Craig Adams to Retire as President and CEO of PECO
March 01 2018 - 1:00PM
Business Wire
Current SVP and COO Mike Innocenzo named new
President and CEO
Denis O’Brien, senior executive vice president of Exelon
Corporation and CEO of Exelon Utilities, and the PECO Board of
Directors announced today that Craig Adams will retire as President
and CEO of PECO, effective Friday, March 30, 2018. At that time, he
will be succeeded by Mike Innocenzo, currently PECO Senior Vice
President and Chief Operating Officer. Innocenzo will also assume
Adams’ role as Executive Vice President of Exelon Corporation.
During his more than 30-year career, Adams served in various
leadership roles at PECO and Exelon, including Senior Vice
President and COO of PECO, Chief Supply Officer for Exelon Business
Services Company and as Senior Vice President for Operations
Support for PECO and its sister utility, Commonwealth Edison
(ComEd), which serves northern Illinois. Adams began his energy
industry career with Public Service Electric and Gas Company
(PSE&G) in New Jersey and is a veteran of the United States
Army.
Under his leadership of Pennsylvania’s largest electric and
natural gas distribution company, Adams maintained and enhanced
PECO’s reputation as an industry front-runner. His many
accomplishments include positioning PECO as a technological leader
in the utility space through the implementation of the company’s
advanced grid and meter infrastructure project, also known as Smart
Grid - the largest and one of the most significant investments in
the company’s history. The project led to increases in service
reliability, provided new customer tools and set the groundwork for
future technological enhancements.
His passionate focus on diversity and inclusion empowered
employees to embrace authenticity in the workplace, increased
hiring opportunities for diverse candidates and created business
opportunities for diverse vendors and business partners from the
communities that PECO serves.
Several recent awards for emergency response, safety and
environmental commitment illustrate the culture Adams sought to
create at PECO. For two consecutive years, the company was ranked
among “America’s Best Employers” by Forbes Magazine. In addition,
PECO was named 2016 Corporation of the Year by the Eastern Minority
Supplier Development Council.
A dedicated and active corporate citizen, Adams served on the
boards of the American Gas Association and the Energy Association
of Pennsylvania. He also directed the company’s annual
multimillion-dollar support of community and nonprofit
organizations throughout the region. Personally, he served five
years as chairman of LEADERSHIP Philadelphia, a nonprofit network
that mobilizes and connects the talent of the private sector to
serve the community, and also served as Board Chair of the Camphill
Special School.
“Leaders like Craig don’t come around very often,” said O’Brien.
“Even beyond his focus on operational excellence and dedication to
improving the customer experience, he was one of the most
accessible CEOs I’ve ever seen.”
“This has been one of the most fulfilling jobs a person could
have,” said Adams. “I’ve achieved what I wanted to do at PECO, and
I look forward to enjoying more time with my family and beginning
the next chapter of my life. I will miss the friendship and support
of the people I have come to know as my family at PECO, but I know
that with Mike at the helm, I’m leaving the company in the most
capable hands possible.”
Innocenzo started his career with PECO in 1988 and has held a
number of leadership roles in departments including Gas Operations,
Quality Service, Performance Improvement, and Electric Operations.
Before assuming his most recent role in 2013 as Senior Vice
President and COO, he served as Vice President of Distribution
System Operations and Advanced Grid and Meter Technology.
Active in the community, Innocenzo serves on the boards of the
Philadelphia Free Library, the Philadelphia Police Athletic League
(PAL), and the Southeastern Electric Exchange. Innocenzo also led
special projects with the Edison Electric Institute and the North
American Electric Reliability Corporation. Innocenzo holds a
Bachelor’s Degree in electrical engineering from Widener
University, and an MBA from Villanova University.
“Mike was a natural choice as Craig’s successor, and we are
thrilled that he has accepted the mantle of leadership. He knows
PECO intimately and is already a critical driver behind our
business today,” said O’Brien. “Mike has the experience and
strategic vision to see where PECO needs to go and make it
happen.”
PECO, founded in 1881, is Pennsylvania's largest electric and
natural gas utility. Headquartered in Philadelphia, PECO delivers
energy to more than 1.6 million electric customers and more than
516,000 natural gas customers in southeastern, Pennsylvania. The
company's 2,500 employees are dedicated to the safe and reliable
delivery of electricity and natural gas as well as enhanced energy
management conservation, environmental stewardship and community
assistance. PECO was named 2017 Best Mid-size Employer in
Philadelphia by Forbes Magazine. The company also has an estimated
annual economic impact of $4.3 billion in Pennsylvania, supporting
more than 8,700 local jobs and producing $732 million in labor
income. PECO is a subsidiary of Exelon Corporation (NYSE: EXC), the
nation's only Fortune 100 utility and leading competitive energy
provider. For more information visit PECO.com, and connect
with the company on Facebook and Twitter.
If you are a member of the media and would like to receive
PECO news releases via email, please send your email address to
PECO.Communication@exeloncorp.com.
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PECO CommunicationsDoug
Oliver215-841-5555PECO.Communication@exeloncorp.com
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