Thomas F. Farrell, II
As chairman, president and chief executive officer of Dominion Energy (NYSE: D), Tom Farrell has emerged as a leading expert on national energy issues and as an advocate of a cohesive national energy policy.
Headquartered in Richmond, Va., Dominion Energy is one of America’s largest energy companies, with about $100 billion in assets and operations in 18 states. In 2018, Dominion Energy was rated one of the two “Most Admired” electric and gas utilities by Fortune, one of the most effectively managed companies in the U.S. by The Wall Street Journal, and one of America’s best employers for women, one of its best employers for diversity and one of its best employers overall by Forbes magazine.
In addition, during Farrell’s tenure Dominion Energy has been awarded both the Secretary of Defense Employer Support Freedom Award, the highest recognition given to employers for their support of employees who serve in the National Guard and Reserve, and United Way’s national Summit Awards for exceptional volunteerism and community impact. In 2018 G.I. Jobs magazine listed the company as a Top 10 Military Friendly Company for the 10th year in a row.
Under Farrell’s leadership, Dominion Energy Virginia & North Carolina, the company’s electric utility serving about 2.6 million customer accounts, has invested more than $2 billion in environmental upgrades and safeguards to its operating facilities. Investments at its Gas Infrastructure Group have more than doubled the size of the company’s natural gas infrastructure assets – including in the western Rockies, where the former Questar Corporation is based. The company also added SCANA Corporation on Jan. 1, 2019, further expanding Dominion Energy’s presence in the Southeast. During Farrell’s tenure as CEO, Dominion Energy has nearly doubled operating earnings per share and has increased the company’s dividend rate by 150 percent. Dominion Energy has also tripled its philanthropic giving.
Farrell joined the company in 1995 and served in several senior management positions at the holding company and its subsidiaries. Among his first accomplishments was leading Dominion Energy’s expansion into international electric generation and distribution markets. He directed a successful public offer for East Midlands Electricity in the United Kingdom in 1997 and participated in Dominion Energy’s growth as a major U.S. power producer in Argentina, Bolivia, Peru and Belize.
As Dominion Energy refocused itself domestically in 1999, Farrell led the company’s simultaneous divestiture of foreign assets and the successful acquisition of another major U.S. energy company, Consolidated Natural Gas, the following year. The combined company became the nation’s largest integrated natural gas and electric power company. Today, Dominion Energy is one of the nation’s largest power generators, with approximately 31,000 megawatts of production capability. It is one of the nation’s largest and most efficient nuclear power operators, with seven reactors in three states. The company’s electric utility franchises in Virginia, North Carolina and South Carolina, and its gas utilities in Idaho, North Carolina, Ohio, South Carolina, Utah, West Virginia and Wyoming are ranked among the nation’s most efficient. Dominion Energy’s natural gas gathering, processing, transmission and storage businesses lie in the heart of the prolific Appalachian Basin production region and in the growing Southeastern and Western markets.
Farrell was named president and chief executive officer effective Jan. 1, 2006; he was elected chairman of Dominion Energy’s board of directors in April 2007.
A past chairman and current member of the board of directors of the Edison Electric Institute, Farrell is the Presiding Director of Altria Group, Inc., and serves on the AEGIS Board of Directors. He is the past chairman of the Colonial Williamsburg Foundation’s Board of Trustees. Farrell also has served on the Board of Visitors at the University of Virginia, where he was Rector, and Virginia Commonwealth University. He is a member of the Board of Trustees of the Virginia Museum of Fine Arts and former chairman of the Institute of Nuclear Power Operations. Farrell also was a member of a Council on Foreign Relations independent task force that produced the June 2008 report, “Confronting Climate Change: A Strategy for U.S. Foreign Policy.”
Farrell has led the Virginia Governor’s Commission on Higher Education Reform and has served as co-chairman of the Governor’s five-member transition committee; as a member of the Governor of Virginia’s Advisory Council on Revenue Estimates; as chair of the Virginia Business Council and of the Management Roundtable; and as a board member of the Greater Washington Partnership, the Northern Virginia Technology Council and the State Council of Higher Education for Virginia.
Farrell has appeared on CBS, CNBC, Fox Business News and other national networks, testified before Congress, spoken at major industry forums, and contributed opinion pieces to national and regional newspapers and magazines.
Farrell received both his B.A. in Economics and Law Degree from the University of Virginia.