By Robb M. Stewart
Westinghouse Electric President and Chief Executive Patrick Fragman is stepping down after more than five years running the nuclear reactor equipment manufacturer.
The company, jointly owned by uranium miner Cameco and Brookfield Asset Management, said Thursday Fragman plans to leave at the end of March to spend more time in Europe with his family. He will continue to support Westinghouse after that to help with the handover to a new CEO.
Operating plant services president Dan Sumner has taken on a new role as deputy CEO, and when Fragman leaves he will become interim president and CEO until a new CEO is appointed.
Westinghouse said a recruitment process for the position is underway. As parents of the company, Cameco and Brookfield each hold three seats on Westinghouse's board.
In late 2023, Cameco and Brookfield closed a deal to buy Westinghouse in a deal representing an enterprise value of $8.2 billion, including $3.8 billion in outstanding debt commitments. Cameco owns a 49% interest in the company, and Brookfield the remaining 51% stake.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 09, 2025 07:12 ET (12:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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