SCEcorp President Michael R. Peevey Will Retire March 1

In an announcement that surprised industry analysts, Michael R. Peevey said he will retire as president of SCEcorp and its utility subsidiary, Southern California Edison, on March, 1, 1993.

Peevey, 54, had held the post for less than three years. SCE officials said Peevey will not be replaced and his duties will be divided among several senior executives at the company, including Chairman John E. Bryson.

“I want to be repotted,” said Peevey, who has agreed to work as a consultant for the utility for two years and plans to get more involved in public service work. “I’ll soon be 55. The company has a good benefits program. And besides, I’ve been working since I was 13.”

Some industry analysts credit Peevey, a nine-year veteran of SCE, with performing well as the Rosemead-based company’s key link to the California Public Utilities Commission. They had not expected his departure so soon.

“It’s a mystery to me,” said Ronald Tanner, analyst at the Chicago investment firm Duff & Phelps. “You can’t point to any big problems at the utility.”

With interest rates down, the profits of SCE and many other utilities have come under pressure during the last few years. SCE is the nation’s second-largest utility, after Pacific Gas & Electric, based in San Francisco.

According to SCE’s 1991 proxy statement, Peevey earned $600,000 in total compensation last year.