Jim Fakult, a fixture in the New Jersey business community since taking over as president of Jersey Central Power & Light 11 years ago, announced Tuesday that he is retiring, effective Sept. 1.
Fakult will be succeeded by Doug Mokoid, the current region president of Atlantic City Electric. Mokoid will assume the role effective June 17.
The announcement comes as part of a larger transformation within FirstEnergy, the parent company of JCP&L, as FirstEnergy announced new presidents to oversee its electric company businesses in Ohio and Pennsylvania, as well as the appointment of a president to oversee FirstEnergy’s standalone transmission companies (which operate outside of New Jersey — transmission assets within New Jersey are owned & operated by JCP&L).
FirstEnergy Utilities President Wade Smith thanked Fakult for his many years of service.
“I thank Jim for his many contributions during his career at FirstEnergy,” he said. “Through his leadership at JCP&L and his extensive involvement in business and community initiatives, Jim has made a positive difference for our customers and communities.”
Fakult has been a longstanding committee member at the New Jersey Chamber of Commerce, where he serves on the executive committee as an immediate past chair.
Mokoid comes to FirstEnergy from Atlantic City Electric/Delmarva Power (an Exelon company), where he serves as a vice president and region president responsible for shaping company regulatory and legislative strategies while building meaningful relationships with internal and external stakeholders.
He previously served as director of operations for Atlantic City Electric, where he developed and implemented strategies to improve safety, reliability, customer satisfaction performance and employee engagement.
Mokoid also has held construction, maintenance and safety leadership positions with Philadelphia-based PECO and as a lead engineer with Public Service Electric & Gas.
A graduate of Rutgers University, Mokoid received a bachelor’s in mechanical engineering and his Juris Doctorate. He also is on the board of directors of the New Jersey Chamber of Commerce — as well as serving on the Delaware State Chamber of Commerce, New Jersey Utility Association and the Drumthwacket Foundation.
Mokoid is also a member of the Delaware Business Roundtable and a trustee of the Atlantic Cape Foundation.
Smith said Mokoid and the other announced leaders will lead the company well.
“This group of dynamic executives has the experience and knowledge to help our state and transmission businesses execute on our investment plan while elevating the customer experience and achieving successful financial and regulatory outcomes,” he said. “Their proven track records include driving financial and operational performance and accountability, a commitment to continuous improvement and the ability to lead organizations through change. They champion safety, transparency and financial discipline and model FirstEnergy’s core values and behaviors, which are foundational to FirstEnergy’s vision for the future.”
The selection process of a president to oversee the combined businesses in West Virginia and Maryland is in the final stages, with an announcement expected in the near term.
