CHICAGO – Exelon Corp. (Nasdaq: EXC) today announced key leadership appointments as it prepares to separate into two companies in the first quarter of 2022. After the separation, the utility business will be named Exelon and the competitive energy business will be named Constellation.
The following individuals have been appointed, effective immediately, to the Exelon (utility business) senior executive team, reporting directly to Exelon CEO Chris Crane:
“We continue to make excellent progress in our plans to separate into two leading companies, Exelon and Constellation,” said Crane. “We are excited about the unique skills and values-driven leadership each of these individuals will contribute to building the post-separation businesses. We firmly believe in the bright future of each of these companies and are even more confident now that we have these leadership teams in place. The diverse team we have brought together at Exelon is composed of energy industry veterans who bring the right combination of skills and expertise to lead the company forward in delivering smart, clean, reliable and resilient energy to our customers and communities.”
“It’s an honor to be named Chief Operating Officer of Exelon during such a transformative period in the industry,” said Butler. “I look forward to working with Chris and the rest of the senior leadership team to continue our work on behalf of Exelon utilities’ 10 million customers – investing in and modernizing our energy infrastructure for safe, reliable and resilient service, clean and affordable energy choices and more equitable communities.”
The following individuals have been appointed, effective immediately, to the Constellation (competitive energy business) senior executive team, reporting directly to Exelon Generation CEO Joseph Dominguez:
“I’m excited to welcome these talented leaders to Constellation’s senior leadership team,” said Dominguez, the incoming CEO of Constellation. “These individuals collectively bring significant expertise, dedication and commitment to excellence, and with this team in place, I’m confident Constellation will lead its industry as the largest producer of clean energy in the nation.”
Additional information about the senior leaders of each company can be found in the executive profiles section of the Exelon website at exeloncorp.com/leadership-and-governance/executive-profiles. Profiles will be updated shortly to reflect their new roles.
As previously announced on Oct. 1, 2021, Joseph Nigro has been appointed as Senior EVP and Chief Financial Officer of Exelon and Daniel Eggers has been appointed EVP and Chief Financial Officer of Constellation. Nigro and Eggers will also report directly to Crane and Dominguez, respectively.
Timing and Approvals
Closing of the transaction in the first quarter of 2022 is subject to final approval by the company’s Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, the receipt of remaining regulatory approvals and the satisfaction of other conditions. The transaction was approved by the Federal Energy Regulatory Commission in August. Approval by the Nuclear Regulatory Commission and New York Public Service Commission remains pending. Exelon shareholder approval is not required. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.
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