Power Grid Components (PGC) Announces Leadership Transition – Michael Plaster to Join PGC as CEO, Rick McClure to Transition to Board Chairman
Distinguished industry veteran with a sustained track record of growth and building customer partnerships to lead PGC’s next chapter
Rick McClure to assume role of Chairman of PGC’s Board of Directors
BESSEMER, Ala.–(BUSINESS WIRE)–Power Grid Components (PGC), a leading domestic supplier of a wide range of components for the electrical grid, is pleased to announce that Michael Plaster, an industry veteran bringing nearly four decades of leadership experience in electrical equipment and solutions companies, will be joining PGC as its Chief Executive Officer, effective August 18, 2025. Michael will succeed Rick McClure, who will transition to Chairman of the Board. This planned succession, in combination with Mike’s deep industry knowledge and network, will lead the company through its next chapter of growth.
Michael Plaster joins PGC from ABB, a global technology leader in electrification and automation, where he spent 20 years and most recently served as Executive Vice President and Lead Business Manager for Electrification. Since May 2020, Michael has both led ABB’s U.S. Electrification commercial organization and held P&L responsibility for ABB’s North American Distribution Solutions business line, driving significant growth. His leadership of a 3,000-person team and service on the NEMA Board of Governors and Executive Committee underscore his industry influence.
“In Mike, we have found the ideal next CEO for PGC, and I could not be more excited about the company’s future,” said Rick McClure. “Mike’s deep industry experience, proven leadership capabilities, and shared values as PGC make him the ideal choice to lead the business moving forward.”
“I am very excited to join PGC and build on Rick’s success in partnering with our customers as we navigate through the energy transition and deliver responsive solutions to the evolving electrical grid,” said Mike Plaster. “I have long admired the PGC family and am honored to be leading the business in its next chapter.”
“Since founding PGC in 2017, Rick has been a pioneer in the electrical components sector,” said John-Paul (JP) Munfa, a Senior Managing Director at Blackstone. “We are grateful for Rick’s leadership and continued partnership as Board Chairman, and we are thrilled to have Michael, a proven leader with deep expertise in the industry, join PGC and continue to drive the company’s growth and innovation.”
Prior to his tenure at ABB, Michael spent time at Kirby Risk Electrical Supply and Schneider Electric, where he further sharpened his expertise in sales growth and operational excellence. Mike holds a Bachelor of Science in Mechanical Engineering Technology from Purdue University and an MBA from Butler University. While serving at ABB, he completed its Senior Leadership Development Program at IMD in Lausanne, Switzerland, equipping him with advanced global leadership and strategic management skills.
Power Grid Components
Power Grid Components was formed by electrical utility veteran Rick McClure in 2017 to acquire and grow companies that supply products used in the North American electric power grid and adjacent industries. Since its founding, PGC has acquired eight businesses. Today, PGC is a supplier of high-voltage disconnect switchgear, high-quality porcelain, composite and glass insulators, instrument transformers, outside plant hardware, controlled switching devices, power distribution products, and fixed-load transformers.
Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $24 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
Contacts
For more information, contact:
Power Grid Components, a Blackstone Portfolio Company
PGC Media Contact: Elisabeth Law
elisabeth.law@pgc.com
