Theodore F. Craver Jr.
Theodore F. Craver Jr. | |
|---|---|
| Occupation | Business executive |
| Years active | 1973–2016 |
| Known for | Chairman, president, and CEO of Edison International (2008–2016) |
Theodore F. Craver Jr. is a seasoned American business leader who served as chairman, president, and CEO of Edison International from 2008 until his retirement in 2016. Edison International is a publicly traded utility holding company on the New York Stock Exchange, generating $13 billion in revenue and managing assets worth $57 billion.
Education
Craver obtained a Bachelor of Arts degree in economics and international relations in 1974, followed by an MBA in 1977, both from the University of Southern California.
Financial services sector (1973–1996)
- Craver began his career at Security Pacific National Bank from 1973 to 1980, working within the International Studies Section and Foreign Exchange Department.
- From 1980 to 1984, he occupied roles in capital markets sales and trading at Bankers Trust Company, operating out of their Los Angeles, New York, and Hong Kong branches.
- At First Interstate Bancorp between 1984 and 1996, he advanced to executive vice president and chief financial officer of the wholesale banking division (1986–1991), then served as executive vice president and corporate treasurer (1991–1996). His responsibilities encompassed managing treasury and funding across 13 subsidiary banks, overseeing asset and liability management, administering investments including a $10 billion portfolio and a $300 million venture capital fund, directing broker-dealer operations, as well as handling mergers and acquisitions.
Energy and utilities industry (1996–2016)
In 1996, Craver joined Edison International as Treasurer for both Edison International and Southern California Edison. He was appointed CEO of Edison Enterprises in 1999, where he led the reorganization of Edison's competitive retail electric division. Between 2000 and 2004, he fulfilled the role of CFO at Edison International. Subsequently, from 2005 to 2007, he was CEO of Edison Mission Group, the company’s independent power producer subsidiary.
After being elected to the board of directors in 2007, Craver assumed the presidency in 2008 and later that year took on the combined roles of chairman and CEO before retiring in September 2016. During his leadership tenure, Edison’s stock performance improved significantly from the industry median to ranking within the top quartile for five-year total shareholder return. He doubled annual capital expenditures on electric infrastructure, which resulted in a doubling of both the rate base and earnings per share for the regulated utility segment while increasing dividends by 57%. Craver strategically transformed Edison International’s asset portfolio by divesting from independent power generation and redirecting Southern California Edison’s efforts toward transmission, distribution, and grid modernization initiatives. Additionally, he introduced an Operational Excellence program aimed at enhancing customer satisfaction, boosting operational efficiency, and reducing expenses.
In 2009, Craver negotiated a solar energy agreement enabling Edison to install solar panels on underutilized commercial rooftops throughout Southern California. This arrangement also permitted other solar providers to install panels and sell electricity back to Edison, thereby reinforcing the regional electrical grid and promoting job growth.
Throughout his time as CEO, Craver held board positions with the Electric Power Research Institute, the Institute of Nuclear Power Operations, the Edison Electric Institute, and the Electric Drive Transportation Association. He served as chairman of both the Electric Power Research Institute (2011–2012) and the Edison Electric Institute (2014–2015).
Awards
- Named Large Utility CEO of the Year by Electric Light & Power (2014)
- Honored with the Distinguished Leadership Award from Edison Electric Institute (2016)
- Received the Americanism Award and Distinguished Eagle Scout Award from Boy Scouts of America (2016)
Personal life
Craver resides in Los Angeles, California, alongside his wife. He achieved the rank of Eagle Scout in 1967.