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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 14, 2002
(Date of earliest
event reported)
Exhibit 99.1
EXELON [LOGO]
- --------------------------------------------------------------------------------
News Release
From: Exelon Corporation For Immediate Release
Corporate Communications ---------------------
P.O. Box 805379 October 14, 2002
Chicago, IL 60680-5379
Contact: Kellie Szabo, 312.394.3071
Robert S. Shapard Named Exelon's New Chief Financial Officer
Chicago (October 14, 2002) - Exelon Corporation announced today that Robert S.
Shapard has accepted the position of Executive Vice President and Chief
Financial Officer. Shapard will report directly to Chairman and Chief Executive
Officer John W. Rowe.
Shapard most recently was specially retained as Executive Vice President and CFO
with Covanta Energy Corporation based in Fairfield, NJ, to provide direction in
their Spring 2002 filing for Reorganization under the Federal Bankruptcy Code.
From 2000 to 2001, Shapard was Executive Vice President and CFO of Ultramar
Diamond Shamrock (UDS), a leading North America refining and marketing company.
In that role, he helped develop a merger between UDS and Valero Energy.
Previously, Shapard was Chief Executive Officer of TXU Australia, Ltd., a wholly
owned but autonomous subsidiary of TXU Corporation. Earlier at TXU, Shapard
served as Vice President, Finance and Treasurer. He is an accomplished CFO whose
breadth of experience includes leading mergers and acquisitions, financial and
operational restructuring, capital markets and investor relations. Shapard is a
graduate of Texas Technological University and a Certified Public Accountant.
"Bob's professional accomplishments are equally matched by the kind of personal
and professional integrity that the times require," said Exelon Chairman and
Chief Executive Officer John W. Rowe. "Exelon's senior management team, the
board of directors and I are all extremely pleased to welcome Bob to Exelon."
Shapard's election as Executive Vice President is effective on October 21, 2002.
He will assume the role of Chief Financial Officer on or about November 4, 2002
succeeding Ruth Ann M. Gillis, who moves into her role as President, Exelon
Business Services Company, as previously announced. Rowe added, "Ruth Ann Gillis
has built a superb financial team including Senior Vice President and Treasurer,
Barry Mitchell and Vice President and Controller, Matt Hilzinger, people who are
committed to sound balance sheets and honest numbers. She has also set a
constant example of diligence and integrity. Bob will find a sound foundation
when he arrives."
###
Exelon Corporation is one of the nation's largest electric utilities with
approximately 5 million customers and more than $15 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 million customers in Illinois and Pennsylvania and gas to more
than 440,000 customers in the Philadelphia area. Exelon is headquartered in
Chicago and trades on the NYSE under the ticker EXC.