One of Earvin "Magic" Johnson's business associates is expected to be confirmed today as a member of the Water and Power Commission.
Eric Holoman, president of Magic Johnson Enterprises, is expected to fill the remaining open seat on the to the five-member commission, which sets policy for the self-supporting Department of Water and Power.
"It is time for a new era at the DWP, and that begins with accountable management and business- and ratepayer-friendly reforms," Mayor Antonio Villaraigosa said in announcing the appointment last month. "With his vast financial and corporate experience, Eric Holoman will bring a unique perspective to the Board of Water and Power Commissioners and help lead their efforts to transform the DWP."
Holoman said he would "work to keep water and power rates as low as possible while ensuring that the DWP continues to invest in green energy and creates jobs in Los Angeles."
If confirmed, Holoman would join the board just weeks after a politically bruising squabble with the City Council over electricity rate hikes and a DWP cash infusion to the city's general fund.
Holoman manages and directs Magic Johnson Enterprises' day-to-day operations, including strategy, finance and business development. He also oversees many of the organization's partnerships.
Villaraigosa appointed Holoman as president of the Los Angeles City Employees' Retirement System in July 2007. He resigned in October 2009 because of a state law that limited what members of public pension boards could do in business. Holoman helps run the former NBA star's movie theaters, Starbucks outlets and TGI Friday's restaurants.
Before joining Magic Johnson Enterprises, Holoman served as president of Holoman Food Services Inc.; worked for Bank of America as senior investment specialist and later as vice president of high net worth sales; and worked as senior vice president and regional sales manager at Wells Fargo Bank's Private Client Services Division.