CHICAGO and BALTIMORE - Exelon (NYSE:EXC) today announced that upon closing of the Exelon-Constellation merger, Joseph R. Glace will become senior vice president and chief risk officer for the combined company, reporting to president and CEO Christopher M. Crane. Glace is currently vice president and chief risk officer for Exelon. In his new role, he will serve as a member of Exelon's Executive Committee.
"The new Exelon will have a significantly increased scope across the energy value chain. It is vital to our future success that we diligently manage risk from an independent and enterprise-wide perspective. The senior team we're announcing today reflects strong leadership from Exelon and Constellation. In particular, with 31 years of leadership in the energy industry - including more than a decade of managing risk - we are very confident in Joe Glace and his ability to run this increasingly critical function," said Crane.
Crane added that the elevated reporting relationship from the chief risk officer to the CEO reflects Exelon's objective of further instilling a risk management culture throughout the organization, as well as the significantly increased scale of its post-merger commercial business.
Reporting to Glace upon completion of the merger will be the following executives:
• Brenda L. Boultwood, currently senior vice president and chief risk officer for Constellation, will become senior vice president, Enterprise Risk Management, Credit Risk and Trading Policy Compliance.
• Michael G. Pechin, currently director, Credit and Risk Analytics for Exelon's Power Team business, will become vice president, Wholesale Operations.
• Daniel M. Scobell, currently director, Portfolio Management for Exelon's Power Team business, will become vice president, Market Risk and Analytics.
In addition, Robert J. Gauch, currently vice president, Credit Risk, will remain in that role in the combined company, reporting to Boultwood.
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.