Theodore F. Craver, Jr
Theodore F. Craver, Jr., is chairman, president and chief executive officer of Edison International, the parent company of Southern California Edison, one of the nation’s largest electric utilities, and subsidiaries that are competitive businesses engaged in generation, delivery or use of electricity. Craver was elected chairman and CEO in August 2008, and president in April 2008. Craver was chairman, president and chief executive officer of Edison Mission Group from January 2005 to April 2008. Before that, he was executive vice president of parent company Edison International, and held the position of chief financial officer and treasurer from January 2000 through December 2004. Before joining Edison in 1996, Craver served as executive vice president and corporate treasurer of First Interstate Bancorp from 1991 to 1996. While at First Interstate, Craver also served as executive vice president and chief financial officer of the wholesale banking subsidiary from 1986 to 1991. Before joining First Interstate, he spent four years with Bankers Trust Company of New York and seven years with Security Pacific National Bank in various capital markets sales and trading capacities. Craver serves on the Board and is past-chairman of the Edison Electric Institute, and serves on the Board of the Electric Power Research Institute. He is a member of the Business Roundtable and serves on the Board of Directors of Health Net, Inc. Craver is a member of the Economic Advisory Council of the Federal Reserve Bank’s Twelfth District. He is also on the Board of Trustees of the Autry National Center, the California Board of Trustees of the Nature Conservancy, and serves on the Advisory Board of the Smithsonian National Museum of American History. Craver earned an MBA and a bachelor’s degree in economics and international relations from the University of Southern California.
Edison International (NYSE:EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, including renewable energy, headquartered in Rosemead, Calif. Edison International is the parent company of Southern California Edison (SCE), one of the nation’s largest electric utilities. SCE has provided electric service in the region for nearly 130 years, and is a longtime leader in renewable energy and energy efficiency. SCE serves more than 14 million people in a 50,000 square-mile area of central, coastal and Southern California. Edison International subsidiary Edison Energy Group provides commercial and industrial customers with a range of energy services including power management and electric transportation. Edison Energy Group operations are independent of, and unconnected to, Southern California Edison.
At Edison International, we believe that education in science, technology, engineering and math (STEM) is key to helping our nation remain globally competitive. And as a company built on engineering, we see STEM education as vital for developing our workforce of the future so we can remain successful in a rapidly changing world where science and technology rules. Today’s students are the workforce of tomorrow, and to the extent that they learn to develop innovative ideas to address real-time problems, they will help our company — and the nation — keep pace with the modern world. A major barrier to achieving this goal is access to STEM education, especially for students from underrepresented communities. The often high costs associated with pursuing studies in these fields can be prohibitive to low-income and minority students. The United States Department of Commerce reported that there is a shortage of STEM workers in this country. While the number of such jobs is expected to grow by 17 percent through 2018, and STEM workers earn 26 percent more than non-STEM workers, only 16 percent of high school seniors plan to pursue STEM careers. At Edison, we believe that offering scholarships and providing funding to support mentoring and other resource programs go a long way toward helping students pursue STEM careers. In consultation with our partners from the education sector, we developed a higher education strategy in which we focus our funding on programs that prepare students to excel in the STEM fields. More than half of our $20 million annual community investment budget is directed to help create increased access to STEM education through scholarships and other programs. Our Edison Scholars program provides 30 STEM scholarships each year valued at $40,000 per student. We also fund another $2.7 million in STEM scholarships through our partners, including universities and community based organizations that make it possible for hundreds of underrepresented and minority students to attend college – many of whom are first from their families to attend college. Our philosophy of giving is that all people should have opportunities to succeed. Providing scholarships is a key for access. But we also fund programs that help ensure that students have the resources and support systems necessary to help them complete college on time. For example, California State Polytechnic University, Pomona (Cal Poly, Pomona) has a tradition of recruiting and supporting low-income, underrepresented students and women in its engineering programs. Cal Poly, Pomona’s Women in Engineering Program provides resources and support to help aspiring women engineers not only get into college, but ensure that they succeed and complete college. This program has helped increase the number of female engineering students. In 2014, female students comprised 22 percent of the incoming engineering freshmen class – versus 15 percent in 2010 when Edison started to support this program. Beyond the obvious social and economic benefits, STEM education has a direct correlation with Edison’s core business capabilities and priorities. We know that our continued business growth and future workforce are dependent on the availability of a talent pool of skilled STEM professionals.
That’s why, in addition to scholarships, we also provide mentoring and internships, some of which have resulted in full-time hires into our company. In 2014, 66 percent of the interns hired at our Southern California Edison (SCE) utility were STEM majors. Of those interns, 39 percent transitioned into full-time positions within the company. Some 79 percent of the those interns and full-time hires came from the target campuses we partner with – Cal Poly, Pomona, the University of Southern California, California State University, Long Beach and California State University, Los Angeles. This effort includes our support of college preparatory programs that help high school students interested in STEM get into college. Through this multi-prong approach, we have been able to create a pipeline for STEM professionals into our company, which helps ensure we are able to find the talent we need.