services, Atlantic Mutual Insurance Company, the Fresh Air Fund, Hudson River Foundation for Science and Environmental Research, and the Wildlife Conservation Society. Furthermore, he contributes to the Mayor's Fund to Advance New York City.

Previous roles

McGrath has formerly engaged with the Committee to Encourage Corporate Philanthropy, Council on Foreign Relations, Economic Club of New York, Development Advisory Council for the Lower Manhattan Development Corporation, National Academy of Engineering, and New York City Public/Private Initiatives. He also participated in the Energy Committee of the New York Building Congress and held a directorship at Schering-Plough Corporation until November 2009.

Recognition and honors

• Leaders in Management Award from Pace University, awarded in 1997
• Honorary Doctorate in Commercial Science conferred by Pace University in 1997