UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest events reported) December 11, 2002
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(December 10, 2002)
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PNM RESOURCES, INC.
(Exact name of registrant as specified in its charter)
New Mexico Commission 85-0468296
---------------------------- File Number 333-32170 -----------------------
(State or Other Jurisdiction --------- (I.R.S. Employer
of Incorporation) Identification) Number)
Alvarado Square, Albuquerque, New Mexico 87158
(Address of principal executive offices) (Zip Code)
(505) 241-2700
(Registrant's telephone number, including area code)
______________________________
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
The following is a press release issued by the Company on December 10, 2002.
PNM Resources Names New CFO
Current CFO to lead corporate strategy & technology efforts
Albuquerque, N.M., December 10, 2002 -- PNM Resources (NYSE:PNM) today announced
the promotion of John R. Loyack to senior vice president and chief financial
officer effective Jan. 1, 2003.
Loyack has been a vice president and PNM's chief accounting officer since 1999
under current CFO Max Maerki, who will assume the role of senior vice president
of corporate strategy and development.
Maerki, 63, PNM's CFO since 1988, will spearhead the company's strategy and
technology initiatives while continuing his role as CEO of Avistar, Inc., a
wholly owned subsidiary of PNM Resources.
Loyack currently manages the controller's office, information technology and
corporate procurement. As CFO, Loyack will add treasury, investor relations,
internal audit and financial risk management to his areas of responsibility. A
certified public accountant, Loyack joined PNM in 1999 from Union Pacific Corp.
and began his career with PricewaterhouseCoopers.
"Max has done a tremendous job over the years of ensuring PNM's financial
condition during turbulent times in the energy market," said PNM Chairman,
President and CEO Jeff Sterba. "During his tenure, Max built a strong balance
sheet while establishing a high level of trust among analysts and investors.
With John's proven skills and leadership, we will continue our tradition of
financial strength and responsibility."
Additionally, Robin Lumney succeeds Loyack as vice president and chief
accounting officer. Lumney, who joined PNM in July as corporate controller, has
14 years of experience in the public and private accounting sectors, both
domestically and internationally.
Maerki joined PNM in 1984 as chief financial officer of Meadows Resources, a PNM
affiliate. Previously, he served as chief financial officer for Phelps Dodge
Industries and Phelps Dodge International. Prior to Phelps Dodge, he held
various officer positions with Swiss Aluminum Limited in Switzerland, the United
Kingdom and the United States.
PNM Resources is an energy holding company based in Albuquerque, New Mexico.
PNM, the principal subsidiary of PNM Resources, provides natural gas service to
439,637 gas customers and electric utility service to 385,468 customers in New
Mexico. The company also sells power on the wholesale market in the Western U.S.
PNM Resources stock is traded primarily on the NYSE under the symbol PNM.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNM RESOURCES, INC.
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(Registrant)
Date: December 11, 2002 /s/ John R. Loyack
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John R. Loyack
Vice President and Chief Accounting Officer
(Officer duly authorized to sign this report)
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