DEFINITION of 'William Cavanaugh III'
Chairman of the World Association of Nuclear Operators (a nuclear power plant safety organization) since 2004 and a former CEO of System Energy Resources, Carolina Power and Light Company, and Progress Energy. Cavanaugh formed Progress Energy, a Fortune 500 energy company, though a merger between Carolina Power and Light and Florida Progress Corporation in 2000. His conservative management strategy helped the company survive deregulation and the Enron scandal of 2001.
BREAKING DOWN 'William Cavanaugh III'
Cavanaugh III was born in New Orleans in 1939. After earning his bachelor of science degree from Tulane University, he began his career with the U.S. Navy in 1961, where he became lieutenant commander of the navy's nuclear program before moving into the private sector in 1969 with Entergy Corporation.