Exelon Corp. (EXC) named its chief risk officer to lead risk management efforts across the company following its planned tieup with power producer Constellation Energy Group Inc. (CEG) next year.
The company said Joseph R. Glace will become senior vice president and chief risk officer for the combined company, which will retain the Exelon name. In his new role, he will also 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," said Chief Executive Christopher M. Crane.
The company also named the executive team that will run the Constellation business unit following the closing of the deal.
In April, Exelon agreed to buy Constellation in an all-stock deal valued at about $8 billion. The acquisition would allow Exelon, the largest operator of nuclear plants in the U.S., to combine its generation fleet with Constellation's large retail marketing business.
Both Exelon and Constellation garnered shareholder approval for the deal last month, pushing them closer to a closing expected early next year.
The deal still requires the approval of the Maryland Public Service Commission, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the New York State Public Service Commission and the Department of Justice.
Shares of Exelon closed at $43.31 Tuesday, while shares of Constellation closed at $39.26. Both were inactive in premarket trade.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; firstname.lastname@example.org