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S. Gary Snodgrass currently is a senior vice president and officer of Unicom Corporation and ComEd. He has oversight for corporate resources including supply chain management, information services, quality, corporate security and corporate human resources. Prior to joining Unicom, he served as vice president of human resources at USG Corporation. During his 24 years with USG, he progressed through the organization in various plant, subsidiary and corporate human resources management positions in the areas of labor relations, compensation, training and development, and college relations.
NICOM, PECO ENERGY MERGER TO BE NAMED EXELON CORPORATION; MCNEILL AND ROWE ANNOUNCE SENIOR LEADERSHIP TEAM
Chicago, IL and Philadelphia, PA December 16, 1999 - Corbin A. McNeill, Jr., chairman, president and chief executive officer of PECO Energy Company, and John W. Rowe, chairman, president and chief executive officer of Unicom Corporation, have announced that when the two companies are merged, the name of the new company will be Exelon Corporation.
“Exelon stands for experience and excellence,” said McNeill, “and that’s what the new company will be all about.”
“Exelon has been a very successful name in the competitive energy market and we intend to build upon that,” said Rowe.
The two companies announced on September 23 that they intended to merge as equals by September, 2000, forming a new holding company but retaining the names Commonwealth Edison (ComEd) and PECO Energy for their distribution operations in Chicago and Philadelphia.
McNeill and Rowe said that while the name Exelon – the existing brand of some of PECO Energy’s unregulated business ventures – has been chosen for the new holding company, the future names and brands for all other company operations, except distribution, are still under review.
McNeill and Rowe also announced the selection of the senior leaders who will direct major line and staff units for the new company. The appointments are:
* Michael J. Egan: Chief Financial Officer
* Paul A. Elbert: Unregulated Enterprises President
* Pamela B. Strobel: General Counsel
* Oliver D. Kingsley, Jr.: Chief Nuclear Officer
* Ian P. McLean: Power Team President
* Kenneth G. Lawrence: PECO Energy Distribution President
* Carl J. Croskey: ComEd Distribution President
* S. Gary Snodgrass: Chief Human Resources Officer
Additional members of the senior management team will be announced in the near future.
John W. Rowe who will have the responsibility for overseeing transmission and distribution operations and the unregulated retail enterprises said, “we are most fortunate to have this wealth of management talent. Under this leadership team, the company will become a major force in this emerging marketplace.”
Corbin A. McNeill Jr. who will have the responsibility for generation and power marketing operations said, “this team brings the experience and vision that will lead the combined company to the top tier of national energy companies. This combined talent, along with our combined resources will result in the new company being a national leader in the energy industry.”
Michael J. Egan is currently senior vice president and chief financial officer of PECO Energy and recently was named Chief Integration Officer for the merger of the two companies. Egan also is Chairman of AmerGen Energy, a joint venture between PECO Energy and British Energy Plc which was formed for the acquisition of nuclear power plants. Egan came to PECO Energy from Aristech Chemical Corporation where he served as a member of the Corporate Management Committee and Board of Directors and as its Chief Financial Officer.
Paul E. Elbert is currently executive vice president of Unicom and president, Unicom Enterprises, the company’s unregulated subsidiary. Prior to joining Unicom, he was president and chief executive officer, Natural Gas for Michigan based Consumers Power Company. At Consumers, Elbert led the formation of the gas business unit and the subsequent public offering of gas company stock. Earlier he was responsible for energy distribution, marketing, rates and wholesale power transmission as well as fossil and hydro operations.
Pamela B. Strobel is currently, senior vice president and general counsel of Unicom Corporation and its subsidiary, ComEd. Prior to joining ComEd in 1993, Ms. Strobel was a partner in the law firm of Sidely & Austin which she joined in 1988 following 11 years with the firm of Isham, Lincoln & Beale. She was a member of Sidley & Austin’s Labor group, where she concentrated her practice in employment discrimination litigation and counseling.
Oliver D. Kingsley, Jr. is currently executive vice president of Unicom and president and chief nuclear officer of Commonwealth Edison’s (ComEd) nuclear generation group. Before joining ComEd, Kingsley was Chief Nuclear Officer of the Nuclear Generation Group at the Tennessee Valley Authority (TVA), where he was credited with the turnaround of the TVA nuclear program. Before joining TVA, Kingsley was vice president, nuclear operations for Middle South Utilities.
Ian P. McLean is currently a corporate senior vice president and president of Power Team, PECO Energy’s wholesale power marketing organization. McLean joined PECO Energy in 1999 from Engelhard Corporation, where he was the group vice president responsible for the global trading, refining and recycling business with sites around the world. McLean began his career with Engelhard in 1985 as managing director of the London trading operation. In 1987 he was appointed to senior vice president of the USA group with global accountability for all trading and commercial business.
Kenneth G. Lawrence is currently a corporate senior vice president of PECO Energy and President of PECO Energy Distribution. Prior to this assignment, he held a number of executive positions with the Company: senior vice president and chief financial officer, vice president gas operations, and vice president, commercial operations.
Carl J. Croskey is currently senior vice president and president of distribution for ComEd. Prior to joining ComEd, Croskey was president of Michigan Consolidated Enterprises, a subsidiary of Michigan Consolidated Gas. At Michigan Consolidated Enterprises, Croskey developed a strategy to address retail-marketing issues for the distribution company and he led all joint venture interstate pipeline projects. Prior to that he headed up production, storage, transmission and distribution operations along with related field services.
S. Gary Snodgrass currently is a senior vice president and officer of Unicom Corporation and ComEd. He has oversight for corporate resources including supply chain management, information services, quality, corporate security and corporate human resources. Prior to joining Unicom, he served as vice president of human resources at USG Corporation. During his 24 years with USG, he progressed through the organization in various plant, subsidiary and corporate human resources management positions in the areas of labor relations, compensation, training and development, and college relations.
Following the close of the merger, Mr. McNeill and Mr. Rowe will become co-chief executive officers of the new holding company for a transition period lasting until December 31, 2003. During the first half of the transition period, Mr. McNeill will be chairman of the board of directors and Mr. Rowe will be president of the new holding company and serve as chairman of the executive committee. During the second half of the transition period, Mr. Rowe will serve as chairman of the board of directors and Mr. McNeill will serve as chairman of the executive committee of the board. At the end of the transition period, Mr. Rowe will become chairman and sole chief executive officer of the new holding company. Mr. McNeill will remain on the board of directors.
The new holding company will be one of the nation’s largest electric utilities based on its approximately 5 million customers and it will have total revenues of $12.4 billion. The combined company will be the nation’s fourth largest power generator, with a generation portfolio of more than 22,500 megawatts, and will be a leader in the growing U.S. wholesale power marketing business. Based on current equity market values, the new company would rank third in the industry with a market capitalization of $15.2 billio
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