Southwest Gas Names Justin S. Forsberg Chief Financial Officer

Rhea-AI Summary

Southwest Gas (NYSE: SWX) announced the promotion of Justin S. Forsberg to Senior Vice President and Chief Financial Officer, effective December 1, 2025. Forsberg will become principal financial officer and lead financial, accounting, investor relations, and internal audit functions.

He joined Southwest Gas in August 2023, previously spent nearly 13 years at IDACORP and Idaho Power, is a CPA in Idaho, and holds bachelor’s and master’s degrees in accounting from Brigham Young University. Robert J. Stefani is separating from the companies on December 1, 2025.

Positive

• Promotion effective Dec 1, 2025 to CFO
• Leads finance, accounting, investor relations, internal audit
• Nearly 13 years of prior utility finance experience at IDACORP/Idaho Power
• CPA license and bachelor’s and master’s in accounting

Negative

• Former CFO Robert J. Stefani is separating on Dec 1, 2025
• Forsberg's tenure at Southwest Gas is relatively short (since Aug 2023)

News Market Reaction – SWX

+0.78%

+0.78% Session close to close

In the Nov 28 session, SWX gained 0.78%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalizes the CFO transition at Southwest Gas, elevating Justin S. Forsberg to Sen...

Analysis

This announcement finalizes the CFO transition at Southwest Gas, elevating Justin S. Forsberg to Senior Vice President and Chief Financial Officer effective December 1, 2025. It follows earlier disclosure of the prior CFO’s planned departure and comes alongside a period of balance sheet strengthening and strategic refocusing on regulated gas operations. Investors may track Forsberg’s approach to capital allocation, regulatory strategy, and communication with the market as he assumes principal financial officer responsibilities.

Key Figures

CFO effective date: December 1, 2025 Tenure at IDACORP/Idaho Power: Nearly 13 years Joined Southwest Gas: August 2023 +2 more

5 metrics

CFO effective date December 1, 2025 Forsberg promotion effective date

Tenure at IDACORP/Idaho Power Nearly 13 years Prior finance and accounting roles before SWX

Joined Southwest Gas August 2023 Forsberg start date at SWX

Director IR & Treasury tenure May 2019 to August 2023 Role at IDACORP/Idaho Power

CFO base salary $500,000 Annual salary per 8‑K for Forsberg

Historical Context

5 past events · Latest: Dec 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 08	Expansion project update	Positive	+1.1%	Great Basin 2028 Expansion open season closed with sizable capacity interest.
Nov 26	CFO appointment	Positive	+0.8%	Justin S. Forsberg promoted to Senior Vice President and CFO.
Nov 19	Dividend declaration	Positive	+1.7%	Declared Q1 2026 dividend of $0.62 per share, annualized $2.48.
Nov 05	CFO transition	Negative	-4.1%	Announced departure of CFO Robert J. Stefani and start of successor search.
Nov 05	Earnings release	Positive	-4.1%	Reported strong Q3 2025 results and Centuri separation proceeds.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news has mostly aligned with price moves, except for Q3 2025 earnings, which saw a negative reaction despite positive financial metrics and ratings upgrades.

Recent Company History

Over the last few months, Southwest Gas announced several notable developments. Q3 2025 earnings and the 10‑Q highlighted strong EPS of $3.74, significant Centuri separation proceeds, and debt repayment, yet shares fell about 4.07%. A subsequent CFO transition on November 5, 2025 drew a similar negative reaction. Later, a first quarter 2026 dividend of $0.62 per share and the appointment of Justin S. Forsberg as CFO on December 1, 2025 were followed by modest gains, while the Great Basin expansion project update also coincided with a positive move.

Key Terms

certified public accountant

1 terms

certified public accountant financial

"He is a Certified Public Accountant in the state of Idaho..."

A certified public accountant (CPA) is a licensed accounting professional who has passed rigorous exams and met education and experience requirements to prepare, review, and officially certify financial statements and tax filings. For investors, a CPA's involvement is like a neutral referee confirming that a company's reported numbers are accurate and follow accounting rules, which improves trust in financial reports and lowers the risk of unexpected errors or misleading information.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LAS VEGAS, Nov. 26, 2025 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or the "Company") and its primary operating subsidiary, Southwest Gas Corporation, today announced the promotion of Justin S. Forsberg to Senior Vice President and Chief Financial Officer, effective December 1, 2025. Forsberg currently serves as Vice President of Investor Relations and Treasurer and succeeds Robert J. Stefani, who is separating from the companies December 1.

Forsberg will assume the responsibilities of principal financial officer and will lead the financial, accounting, investor relations, and internal audit functions.

"We are pleased to promote Justin to Chief Financial Officer. He has consistently demonstrated strong leadership and a deep understanding of our business. His collaboration and commitment to operational excellence have been instrumental in our transition to a fully regulated natural gas business," said Karen S. Haller, President and Chief Executive Officer of Southwest Gas.

Forsberg joined Southwest Gas in August 2023, after nearly 13 years in various finance and accounting roles at IDACORP, Inc., and Idaho Power Company, where he most recently served as Director of Investor Relations & Treasury from May 2019 to August 2023. Before joining IDACORP, Forsberg worked as a Manager at Deloitte & Touche LLP. He is a Certified Public Accountant in the state of Idaho and holds both a Bachelor of Science and a master's degree in accounting from Brigham Young University.

"I am honored by the trust Karen and the Board of Directors have placed in me. I'm excited about the future of Southwest Gas and grateful to work alongside such a talented and dedicated team. Together, we'll continue to execute our strategic priorities and deliver value for our stockholders," said Forsberg.

About Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc., through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing, and transporting natural gas. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada, and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings' expectations or intentions regarding the future. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations with respect to execution of strategic priorities. A number of important factors affecting the business and financial results of Southwest Gas Holdings could cause actual results to differ materially from those stated in the forward-looking statements, including (without limitation) those discussed in Southwest Gas Holdings' respective periodic reports filed from time to time with the SEC, including Southwest Gas Holdings' most recent Annual Reports on Form 10-K under the heading "Risk Factors" and "Quantitative and Qualitative Disclosure about Market Risk." The statements in this press release are made as of the date of this press release, even if subsequently made available by Southwest Gas Holdings on its website or otherwise. Southwest Gas Holdings does not assume any obligation to update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

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SOURCE Southwest Gas Holdings, Inc.

FAQ

Who is the new CFO of Southwest Gas (NYSE: SWX) and when is the change effective?

Justin S. Forsberg is the new Chief Financial Officer, effective December 1, 2025.

What responsibilities will Justin Forsberg hold as CFO of Southwest Gas (SWX)?

He will serve as principal financial officer and lead financial, accounting, investor relations, and internal audit.

Why does Southwest Gas (SWX) consider Forsberg qualified for CFO?

Forsberg has nearly 13 years of utility finance experience at IDACORP/Idaho Power, is a CPA, and holds graduate accounting credentials.

What happens to the prior CFO at Southwest Gas (SWX)?

Robert J. Stefani is separating from the companies effective December 1, 2025.

When did Justin Forsberg join Southwest Gas (SWX)?

Forsberg joined Southwest Gas in August 2023.