Mr Redd was named president and CEO for El Paso Electric in May 2007. He has more than 35 years of experience in various sectors of the energy industry with an extensive background in strategic planning, business development, corporate restructuring and commercial operations.

Most recently, he served as executive vice president of commercial operations and president of the western region of NRG Energy, a developer and operator of generation facilities.

George Edwards, chairman of El Paso Electric, said: The board of directors will begin an immediate search for a new president and CEO, and has asked Frank Bates, executive vice president and COO, to serve as interim CEO.