Eugene R. McGrath
Encyclopedia
Eugene R. McGrath (born 1942) in Yonkers, New York is an American businessman with extensive experience in engineering, operations, and executive management in the utility industry. McGrath was the Chairman of the Board
and Chief Executive Officer
of Consolidated Edison
Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York. The company is a subsidiary of Consolidated Edison, Inc., the largest utility in one of the largest urban metropolitan areas in the world. A native New Yorker, McGrath spent his entire professional career with Con Edison. He has been listed as one of America's Most Powerful People in Forbes
magazine.
with a Bachelor's degree in Mechanical Engineering
. He accepted a position with Consolidated Edison Company of New York, Inc. directly upon graduation. He started his career as an engineer and management trainee in the operating and customer-service divisions.
McGrath excelled in his employment with Con Edison, moving into management, and becoming responsible for running fossil-fuel and nuclear power plants. He continued to move progressively into more responsible positions, eventually being elected to Vice President of the Company in 1978.
Continuing his education, McGrath received his Master of Business Administration
(MBA) from Iona College
in New York in 1980. The following year, he was promoted to Senior Vice President, and in 1982, Executive Vice President. In 1987, McGrath became one of the Trustees of the company.
In 1989, he completed the Advanced Management Program at Harvard University
and was subsequently named the President and Chief Operating Officer
of the company. In September 1990, he accepted the position of Chairman of the Board
and Chief Executive Officer
.
In April 2001, Consolidated Edison filed papers with the Securities and Exchange Commission stating that they had tripled the compensation of McGrath, to $9 million. Much of the increase was made up of restricted stock, valued at $6.2 million. This was a benefit that he had never received before. In addition to the stock, his salary was increased 9.1 percent to $1.03 million, with 67 percent bonus of $981,000. A statement included in the filing credited McGrath with several achievements, including "good financial and operating results, motivating the company's work force, and continued progress in achieving the goal of environmental excellence."
In September 2005, Kevin Burke assumed the roles of President and Chief Executive Officer, while McGrath remained as Chairman of the Board. McGrath said of the transition,
In October 1997, McGrath was named President and Chief Executive Officer of the parent company, Consolidated Edison, Inc. At that time, he also became a Member and was elected Chairman of the Board of Directors, a position that he held through February 2006.
Within the energy industry, McGrath served as the Chairman of the Committee of the Energy Association of New York State. He also served on the Board of Directors of the Edison Electric Institute
. In July 1999, McGrath began serving as Chairman of the Board of Orange and Rockland Utilities, a subsidiary of Consolidated Edison, Inc. He served in this capacity until September 2005. Since 2005, McGrath has served as a Director of Associated Electric and Gas Insurance Services Limited.
and Manhattan College
, as well as the American Museum of Natural History
.
McGrath is Chairman of the Union Square Partnership and a member of the Board of Directors of the American Woman's Economic Development Corporation, the Business Council of New York State, and the Partnership for New York City, as well as a director of AEGIS Insurance Services, Atlantic Mutual Insurance Company
, the Fresh Air Fund
, the Hudson River Foundation for Science and Environmental Research, Inc., the Wildlife Conservation Society
, and a member of the Mayor's Fund to Advance New York City.
, the Development Advisory Council for the Lower Manhattan Development Corporation
, the National Academy of Engineering
, and the New York City Public/Private Initiatives. He was also a member of the Energy Committee of the New York Building Congress. He served as Director of Schering-Plough
Corporation through November 2009.
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Consolidated Edison
Consolidated Edison
Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States, with approximately $14 billion in annual revenues and $36 billion in assets...
Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York. The company is a subsidiary of Consolidated Edison, Inc., the largest utility in one of the largest urban metropolitan areas in the world. A native New Yorker, McGrath spent his entire professional career with Con Edison. He has been listed as one of America's Most Powerful People in Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine.
Consolidated Edison Company of New York, Inc.
In 1963, McGrath graduated from Manhattan CollegeManhattan College
Manhattan College is a Roman Catholic liberal arts college in the Lasallian tradition in New York City, United States. Despite the college's name, it is no longer located in Manhattan but in the Riverdale section of the Bronx, roughly 10 miles north of Midtown. Manhattan College offers...
with a Bachelor's degree in Mechanical Engineering
Mechanical engineering
Mechanical engineering is a discipline of engineering that applies the principles of physics and materials science for analysis, design, manufacturing, and maintenance of mechanical systems. It is the branch of engineering that involves the production and usage of heat and mechanical power for the...
. He accepted a position with Consolidated Edison Company of New York, Inc. directly upon graduation. He started his career as an engineer and management trainee in the operating and customer-service divisions.
McGrath excelled in his employment with Con Edison, moving into management, and becoming responsible for running fossil-fuel and nuclear power plants. He continued to move progressively into more responsible positions, eventually being elected to Vice President of the Company in 1978.
Continuing his education, McGrath received his Master of Business Administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
(MBA) from Iona College
Iona College (New York)
Iona College is located in New Rochelle, New York, 20 miles north of Manhattan in suburban Westchester County. The college occupies 35 acres on North Ave. The college also operates a Graduate Center in Pearl River, Rockland County, New York....
in New York in 1980. The following year, he was promoted to Senior Vice President, and in 1982, Executive Vice President. In 1987, McGrath became one of the Trustees of the company.
In 1989, he completed the Advanced Management Program at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
and was subsequently named the President and Chief Operating Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of the company. In September 1990, he accepted the position of Chairman of the Board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.
In April 2001, Consolidated Edison filed papers with the Securities and Exchange Commission stating that they had tripled the compensation of McGrath, to $9 million. Much of the increase was made up of restricted stock, valued at $6.2 million. This was a benefit that he had never received before. In addition to the stock, his salary was increased 9.1 percent to $1.03 million, with 67 percent bonus of $981,000. A statement included in the filing credited McGrath with several achievements, including "good financial and operating results, motivating the company's work force, and continued progress in achieving the goal of environmental excellence."
In September 2005, Kevin Burke assumed the roles of President and Chief Executive Officer, while McGrath remained as Chairman of the Board. McGrath said of the transition,
- Kevin Burke is a very talented person who has extensive experience at Con Edison and in the utility industry," said McGrath. "Kevin will lead the company forward in the twenty-first century as it continues to deliver value for our customers, our investors and our strategic partners.
- —Eugene R. McGrath, Chairman of the Board
Civic involvement
McGrath has served his community through involvement in numerous industry, civic, educational, and service organizations.Energy industry
Consolidated Edison Company of New York, Inc. is a subsidiary of the larger Consolidated Edison, Inc., supplying electric, natural gas, and steam-power services to New York City and Westchester County. Energy is delivered to more than four million customers through several distribution companies, including Consolidated Edison Company of New York, and Orange and Rockland Utilities. Both companies are subsidiaries of Consolidated Edison, Inc., delivering energy using the world's largest system of underground electric cables — some 94,000 miles — complemented by 36,000 miles of overhead electric wires.In October 1997, McGrath was named President and Chief Executive Officer of the parent company, Consolidated Edison, Inc. At that time, he also became a Member and was elected Chairman of the Board of Directors, a position that he held through February 2006.
Within the energy industry, McGrath served as the Chairman of the Committee of the Energy Association of New York State. He also served on the Board of Directors of the Edison Electric Institute
Edison Electric Institute
The Edison Electric Institute is the association of United States shareholder-owned electric power companies. Its members serve 95 percent of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70 percent of the U.S. electric power industry...
. In July 1999, McGrath began serving as Chairman of the Board of Orange and Rockland Utilities, a subsidiary of Consolidated Edison, Inc. He served in this capacity until September 2005. Since 2005, McGrath has served as a Director of Associated Electric and Gas Insurance Services Limited.
Current membership
Since 2005, McGrath has served as a Director of GAMCO Investors, Inc.; Sensus (Bermuda 2) Ltd. and Sensus USA Inc. He is also an administrative Trustee of both Barnard CollegeBarnard College
Barnard College is a private women's liberal arts college and a member of the Seven Sisters. Founded in 1889, Barnard has been affiliated with Columbia University since 1900. The campus stretches along Broadway between 116th and 120th Streets in the Morningside Heights neighborhood in the borough...
and Manhattan College
Manhattan College
Manhattan College is a Roman Catholic liberal arts college in the Lasallian tradition in New York City, United States. Despite the college's name, it is no longer located in Manhattan but in the Riverdale section of the Bronx, roughly 10 miles north of Midtown. Manhattan College offers...
, as well as the American Museum of Natural History
American Museum of Natural History
The American Museum of Natural History , located on the Upper West Side of Manhattan in New York City, United States, is one of the largest and most celebrated museums in the world...
.
McGrath is Chairman of the Union Square Partnership and a member of the Board of Directors of the American Woman's Economic Development Corporation, the Business Council of New York State, and the Partnership for New York City, as well as a director of AEGIS Insurance Services, Atlantic Mutual Insurance Company
Atlantic Mutual Insurance Company
The Atlantic Mutual Insurance Company is a mutual insurance company which offers personal, marine, commercial property, and casualty insurance. It is part of the Atlantic Mutual Companies, which includes Centennial Insurance Company...
, the Fresh Air Fund
Fresh Air Fund
The Fresh Air Fund is a not-for-profit agency that provides free summer vacations in the country to New York City children from disadvantaged communities. Each year, thousands of children visit volunteer host families in 13 states from Virginia to Maine and Canada through the Friendly Town...
, the Hudson River Foundation for Science and Environmental Research, Inc., the Wildlife Conservation Society
Wildlife Conservation Society
The Wildlife Conservation Society based at the Bronx Zoo was founded in 1895 as the New York Zoological Society and currently manages some of wild places around the world, with over 500 field conservation projects in 60 countries, and 200 scientists on staff...
, and a member of the Mayor's Fund to Advance New York City.
Past memberships
McGrath was a member of the Committee to Encourage Corporate Philanthropy, the Council on Foreign Relations, the Economic Club of New YorkThe Economic Club of New York
The Economic Club of New York is a non-profit and non-partisan membership organization located in New York City and founded in 1907. Its stated purpose is the promotion of the study and discussion of social, economic, and political questions....
, the Development Advisory Council for the Lower Manhattan Development Corporation
Lower Manhattan Development Corporation
The Lower Manhattan Development Corporation was formed in July 2002, after the September 11 attacks to plan the reconstruction of Lower Manhattan and distribute nearly $10 billion in federal funds aimed at rebuilding downtown Manhattan....
, the National Academy of Engineering
National Academy of Engineering
The National Academy of Engineering is a government-created non-profit institution in the United States, that was founded in 1964 under the same congressional act that led to the founding of the National Academy of Sciences...
, and the New York City Public/Private Initiatives. He was also a member of the Energy Committee of the New York Building Congress. He served as Director of Schering-Plough
Schering-Plough
Schering-Plough Corporation was a United States-based pharmaceutical company. It was founded in 1851 by Ernst Christian Friedrich Schering as Schering AG in Germany. In 1971, the Schering Corporation merged with Plough to form Schering-Plough. On November 4, 2009 Merck & Co...
Corporation through November 2009.
Leadership awards
- Leaders in Management Award, Pace University, 1997
- Honorary Doctorate of Commercial Science, Pace University, 1997