Exelon (NYSE:EXC) today announced that upon closing of the
Exelon-Constellation merger, Joseph R. Glace will become
senior vice president and chief risk officer for the combined
company, reporting to president and CEO Christopher M. Crane. Glace
is currently vice president and chief risk officer for Exelon. In
his new role, he will 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. The senior team we’re announcing today reflects strong
leadership from Exelon and Constellation. In particular, with 31
years of leadership in the energy industry – including more than a
decade of managing risk – we are very confident in Joe Glace and
his ability to run this increasingly critical function,” said
Crane.
Crane added that the elevated reporting relationship from the
chief risk officer to the CEO reflects Exelon’s objective of
further instilling a risk management culture throughout the
organization, as well as the significantly increased scale of its
post-merger commercial business.
Reporting to Glace upon completion of the merger will be the
following executives:
- Brenda L. Boultwood, currently
senior vice president and chief risk officer for Constellation,
will become senior vice president, Enterprise Risk Management,
Credit Risk and Trading Policy Compliance.
- Michael G. Pechin, currently
director, Credit and Risk Analytics for Exelon’s Power Team
business, will become vice president, Wholesale Operations.
- Daniel M. Scobell, currently
director, Portfolio Management for Exelon’s Power Team business,
will become vice president, Market Risk and Analytics.
In addition, Robert J. Gauch, currently vice president,
Credit Risk, will remain in that role in the combined company,
reporting to Boultwood.
Pending all required approvals, Exelon and Constellation expect
to complete their merger in early 2012. On Aug. 3, the Public
Utility Commission of Texas approved the merger. Shareholders of
both companies overwhelmingly approved the transaction on Nov. 17.
Other required approvals include the Maryland Public Service
Commission, Federal Energy Regulatory Commission, the Nuclear
Regulatory Commission, the New York State Public Service Commission
and the Department of Justice.
About Exelon Corporation
Exelon Corporation is one of the nation’s largest electric
utilities with more than $18 billion in annual revenues. The
company has one of the industry’s largest portfolios of electricity
generation capacity, with a nationwide reach and strong positions
in the Midwest and Mid-Atlantic. Exelon distributes electricity to
approximately 5.4 million customers in northern Illinois and
southeastern Pennsylvania and natural gas to approximately 490,000
customers in the Philadelphia area. Exelon is headquartered in
Chicago and trades on the NYSE under the ticker EXC. Learn more
online: www.exeloncorp.com.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
competitive supplier of power, natural gas and energy products and
services for homes and businesses across the continental United
States. It owns a diversified fleet of generating units, totaling
approximately 12,000 megawatts of generating capacity, and is a
leading advocate for clean, environmentally sustainable energy
sources, such as solar power and nuclear energy. The company
delivers electricity and natural gas through the Baltimore Gas and
Electric Company (BGE), its regulated utility in Central Maryland.
A FORTUNE 500 company headquartered in Baltimore, Constellation
Energy had revenues of $14.3 billion in 2010.
For the latest information about the Exelon-Constellation
merger, visit the merger website:
www.exelonconstellationmerger.com
Cautionary Statements Regarding Forward-Looking
Information
Except for the historical information contained herein, certain
of the matters discussed in this communication constitute
“forward-looking statements” within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, both as
amended by the Private Securities Litigation Reform Act of 1995.
Words such as “may,” “will,” “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “target,” “forecast,” and
words and terms of similar substance used in connection with any
discussion of future plans, actions, or events identify
forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding benefits of
the proposed merger of Exelon Corporation (Exelon) and
Constellation Energy Group, Inc. (Constellation), integration plans
and expected synergies, the expected timing of completion of the
transaction, anticipated future financial and operating performance
and results, including estimates for growth. These statements are
based on the current expectations of management of Exelon and
Constellation, as applicable. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements included in this communication
regarding the proposed merger. For example, (1) the companies
may be unable to obtain regulatory approvals required for the
merger, or required regulatory approvals may delay the merger or
result in the imposition of conditions that could have a material
adverse effect on the combined company or cause the companies to
abandon the merger; (2) conditions to the closing of the
merger may not be satisfied; (3) an unsolicited offer of
another company to acquire assets or capital stock of Exelon or
Constellation could interfere with the merger; (4) problems
may arise in successfully integrating the businesses of the
companies, which may result in the combined company not operating
as effectively and efficiently as expected; (5) the combined
company may be unable to achieve cost-cutting synergies or it may
take longer than expected to achieve those synergies; (6) the
merger may involve unexpected costs, unexpected liabilities or
unexpected delays, or the effects of purchase accounting may be
different from the companies’ expectations; (7) the credit
ratings of the combined company or its subsidiaries may be
different from what the companies expect; (8) the businesses
of the companies may suffer as a result of uncertainty surrounding
the merger; (9) the companies may not realize the values
expected to be obtained for properties expected or required to be
divested; (10) the industry may be subject to future
regulatory or legislative actions that could adversely affect the
companies; and (11) the companies may be adversely affected by
other economic, business, and/or competitive factors. Other unknown
or unpredictable factors could also have material adverse effects
on future results, performance or achievements of Exelon,
Constellation or the combined company. Discussions of some of these
other important factors and assumptions are contained in Exelon’s
and Constellation’s respective filings with the Securities and
Exchange Commission (SEC), and available at the SEC’s website at
www.sec.gov, including: (1) Exelon’s 2010 Annual Report on Form
10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) ITEM 8. Financial
Statements and Supplementary Data: Note 18; (2) Exelon’s Quarterly
Report on Form 10-Q for the quarterly period ended September 30,
2011 in (a) Part II, Other Information, ITEM 1A. Risk
Factors, (b) Part 1, Financial Information, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) Part I, Financial Information,
ITEM 1. Financial Statements: Note 13; (3) Constellation’s
2010 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b)
ITEM 7. Management’s Discussion and Analysis of Financial Condition
and Results of Operations and (c) ITEM 8. Financial Statements and
Supplementary Data: Note 12; and (4) Constellation’s Quarterly
Report on Form 10-Q for the quarterly period ended
September 30, 2011 in (a) Part II, Other Information,
ITEM 1A. Risk Factors and ITEM 5. Other Information,
(b) Part I, Financial Information, ITEM 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations and (c) Part I, Financial Information, ITEM 1.
Financial Statements: Notes to Consolidated Financial Statements,
Commitments and Contingencies. These risks, as well as other risks
associated with the proposed merger, are more fully discussed in
the definitive joint proxy statement/prospectus included in the
Registration Statement on Form S-4 that Exelon filed with the SEC
and that the SEC declared effective on October 11, 2011 in
connection with the proposed merger. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this communication may not occur. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this communication.
Neither Exelon nor Constellation undertake any obligation to
publicly release any revision to its forward-looking statements to
reflect events or circumstances after the date of this
communication.
Additional Information and Where to Find it
In connection with the proposed merger between Exelon and
Constellation, Exelon filed with the SEC a Registration Statement
on Form S-4 that included the definitive joint proxy
statement/prospectus. The Registration Statement was declared
effective by the SEC on October 11, 2011. Exelon and Constellation
mailed the definitive joint proxy statement/prospectus to their
respective security holders on or about October 12, 2011. WE URGE
INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION about Exelon,
Constellation and the proposed merger. Investors and security
holders may obtain copies of all documents filed with the SEC free
of charge at the SEC's website, www.sec.gov. In addition, a copy of
the definitive joint proxy statement/prospectus may be obtained
free of charge from Exelon Corporation, Investor Relations, 10
South Dearborn Street, P.O. Box 805398, Chicago, Illinois
60680-5398, or from Constellation Energy Group, Inc., Investor
Relations, 100 Constellation Way, Suite 600C, Baltimore, MD
21202.
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Sep 2023 to Sep 2024