Cameco Acknowledges Resignation of Westinghouse President and CEO
Cameco (TSX: CCO; NYSE: CCJ) has announced that Westinghouse Electric Company's President and CEO Patrick Fragman will step down from his position, effective March 31, 2025. Fragman, who has led Westinghouse since 2019, is departing to spend more time with his family in Europe.
In response to this transition, Dan Sumner, Westinghouse's former President of Operating Plant Services, has been appointed deputy CEO effective immediately and will serve as interim president and CEO starting April 1, 2025. A recruitment process is currently underway for a permanent replacement, with the selection to be made by Westinghouse's board, where Cameco and Brookfield each hold three seats as joint owners.
Cameco (TSX: CCO; NYSE: CCJ) ha annunciato che Patrick Fragman, Presidente e CEO della Westinghouse Electric Company, lascerà la sua posizione, con effetto dal 31 marzo 2025. Fragman, che guida Westinghouse dal 2019, si ritira per dedicare più tempo alla sua famiglia in Europa.
In risposta a questo cambiamento, Dan Sumner, ex Presidente dei Servizi agli Impianti Operativi di Westinghouse, è stato nominato CEO ad interim con effetto immediato e assumerà il ruolo di Presidente e CEO a partire dal 1 aprile 2025. È attualmente in corso un processo di reclutamento per un sostituto permanente, la cui selezione sarà effettuata dal consiglio di amministrazione di Westinghouse, dove Cameco e Brookfield detengono ciascuno tre seggi in qualità di proprietari congiunti.
Cameco (TSX: CCO; NYSE: CCJ) ha anunciado que Patrick Fragman, Presidente y CEO de Westinghouse Electric Company, dejará su puesto a partir del 31 de marzo de 2025. Fragman, quien ha liderado Westinghouse desde 2019, se va para pasar más tiempo con su familia en Europa.
En respuesta a esta transición, Dan Sumner, ex Presidente de Servicios de Plantas Operativas de Westinghouse, ha sido nombrado CEO adjunto con efecto inmediato y asumirá como presidente y CEO interino a partir del 1 de abril de 2025. Actualmente se está llevando a cabo un proceso de reclutamiento para un reemplazo permanente, cuya selección será realizada por la junta de Westinghouse, donde Cameco y Brookfield ocupan cada uno tres asientos como propietarios conjuntos.
Cameco (TSX: CCO; NYSE: CCJ)는 패트릭 프래그먼(Westinghouse Electric Company의 사장 겸 CEO)이 2025년 3월 31일부로 사직할 것이라고 발표했습니다. 2019년부터 Westinghouse를 이끌어온 프래그먼은 유럽에서 가족과 더 많은 시간을 보내기 위해 떠납니다.
이번 인사에 따라 댄 섬너가 임시 CEO로 즉시 임명되었으며, 2025년 4월 1일부터는 임시 사장 겸 CEO 역할을 수행합니다. 영구적인 대체 인사에 대한 채용 과정이 현재 진행 중이며, Westinghouse의 이사회가 최종 선임을 하며, Cameco와 Brookfield가 각각 세 자리의 공동 소유자로 참여하고 있습니다.
Cameco (TSX: CCO; NYSE: CCJ) a annoncé que Patrick Fragman, Président et CEO de Westinghouse Electric Company, quittera son poste, à compter du 31 mars 2025. Fragman, qui dirige Westinghouse depuis 2019, s'en va pour passer plus de temps avec sa famille en Europe.
En réponse à cette transition, Dan Sumner, ancien Président des Services aux Usines Opérationnelles de Westinghouse, a été nommé CEO adjoint avec effet immédiat et assumera les fonctions de Président et CEO par intérim à partir du 1er avril 2025. Un processus de recrutement est actuellement en cours pour un remplaçant permanent, dont la sélection sera faite par le conseil d'administration de Westinghouse, où Cameco et Brookfield détiennent chacun trois sièges en tant que propriétaires conjoints.
Cameco (TSX: CCO; NYSE: CCJ) hat angekündigt, dass Patrick Fragman, Präsident und CEO der Westinghouse Electric Company, sein Amt zum 31. März 2025 niederlegen wird. Fragman, der Westinghouse seit 2019 leitet, verlässt das Unternehmen, um mehr Zeit mit seiner Familie in Europa zu verbringen.
Als Reaktion auf diesen Wechsel wurde Dan Sumner, ehemaliger Präsident der Operating Plant Services von Westinghouse, mit sofortiger Wirkung zum stellvertretenden CEO ernannt und wird ab dem 1. April 2025 als Interim-Präsident und CEO fungieren. Der Rekrutierungsprozess für einen dauerhaften Nachfolger ist derzeit im Gange, die Auswahl erfolgt durch den Vorstand von Westinghouse, bei dem Cameco und Brookfield jeweils drei Sitze als gemeinsame Eigentümer innehaben.
- Smooth leadership transition with immediate appointment of interim CEO
- Planned departure provides substantial notice period until March 2025
- Joint board control maintained with Brookfield (3 seats each)
- Loss of experienced CEO who led Westinghouse since 2019
- Potential operational uncertainty during leadership transition
“Westinghouse is a pioneer in the nuclear energy industry and is regarded as a leader in nuclear innovation and plant services,” said Tim Gitzel, president and CEO of Cameco. “We thank Patrick for his leadership and wish him and his family all the best in the future.”
Effective immediately, Westinghouse’s former President of Operating Plant Services Dan Sumner has been appointed deputy CEO. Starting April 1, 2025, he will serve as interim president and CEO until a new president and CEO is appointed.
A recruitment process is underway, and a new president and CEO will be chosen by Westinghouse’s board. As joint owners of Westinghouse, Cameco and
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
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Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
Source: Cameco Corporation
FAQ
When will Patrick Fragman leave his position as Westinghouse CEO, affecting CCJ's investment?
Who will replace Fragman as interim CEO at Westinghouse, CCJ's subsidiary?
How many board seats does CCJ hold in Westinghouse?
What is the timeline for appointing a permanent CEO at Westinghouse following CCJ's announcement?
