Costa Mesa-based Commerce Energy Group Inc. said Thursday that Robert Perkins has replaced Ian Carter as chairman.
Carter said he stepped down to allow time to pursue other business opportunities, but will remain on the board.
An independent director, Perkins has been a Commerce Energy board member since 1999.
Carter, meanwhile, had been chairman of the company, which sells electricity and natural gas, since 2000. He was Commerce Energy’s chief executive until last fall.
At the time, the company put Carter on administrative leave and installed President Peter Weigand to run the company. The move came after Commerce Energy’s audit committee found that a consulting contract with an investment advisory firm founded by David Barnes didn’t reflect the services provided to the company.
Barnes later became Commerce Energy’s vice president of finance and investor relations. He resigned in the fall.
Carter and the company settled the dispute last month. The settlement calls for Commerce Energy to pay Carter $3 million plus two months of Cobra healthcare insurance.
Carter also keeps his option to buy 2.5 million shares of the company’s common stock at $2.50 per share.
Shares of the company were down 1% to $1.80 Thursday.
