Sempra Advances Strategic Priorities with Key Leadership Appointments

SAN DIEGO , July 9, 2026 /PRNewswire/ -- Sempra (NYSE: SRE ) today announced leadership appointments that mark another strategic milestone in advancing the company's mission to build America's leading utility growth business while bolstering leadership continuity and talent development. The appointments follow the company's September 2025 announcement of its agreement to sell a 45% equity interest in Sempra Infrastructure Partners (Sempra Infrastructure), one of North America's leading energy infrastructure platforms, to affiliates of KKR. The company continues to expect the transaction to close in the third quarter of 2026, and Bob Patel was recently announced as the incoming chief executive officer of Sempra Infrastructure, effective upon close. Advancing Utility Growth Strategy with New Leadership Appointments With the closing of the referenced transaction, Karen Sedgwick, currently executive vice president and chief financial officer of Sempra, will become chief executive officer and president of the Southern California Gas Company (SoCalGas), bringing over 30 years of experience at the Sempra family of companies, including an established leadership background in utility practice and procedure, external and regulatory affairs, operations and safety, to lead the nation's largest gas distribution utility. In addition, she will continue to serve on the board of directors of SoCalGas. Concurrently, Justin Bird, executive vice president of Sempra and chief executive officer of Sempra Infrastructure, will become executive vice president and chief financial officer of Sempra. Combined with his track record of value creation in the capital markets at the helm of Sempra Infrastructure, Bird has a strong, multi-disciplinary foundation for a successful transition into the CFO role. With more than 20 years of experience at Sempra, Bird has held leadership roles in treasury, financial planning, corporate development and legal, including five years of prior experience in commercial and project finance. In addition to his current oversight of Sempra's corporate development program, Bird will also lead the company's investor relations, treasury, financial planning, audit, insurance and tax functions. He will continue to serve on the boards of directors of Sempra Infrastructure and Oncor Electric Delivery Company LLC. The referenced leadership changes will become effective on or around the closing of the transaction, expected in the third quarter of 2026, subject to necessary regulatory and other approvals and closing conditions. "This is an exciting time for our company as we continue to advance the growth of our utility businesses. These appointments further our mission alignment and strengthen our ability to deliver long-term value for our stakeholders," said Jeffrey W. Martin, chairman and chief executive officer of Sempra. "Our board has great confidence in both Karen and Justin and the leadership they will bring to their new roles. Karen is a proven leader who has touched all aspects of our California utilities over the last three decades and I am excited to see her take on the role of leading America's largest natural gas distribution utility. I am also excited to partner with Justin as he broadens the scope of his financial and strategic responsibilities and extends his positive impact across the enterprise." Sempra's focus on developing and rotating leaders at all levels of the company has helped cultivate a mission-driven culture centered on the recognition that human capital is the most important corporate resource, as demonstrated by its recent inclusion on The Wall Street Journal's inaugural "Best Companies for the Future" list, where the company ranked among the top companies in America for leadership and talent readiness. Strengthening Financial Position and Funding Growth The pending transaction plays a central role in advancing Sempra's strategic priorities by generating substantial cash proceeds and supporting disciplined capital allocation to concentrate the company's investment strategy in regulated U.S. utility operations in Texas and California. Before adjustments, the $10 billion transaction announced in September 2025 implies an equity value of approximately $22.2 billion for Sempra Infrastructure. 1 Upon closing, affiliates of KKR will hold a 65% equity stake in Sempra Infrastructure, while Sempra will retain a 25% interest alongside an affiliate of Abu Dhabi Investment Authority's existing 10% stake. The impact of the transaction, together with other elements of the company's simplified business strategy, are expected to result in approximately 95% of Sempra's earnings coming from regulated U.S. utilities in 2027, while also supporting the company's goal of having more than 60% of its rate base located in Texas through the end of the decade. 2 These impacts also are expected to eliminate the need for common equity issuances in the company's 2026-2030 base capital plan 3 and support execution of