Pepco Holdings Announces Executive Changes
Pepco Holdings, Inc. (NYSE: POM) Chairman of the Board, President and Chief Executive Officer Dennis Wraase today announced several upcoming executive appointments.
Tom Shaw, Executive Vice President and Chief Operating Officer, will retire on September 1, 2007 after 36 years of service. Replacing Mr. Shaw as Executive Vice President and Chief Operating Officer effective Sept.1 will be Joseph M. Rigby, currently Senior Vice President and Chief Financial Officer of PHI. Replacing Mr. Rigby as Senior Vice President and Chief Financial Officer, effective upon joining the Company on Sept. 5, will be Mr. Paul H. Barry, formerly Senior Vice President and Chief Development Officer of Duke Energy.
“We are very grateful to Tom Shaw for his many contributions to PHI, and particularly his leadership in integration of the operations of the companies which came together to form PHI through a merger in 2002,” said Wraase.
“I am pleased to announce that our Board of Directors has chosen Joe Rigby to replace Tom as Executive Vice President and Chief Operating Officer,” said Wraase. “Joe, who for the past three years has led our strategic planning initiatives, strengthened our regulatory organization, and greatly improved our investor relations program, brings 29 years of strong and varied experience to the job, including six years leading the regulated businesses of both Atlantic City Electric Company and Delmarva Power.”
“We are also looking forward to Paul Barry joining our team,” said Wraase. “Paul, who joins us from Duke Energy, brings a strong strategic planning and finance background, including several positions of increasing responsibility at Duke; he also gained experience at General Electric, CBS (formerly Westinghouse), and Amoco and is an alumnus of GE’s highly regarded Financial Management Program and Corporate Audit Staff. He received a bachelor of science degree, magna cum laude, in finance from Northeastern University and an MBA from Harvard Business School.”
Rigby will assume operational responsibility for the regulated operations of Pepco, Delmarva Power and Atlantic City Electric, as well as certain other corporate services activities. Barry will assume responsibility for treasury, regulatory, strategic and financial planning, accounting and tax, investor relations, risk management and Sarbanes-Oxley compliance. Both will report to Wraase.
“Executive succession planning is a key role of the Board of Directors,” said Wraase. “And we are pleased, with these appointments, to carry out that responsibility in a way that effectively aligns and strengthens our senior management team as we move forward.”
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