The board of directors of Florida public power utility JEA on April 15 accepted the resignation of Managing Director and CEO Jay Stowe at a special board meeting.
“It has been an honor to serve the people of Northeast Florida for the past several years as the Managing Director and CEO of JEA,” Stowe said. “By far, the most important achievement in my time here was rebuilding the trust between the leadership and the workforce and the trust of JEA within the community.”
The board then voted to appoint board adviser and JEA retiree Vickie Cavey as interim managing director and CEO.
Cavey is a 32-year veteran of JEA with deep knowledge of JEA operations and strong ties to the Jacksonville community. She returned to JEA on March 26 in a temporary role as liaison to the board.
“I am very honored and humbled. Thank you for your confidence in me,” Cavey said after the board’s vote. She then paid tribute to JEA’s 2,200-plus employees. “The employees at JEA persevere no matter what. They always have for decades, time and time again.”
Cavey retired from JEA in 2016, then returned as special assistant for external affairs to interim CEO Paul McElroy in May 2020.
She then assisted McElroy’s successor, Stowe, as board liaison from November 2020 through January 2021.
She began her JEA career in 1984 as a mechanical engineer in the power engineering division, one of JEA’s first female engineers.
She then advanced to managerial roles in commercial key accounts and special projects prior to director roles overseeing strategic partnerships/acquisitions and strategy development and execution.
Cavey assumes her new role effective April 15.
Stowe will remain employed by JEA as an on-call consultant through Aug. 15, 2024.
At the board meeting, Joseph DiSalvo, JEA Board Chair, praised the progress made in a number of areas at JEA under Stowe’s leadership.
Specifically, DiSalvo noted that JEA has been on an “impressive glide path” with respect to continuous improving rating agency metrics “thanks to Jay’s effort.” Stowe has also been “very skillful in improving our debt to asset ratio,” he said.
In addition, DiSalvo noted that Stowe led JEA and community stakeholders “through a critically important” integrated resource plan.
Stowe took the helm of the utility in November 2020.
