ANCHORAGE-Ed Herndon, CEO of Chugach Alaska Corporation submitted his resignation today as he stepped down from one of the largest Native corporations in the state. The company stated that he had resigned to pursue other career opportunities. No other details were given for his departure.
Herndon, 41, has only been CEO for Chugach Alaska for two years. The corporation has 2,300 shareholders and is the corporation for the Prince William Sound region. Company revenue in 2009 was above $1.1 billion, 2010 saw revenues of $937 million. Whether declining revenue is a factor is unknown at this time.
Sheri Buretta, board chairwoman, will take over as Chief executive on a temporary basis until a decision can be made by the full board later this year. she said in a written statement.”The board accepts Ed’s decision to move on with understanding and gratitude. He is an immensely talented individual and we wish him well in his future pursuits.”