Commerce Energy Group Announces Decision to Terminate President and Chief Financial Officer
August 05 2005 - 5:24PM
PR Newswire (US)
New Interim Chief Financial Officer Named COSTA MESA, Calif., Aug.
5 /PRNewswire-FirstCall/ -- Commerce Energy Group, Inc. (AMEX:EGR),
the largest non-utility-affiliated retail energy marketer in the
U.S., announced today that on August 4, 2005, the Company decided
to terminate Peter Weigand, President and a director of the of the
Company, as an officer and employee of the Company and all of its
subsidiaries and affiliates without cause. Mr. Weigand remains a
director of the Company. The Company also decided on August 4, 2005
to terminate Richard L. Boughrum, Senior Vice President and Chief
Financial Officer, as an officer and employee of the Company and
all of its subsidiaries and affiliates without cause. Pursuant to
terms of the employment agreements of Messrs. Weigand and Boughrum,
the termination of their employment will become effective on, or
about, October 8, 2005, although they were relieved of all duties
and responsibilities as officers and employees of the Company and
all of its subsidiaries and affiliates effective immediately. The
Company's board of directors has reserved the right to terminate
the employment of Mr. Weigand and/or Mr. Boughrum with cause prior
to October 8, 2005 in accordance with the terms of their employment
agreements. In addition, on August 4, 2005, the Company appointed
Lawrence Clayton, Jr. as Interim Chief Financial Officer and
Secretary of the Company. Mr. Clayton is currently a consultant to
the Company and has over 20 years of public accounting and senior
finance officer experience. Since March 2004, Mr. Clayton has been
a principal of The Practice Advisory Group, a private management
consulting organization. From 2003 to March 2004, he served as a
private consulatant for energy clients. Mr. Clayton served as Chief
Financial Officer of EOTT Energy, a large independent gatherer and
marketer of crude oil, from 2000 to 2002. From 1994 to 2000, Mr.
Clayton was the Chief Financial Officer of Aquila Energy, an energy
merchant subsidiary of UtiliCorp United, Inc., which traded on the
New York Stock Exchange. Mr. Clayton is a graduate of Rice
University, where he earned both an M.A. degree in Accounting and a
B.A. degree in Managerial Studies and Economics. The Company
intends to engage a qualified search firm to assist the Board of
Directors in conducting a search for candidates to become the Chief
Financial Officer of the Company. The Board of Directors intends to
consider Mr. Clayton among other candidates for the position. About
Commerce Energy Group, Inc. Commerce Energy Group, Inc. (AMEX:EGR)
is a holding company with operations under wholly-owned
subsidiaries Commerce Energy, Inc., Skipping Stone Inc. and
Utilihost, Inc. Commerce Energy, Inc. is a FERC licensed
unregulated retail marketer of natural gas and electricity to
homeowners, commercial and industrial consumers and institutional
customers in nine states. Skipping Stone is an energy consulting
firm serving utilities, pipelines, merchant trading and technology
companies. Utilihost provides outsourced energy transaction and
data management services for municipalities, government facilities,
power generators and energy merchant customers. For more
information, visit http://www.commerceenergygroup.com/. DATASOURCE:
Commerce Energy Group, Inc. CONTACT: Investor Relations, Verna Ray
of Commerce Energy Group, Inc., +1-281-902-5127, Web site:
http://www.commerceenergygroup.com/
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