The chief executive officer of Chugach Alaska Corp. resigned Monday after just more than two years in the post, the company announced.
Ed Herndon, 41, resigned to "pursue other career opportunities," the company said in a written statement. Chugach Alaska didn't provide any other details on why he's leaving, including the nature of those opportunities.
Chugach Alaska is one of the largest Native corporations in the state and is heavily involved in federal contracting. It's the regional corporation for the Prince William Sound area with headquarters in Anchorage. It has more than 2,300 shareholders and more than 5,400 employees.
Herndon, a Chugach shareholder, began working for the company in 2002 and became chief executive in May 2009. He was born and raised in Cordova and lives in Anchorage. Efforts to reach him were unsuccessful.
"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," Sheri Buretta, board chairwoman, said in a written statement. She declined to be interviewed, a Chugach spokeswoman said.
In 2009, the company's revenue topped $1.1 billion, up more than $150 million from the year before. But in 2010, revenue dropped to $937 million, according to figures provided by Chugach.
Much of Chugach's business comes through defense contracts around the country. The company has benefitted from section "8(a)" of a controversial law administered by the U.S. Small Business Administration that grants special bidding preferences to Alaska Native corporations.
It has at least three multi-million dollar contracts through Joint Base Elmendorf Richardson, including one valued at $158 million over seven years for operations and maintenance work at Eareckson Air Station on Shemya Island in the Aleutians, according to Joint Base Elmendorf Richardson spokeswoman Corinna Jones.
Buretta, who has been with Chugach Alaska 13 years, will serve as both chairwoman and acting chief executive until the full board decides how to proceed.