Continuity and Vision: A stellar start for new VP

Before joining TECO last March, Carolyn Luomala traveled the world on business, even living in Scotland during a merger. Now that she’s TECO’s vice president of finance, she works on the Texas Medical Center campus, a destination that welcomes millions of international visitors each year. The world is now just steps away, with patients from dozens of countries seeking medical care from TECO’s customers year-round.

Carolyn, a CPA and MBA, has embraced being home in Houston with just a short commute to TECO’s Central Plant. She recently completed six months with the company and closed her first fiscal year here August 31. “My time has been devoted to understanding the needs of our business and our customers as well as our employees,” she says. “I’ve enjoyed getting to know my team and tapping them for new ideas. Over the past few months we’ve developed a number of systems and procedures that will make us even more effective and motivated.”

Carolyn and her team have moved to ACH payments, changed insurance brokers, shifted to an online environment for financial reporting, and now use Microsoft Teams to coordinate their work with other departments. “We also set up a sweep account with our bank,” she says. “I credit our controller, Kevin Giblin, for identifying that opportunity. It’s a great move that’s paying off.”

Carolyn also handled TECO’s S&P 2019 global rating. TECO continues to hold a AA rating and has a stable outlook. Plus, she is evaluating whether debt restructuring would result in significantly lower payments than the current payout schedule.

“Our people, our customers and changing technology are serving as our guides and driving conversations on all of our projects,” says Carolyn. “We are even taking the opportunity to update our policies and procedures in every department companywide. The results will help shape TECO for years to come.”

 
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