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Judge W. Reid Thompson was ready to leave the North Carolina Superior Court in 1960, but he was not sure what to do next. After graduating from Harvard Law School, he had practiced law in his hometown of Pittsboro and served two terms in the North Carolina legislature. Now he was looking for a new challenge. He found it in the world of utilities.
It was the right time for a lawyer to go into the utility business. After growing under the guidance of engineers and financial experts, utilities were now dealihg with regulatory commissions. The era of legal challenges had begun.
Thompson, having served as executive vice president and general counsel of Carolina Power and Light, became chairman and CEO of PEPCO in 1971. When he arrived, the company had just skipped a dividend, its stock had plummeted, and a major rate case was pending.
Thompson turned PEPCO around by slashing the construction program, emphasizing coal rather than newly expensive oil, and using his legal skills to take on regulators. By the time he stepped down as chairman of the board in 1992, Thompson had earned a reputation as a top-notch business executive. He also was well-known for his service to the community.
Reid Thompson is modest about his accomplishments, but his admirers are legion. Long-time Washington business leader and Business Hall of Fame laureate Flaxie Pinkett puts it this way: "He's the finest administrator I have ever known. He also has great compassion for people, and it comes through."
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