Exelon Announces Senior Leadership Teams Ahead of Separation

Rhea-AI Summary

Exelon Corp. has announced leadership appointments in preparation for its separation into two companies, Exelon (utility) and Constellation (competitive energy), scheduled for Q1 2022. Key executive roles have been filled, including Calvin Butler as COO of Exelon and Kathleen Barrón as Chief Strategy Officer of Constellation. The company is making significant progress toward the separation, which requires several regulatory approvals. Exelon serves around 10 million customers and had $33 billion in revenue in 2020. More updates will be shared as the separation nears completion.

Positive

• Formation of two focused companies could enhance operational efficiency.
• Leadership team comprises seasoned energy industry veterans, likely to improve decision-making.

Negative

• Regulatory approvals still pending from the Nuclear Regulatory Commission and New York Public Service Commission.
• Uncertainty exists regarding the final terms and timing of the separation.

Top leadership named as Exelon prepares to separate into two companies

CHICAGO--(BUSINESS WIRE)-- 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:

• Calvin Butler, Senior EVP and Chief Operating Officer
• Bridget Reidy, EVP and Chief Operating Officer, Business Services Company
• David Glockner, EVP, Compliance and Audit
• Gayle Littleton, EVP and General Counsel
• Amy Best, EVP and Chief Human Resources Officer

“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:

• Kathleen Barrón, EVP and Chief Strategy Officer
• Mike Koehler, EVP and Chief Administrative Officer
• Bryan Hanson, EVP and Chief Generation Officer
• Jim McHugh, EVP and Chief Commercial Officer
• David Dardis, EVP and General Counsel
• Susie Kutansky, SVP and Chief Human Resources Officer

“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.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211029005087/en/

Emily Duncan

Investor Relations

312-394-2345

Paul Adams

Corporate Communications

410-470-4167

paul.adams2@exeloncorp.com

Source: Exelon Corporation

FAQ

What is the significance of Exelon's leadership changes?

The leadership appointments are crucial as Exelon prepares for its separation into two companies, enhancing operational focus and expertise.

When is Exelon expected to complete its separation into two companies?

The separation is anticipated to be completed in the first quarter of 2022, pending regulatory approvals.

What are the new roles in Exelon's leadership team?

Calvin Butler has been named Senior EVP and COO of Exelon, among other key appointments effective immediately.

What are the expected impacts of Exelon's separation on its utilities business?

The separation aims to enhance focus and operational efficiency, potentially benefiting Exelon's utility business and its customers.

What regulatory approvals are required for Exelon's separation?

The separation requires approvals from the Nuclear Regulatory Commission and New York Public Service Commission, among others.