Exelon Announces Leadership Changes at Exelon Generation and Constellation
Kenneth W. Cornew is named president and CEO of Exelon Generation; Joseph Nigro named CEO of Constellation
CHICAGO — Exelon announced that Kenneth W. Cornew, formerly executive vice president and chief commercial officer, Exelon, and president and CEO of Exelon business unit Constellation, has been named senior executive vice president and chief commercial officer, Exelon, and president and CEO of Exelon Generation.
In his new role, Cornew assumes leadership of the nation’s leading fleet of competitive power plants, with approximately 35,000 megawatts located primarily in the Midwest, Mid-Atlantic and Texas. His portfolio includes the nation’s largest nuclear fleet and a growing renewable energy development business. He will be based at the Exelon Generation headquarters in Kennett Square, Pa.
Joseph Nigro, formerly senior vice president, portfolio management and strategy, Constellation, has been named executive vice president, Exelon, and CEO, Constellation. Nigro will report to Cornew and assume responsibility for the wholesale and retail marketing of electricity, natural gas and other energy-related products and services to Constellation customers in 45 states, the District of Columbia and parts of Canada. He will remain based in Baltimore, Md.
These changes are effective immediately.
“One of the key benefits of the Exelon-Constellation merger is our ability to increase the value of our generation assets by matching load with generation and optimizing portfolio management. These leadership changes are designed to help us achieve these critical objectives,” said Christopher M. Crane, Exelon’s president and CEO. “Ken and Joe have been key members of our leadership team for many years and share a deep understanding of energy markets. I have every confidence in their ability to provide solid leadership to these critical businesses of Exelon.”
A 26-year veteran of the electric utility industry, Cornew became president and CEO of Constellation following its merger with Exelon in March 2012. Prior to that role, he served as senior vice president of Exelon and president of Exelon Power Team beginning in 2008. In that position, he oversaw the power marketing and trading function of Exelon’s diversified generation portfolio. He also oversaw the company’s growing retail business, Exelon Energy, which served electric and gas retail customers in Illinois, Ohio, Pennsylvania and Michigan.
Nigro is a nearly 25-year veteran of the industry and has held a number of roles of increasing responsibility for Exelon’s trading and marketing organization since joining the company in 1996. In his most recent role, he was responsible for leading all aspects of Constellation’s portfolio management and strategy. Prior to his role at Constellation, Nigro was senior vice president, portfolio management and strategy for Exelon Power Team.
Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy provider, with 2012 revenues of approximately $23.5 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).