Edison International announced on Wednesday that Theodore F. Craver Jr., the Rosemead energy company’s chairman and chief executive will retire in September, keeping with the company’s practice of its chief executive retiring upon reaching age 65.

Pedro J. Pizarro, 50, currently president of utility subsidiary Southern California Edison, will succeed Craver as chief executive. Senior Vice President Kevin Payne will succeed Pizarro as chief executive of SCE, effective June 1.

Craver, who became Edison International’s chief executive in 2008, guided the company through several challenges, including the bankruptcy of an energy generation subsidiary, the unplanned shutdown and ultimate closure of the San Onofre Nuclear Generating Station, and the shifting of the company’s energy portfolio toward more renewable sources to meet state mandates.

Craver formed a subsidiary in the last year to go after new sources of revenue, such as providing energy consulting services to Fortune 500 companies.

The company was fined $16.7 million last year for violating open-meeting laws as its executives held secret discussions with former state Public Utility Commission President Michael Peevey about settlement terms of the San Onofre closure.

“We have repositioned Edison International and developed the next generation of leaders capable of successfully navigating the enormous changes in our industry,” Craver said in a statement. “This year we are delivering an 8 percent reduction in customer average rates, and Edison International’s market value is higher this month than at any time in our 130-year history.”

Pizarro joined Edison International in 1999 and took over as SCE president two years ago.

“We are better positioned than ever to be a trusted leader in electricity, renewable energy and energy services,” Pizarro said.

Read a recent Los Angeles Business Journal interview with Craver here.

Public policy and energy reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.