Itron Names New Ceo

Itron Inc. of Spokane announced Thursday that Michael J. Chesser, an East Coast utility industry veteran, will replace Johnny Humphreys as the company’s chief executive officer and president.

Humphreys, Itron’s CEO since 1987, will remain as board chairman.

Chesser last worked for Atlantic Energy Inc. as president and chief operating officer from 1994 to 1998. He also spent 23 years with Baltimore Gas and Electric, holding several management positions.

Itron, the largest maker of devices that read electric, gas and water meters from remote locations, has been sporadically profitable, posting losses two of the past three years.

Last year, the company lost $6.2 million on revenues of $241.4 million.

In a statement, Chesser, who has an advanced management degree from Harvard, said, “I am very enthusiastic about the chance to lead the company through its next growth phase.” His Itron duties begin June 14.

Dave Remington, Itron’s chief financial officer, said, “We’re all very pleased Mike is coming on board,” Humphreys was traveling Tuesday and could not be reached for comment.

Itron’s stock closed Thursday at $8.88, up 38 cents.