Cleco Corp. Announces Chief Executive Succession
April 25 2011 - 8:30AM
Marketwired
Cleco Corp. (NYSE: CNL) today announced that Michael Madison, 62,
will step down as president and CEO to become vice chairman
effective July 2011 in transition to his retirement from the
company around the end of the year. The company has selected Bruce
Williamson, 51, to succeed Madison as president and chief executive
officer effective July 5, 2011.
Retirement of Michael H. Madison: Madison
will step down as president and CEO effective July 5, 2011. Between
then and his retirement he will serve the company as vice chairman
and provide transition support to the new chief executive.
During Madison's tenure with Cleco, the company's regulated
utility embarked on a fuel diversification effort which more than
doubled its rate base to serve utility customers. This effort
included the addition of Madison Unit 3, a 600-MW solid-fuel
circulating-fluidized-bed unit capable of burning biomass, and
Acadia Unit 2, a 580-MW combined-cycle natural gas-fired plant.
"Mike successfully led us through the largest investment and
expansion program the company has ever undertaken," said J. Patrick
Garrett, chairman of the board of Cleco Corp. "His contributions to
Cleco are long-lasting and have placed us on a very strong
financial foundation as the company looks to its future."
"For me to say that my career with Cleco has been fulfilling
would be an understatement," said Madison. "However, I'm looking
forward to retirement as Cleco continues to achieve operational and
financial success."
Appointment of Bruce A. Williamson: Cleco
Corp. has entered into an agreement to name Williamson as its next
president and chief executive officer effective July 5, 2011.
Williamson most recently has served as chairman, president and
CEO of Dynegy Inc. Prior to joining Dynegy, Williamson was a member
of the leadership at Duke Energy Corp. where he managed multiple
business units in both Charlotte, N.C. and Houston. Williamson
began his career with Shell Oil Co. in 1981. His work there spanned
14 years and included domestic and overseas work in exploration and
production, as well as financial and corporate leadership
positions. In 1995 he joined Panhandle Eastern Pipeline Co., later
known as PanEnergy, where he was responsible for finance and
corporate development prior to PanEnergy's merger with Duke Power
in 1998.
Williamson earned a bachelor's degree in finance from the
University of Montana and a master's of business administration
from the Bauer College of Business at the University of Houston. He
serves on the University of Houston Chancellor's Energy Advisory
Board and the Dean's Executive Advisory Board for the C. T. Bauer
College of Business. Williamson also serves on the board of Questar
Corporation (NYSE: STR), an integrated natural gas company, and
Houston-based Crime Stoppers, a non-profit organization dedicated
to solving and preventing serious crime in partnership with
citizens and the criminal justice system.
"We are pleased to welcome Bruce as our CEO," said Garrett.
"Bruce is a proven leader with 30 years of broad energy industry
and financial experience. He is the right person to build upon our
strategy while the company continues to navigate an evolving
regional marketplace and changing environmental and market
regulations."
"Cleco has positioned itself exceptionally well for customers
and shareholders with the additions it has made to its regulated
fleet, while at the same time reducing its exposure to the
unregulated merchant power business," said Williamson. "In doing
so, the company has dramatically strengthened its financial
position and its ability to look for new opportunities to capture
value. I look forward to joining Cleco and building upon the
foundation that Mike and his team have created."
Cleco Corp. is a regional energy company headquartered in
Pineville, La. It operates a regulated electric utility company,
Cleco Power LLC, which serves about 279,000 retail customers across
Louisiana. Cleco also operates a wholesale energy business, Cleco
Midstream Resources LLC, which includes the pending sale of Acadia
Power Station Unit 2. For more information about Cleco, visit
www.cleco.com.
Please note: This news release contains forward-looking
statements. Actual events and results may differ materially from
those projected. There are many risks and uncertainties with
respect to such forward-looking statements, including the risks and
uncertainties more fully described in Cleco's latest Annual Report
on Form 10-K.
Analyst Contact: Cleco Corporation Russell Davis (318)
484-7501 Russell.Davis@cleco.com Media Contact: Cleco
Corporation Susan Broussard (318) 484-7773
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