CHICAGO and BALTIMORE - Exelon (NYSE:EXC) and Constellation (NYSE: CEG) today announced the executive team that will run the Constellation business unit following the closing of the companies' planned merger.
"As we continue to plan for the seamless integration of Exelon and Constellation, we are pleased to announce the individuals who will lead our combined retail and wholesale businesses" said Kenneth W. Cornew, who following the merger will become executive vice president and chief commercial officer of Exelon and president and CEO of Constellation. "The team we're naming today reflects the enormous wealth of talent we have across both companies. We stand ready to lead the nation's leading energy manager and competitive supplier, and to ensure that our customers continue to receive the level of service they have come to expect from Constellation and Exelon."
The post-merger senior leadership team at Constellation will include the following executives, reporting directly to Cornew:
• Mark Huston, currently managing director/head of Retail Energy at Constellation, will become senior vice president, Retail, with responsibility for all aspects of Constellation's retail power, gas, solar/renewable, load response, energy efficiency and services businesses.
• Joseph Nigro, currently senior vice president of Portfolio Management and Strategy at Exelon, will become senior vice president, Portfolio Strategy, with responsibility for portfolio management, market fundamentals, pricing, quantitative analytics and transmission, strategic systems and business operations, integration management and commercial transactions.
• Max Duckworth, currently co-head of Commodities at Constellation, will become senior vice president, Proprietary Trading and Fuels, with responsibility for fuels, environmental and emission risk management and execution, upstream exploration and production, and proprietary trading (fuels, power and weather).
• Edward Quinn, currently co-head of Commodities at Constellation, will become senior vice president, Wholesale Trading and Origination, with responsibility for wholesale trading and origination and portfolio operations.
The leaders announced today will become engaged in the organizational design process, which is currently underway, and help finalize their post-merger organizations.
Exelon and Constellation plan to make additional leadership announcements for the remainder of the company in early 2012.
Pending all required approvals, Exelon and Constellation expect to complete their merger in early 2012. On Aug. 3, the Public Utility Commission of Texas approved the merger. Shareholders of both companies overwhelmingly approved the transaction on Nov. 17. Other required approvals include the Maryland Public Service Commission, Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the New York State Public Service Commission and the Department of Justice.