JEA in Jacksonville, Florida, the nation's eighth largest community-owned electric, water and sewer utility, has selected former TVA executive Jay Stowe as its next CEO and managing director.
The board voted 6-to-1 ea hire Stowe, the 52-year-old CEO and founder of Stowe Utility Group LLC in Chattanooga,. The utility is negotiating terms of Stowe's contract with a compensation cap of $575,000 per year.
Stowe is the former senior vice president of resources and operations support for the Tennessee Valley Authority where he was employed from October 2016 to October 2019. Before that, Stowe worked for nearly 11 years at Huntsville Utilities where he served more than eight years as vice president of operations and chief operating officer before he became president and CEO in 2014.
30-year mortgage rates declines to all-time low
U.S. long-term mortgage rates were flat to lower this week, as the key 30-year rate fell to a new all-time low for the 12th time this year.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan declined to 2.78% from 2.81% last week. By contrast, the rate averaged 3.69% a year ago.
The average rate on the 15-year fixed-rate mortgage stayed at 2.32%.
The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic.
NYT tops 7 million digital subscribers
As The New York Times operated at full tilt through a fraught election - one of the most consequential votes in modern American history - the company announced a milestone: As of last week, it topped 7 million paid subscribers, a high.
The New York Times Co. has bet on digital readers as the future engine of its business since 2011, when it started charging for online content - and it has largely been a good gamble. In the three-month period ending in September, for the first time, the revenue from digital subscribers was greater than the money the company brought in from print subscribers, The Times said Thursday as part of its third-quarter financial report.
Total revenue during the third quarter of 2020 was flat, at $426.9 million, and adjusted operating profit jumped 28%, to $56.5 million, beating investors' expectations on both counts. Net income doubled to $33.6 million.
The company added 393,000 digital subscribers during the three months ending in September, bringing the total of paid online readers to more than 6 million.