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Gone Sailing: FPL Group’s CFO Changes Tack

In leaving the utility, Moray Dewhurst succumbs to his passions, and seafaring plans for his family.
Alan RappeportFebruary 19, 2008

Answering the siren call of the sea, Moray Dewhurst will be departing as CFO of FPL Group for an “extended ocean sailing venture” with his family, according to the company.

“We are all sorry that Moray has decided to leave but we understand his longstanding personal interest in sailing,” said Lew Hay, chairman and CEO of FPL Group, Florida’s largest electric utility.

The 52-year-old Dewhurst will be replaced by Armando Pimentel, formerly a senior partner with Deloitte & Touche and a senior engagement manager for the Juno Beach-based FPL Group. Dewhurst will stay on during a transition phase before Pimentel formally takes over after the company files its first quarter financial statements.

In a news conference on Tuesday, Hay said that he always knew that Dewhurst saw broader horizons, and that this was a good time for the company to make such a transition.

For Dewhurst’s part, he preferred to talk about the future. “For some of us, the experience of one night of observing the Southern Cross against the backdrop of a clear sky and a rich Milky Way off the deck of a small boat is enough to make up for the many hours of being cold, wet, uncomfortable, and occasionally scared that are generally the price to be paid for the experience,” the CFO waxed.

Dewhurst, who made $2.8 million last year, joined FPL in July 2001 as the company was recovering from a failed merger with New Orleans-based Entergy Corp., according to the Palm Beach Post.

Although many departing executives use “spending time with the family” to describe their reason for leaving, Dewhurst was quite specific about it all. He said that since moving to Florida he had been without a boat. But now that his new one is nearly complete he plans to take his family on a year’s expedition to expose his children to a “different view of life and experiences,” compared to what they would get in school. Dewhurst and his wife met and married based on their shared interest in sailing, he said.

Hay noted that his departing CFO is welcome to change “course” and return to the electric utility in a different capacity at any time. For Dewhurst, it seems, that might depend on where the currents lead.

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