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El Paso Electric’s new chief financial officer will be the first woman to hold the key position in the company’s 122-year history.
Lisa Budke, who became the company’s treasurer last year, was promoted to chief financial officer (CFO) on February 24. She has been working at an electric power company since 2010.
She replaces Richard Ostberg, who served as CFO for three years.
Mr. Ostberg has resigned, but company policy prevents him from disclosing the reason for his resignation, a company spokeswoman said.
Ms. Budke is part of El Paso Electric’s nine-person leadership team, which currently includes five women and four men, marking the first time in the company’s history that a majority of the executive team is women. The team includes CEO Kelly Tomblin, the second female CEO in the company’s history;
The chief financial officer oversees the company’s accounting, cash management, financial planning, financial systems, internal audit, and information technology departments.
That makes the job a critical role for the privately held company, which serves about 460,000 customers in West Texas and Southern New Mexico. It also employs approximately 1,100 people, making it one of the region’s largest private employers.
El Paso Power had electricity sales of $1.24 billion and profits of $113.3 million in 2022, according to the latest financial data available. The company is owned by Infrastructure Investment Fund (IFF), which is affiliated with JPMorgan Chase & Co., and IFF acquired EPE in July 2020.
“Lisa brings deep experience optimizing our business financing as well as a passion for our communities and customers,” Tomblin said in a statement.
“Having worked with her over the past three and a half years on a variety of initiatives related to the development of our strategic plan and cost management, I am confident that she will add a new dimension to our business planning and execution. ” Tomblin said.
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Before joining El Paso Electric in April 2010, Budtke spent most of his nearly 30-year finance career in various finance and leadership positions with Petro Stopping Centers and related companies.
Petro Stopping Centers is an El Paso-based truck stop chain that was launched in 2007. Last year, the company became part of Travel Centers of America, which was acquired by BP Products North America, a subsidiary of oil giant British Petroleum (BP).
Mr. Budke is a native of Las Cruces and holds a degree in accounting from New Mexico State University and a master’s degree in business administration from the University of Phoenix.
Vic Kolenc can be reached at 915-546-6421. vkolenc@elpasotimes.com; @vikolenc on Twitternow known as X.
This article originally appeared in the El Paso Times: El Paso Electric hires first female chief financial officer
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