In the News: Recent Developments

Michael L. Noël is a Senior Managing Director and Senior Advisor to Saber Partners, LLC.

Mr. Noël is the former Chief Financial Officer and Senior Vice President of Edison International, Southern California Edison Company and Edison Mission Energy – corporations where he spent more than thirty years in various executive and financial-management positions. As one of Edison’s top five officers, he served as a member of Edison’s Management Committee. He was responsible for a number of functions including: corporate finance, financial planning, regulatory economics, accounting, investor relations and trust investments.

During Mr. Noël’s Edison career, he was responsible for directing and implementing billions of dollars of bond offerings. He was chief negotiator for numerous bond issues in the U.S., Europe and Asia. In that capacity, he created marketing plans and made presentations to potential investors and rating agencies, along with testifying before the California Public Utilities Commission, in an effort to obtain the lowest cost of capital for the benefit of Edison’s customers.

Among the many financings he and his staff successfully completed were several innovative financial instruments and structures. These included: issuing the world’s first corporate ‘Shogun’ bonds (dollar-denominated bonds sold in Japan) as featured in Forbes magazine; the first electric utility to issue interest-rate swaps and New Zealand and Australian bonds using currency swaps; issuing more Eurodollar bonds than any other U.S. electric utility; becoming the first independent power company to issue investment-grade debt, which garnered the prestigious Institutional Investor “Deal of the Year” award; and creating the nation’s first minority-owned and female-owned investment manager pool.

After leaving the Edison companies, Mr. Noël became President of Noël Consulting Company, Inc., where he advised companies on corporate finance. He also served on the boards of directors of Avista Corp. (an energy company), SCAN Health Plan, The SCAN Foundation and the HighMark family of mutual funds. Other board affiliations included companies associated with investment management, software and banking. In his capacity as a board member, Mr. Noël held the leadership positions of Chairman of the Board, Chair of the Audit & Compliance Committee, Chair of the Compensation Committee, Chair of the Governance Committee and a member of the Finance Committee. He also is a named “Audit Committee Financial Expert” under Sarbanes-Oxley. Mr. Noël was also a member of the National Association of Corporate Directors (NACD).

Mr. Noël co-authored an article published in “Directors Monthly,” the NACD’s magazine. It is titled, “Board Transformation: Does Change Have a Chance.” The article described the need for Board members to conduct peer-to-peer evaluations in order to provide constructive feedback to one another in an effort to raise the bar for Board performance.

Mr. Noël earned his MBA (summa cum laude) from the University of Southern California, where he graduated first in his class, after graduating with a Bachelors degree (cum laude) from California State University at Long Beach. In addition to being a former member of the Los Angeles Society of Financial Analysts and a mentor for USC students, Mr. Noël was a founder of The Academy of Business Leadership, a non-profit organization of business leaders teaching business, finance and investments to disadvantaged teenagers, for which Mr. Noël was awarded its “Outstanding Leadership” award.

Mr. Noël is a United States Golf Teachers Federation certified teaching professional. One of his instructional articles was published in Golf Illustrated.