Pepco Holdings, Inc. (ticker: POM, exchange: New York Stock Exchange (.N))
News Release -
PHI Elects Dennis Wraase Chairman of the Board
Dunn, Ross, Torgerson Elected Directors
Other Executive Changes Announced
WASHINGTON, May 21 /PRNewswire-FirstCall/ -- Pepco Holdings, Inc. (PHI)
(NYSE: POM) announced today that the PHI Board of Directors has elected Dennis
R. Wraase Chairman of the Board, succeeding John M. Derrick, Jr. who is
retiring as previously announced. Wraase was previously President and Chief
Executive Officer of PHI and will continue to hold those titles. Prior to the
formation of PHI as a result of the merger between Pepco and Conectiv in 2002,
he held executive positions with Pepco. The election followed the company's
Annual Meeting of Shareholders, held today.
Wraase joined Pepco in 1974 and was elected Vice President and Comptroller
in 1985. He was named Senior Vice President and Chief Financial Officer in
April 1996, Executive Vice President and CFO in 1999, President in 2000 and
Chief Executive Officer in 2003. He was elected to Pepco's Board of Directors
in 1998, and has served on the PHI Board since 2001. Prior to joining Pepco,
Wraase worked for Exxon Corporation where he held various financial positions
in the Controller's organization. A native Washingtonian, Wraase graduated
from the University of Maryland, receiving a Bachelor of Science degree in
accounting. He also holds a master of science in finance from the George
Washington University and is a Certified Public Accountant.
Wraase is an Executive Board Member of the National Capital Area Council
Boy Scouts of America. He is a member of the Federal City Council and serves
on the Board of Directors of the Southeastern Electric Exchange, Association
of Edison Illuminating Companies, Washington Performing Arts Society, Maryland
Chamber of Commerce, The University of Maryland Foundation, and the Robert H.
Smith School of Business, University of Maryland -- Board of Visitors. Wraase
is also a member of the Financial Executives Institute and the American
Institute of Certified Public Accountants.
Also announced today were the election of three new PHI Board members and
two other executive changes. The new board members are:
- Jack B. Dunn, IV, Chairman of the Board and Chief Executive Officer of
FTI Consulting, Inc., a multi-disciplined consulting firm with practices
in the areas of financial restructuring, litigation consulting and
engineering and scientific investigation.
- Frank K. Ross, retired managing partner for the mid-Atlantic Audit and
Risk Advisory Services Practice and managing partner of the Washington,
D.C. offices of the accounting firm KPMG LLP.
- William T. Torgerson, Vice Chairman and General Counsel, PHI. Prior to
joining Pepco in 1982, Torgerson was engaged in private law practice in
Washington, D.C. After joining Pepco, he served in several executive
and legal capacities, becoming General Counsel in 1989. He was elected
Executive Vice President in 2002 and Vice Chairman in 2003. He
currently oversees, in addition to legal affairs, PHI's other external
activities including Government and Corporate Affairs and Corporate
Said Wraase, "These three individuals bring a wealth of experience and
insight to PHI's Board. I am pleased to be working with them and the other
talented members of our Board of Directors."
Other executive changes are:
- Joseph M. Rigby, Senior Vice President and Chief Financial Officer, PHI.
Rigby was previously President, Conectiv Power Delivery. He joined
Atlantic City Electric in 1979, and held various management positions
including accounting, financial services and treasury operations. Rigby
earned a bachelor's degree in accounting from Rutgers University and a
master in business administration degree from Monmouth University. He
is a licensed Certified Public Accountant in New Jersey. In his new
role, Rigby will be responsible for all PHI financial activity including
- Andrew W. Williams, Senior Vice President and Chief Risk Officer, PHI.
Williams was previously Senior Vice President and Chief Financial
Officer of the company. He joined Pepco in 1980 and has served in
various executive capacities including rate and economic analysis,
energy policy, transmission and marketing. He holds a bachelor of
science degree in nuclear engineering from North Carolina State
University and a master of business administration from Loyola College
of Baltimore. In his new role he will be responsible for integrating
risk assessment into strategic planning and ensuring appropriate
mitigation is in place for all potential risks. This is a newly created
position at PHI; it is considered a best practice and reflects the
company's enhanced focus on corporate governance.
Pepco Holdings, Inc. is a diversified energy company with headquarters in
Washington, D.C. Its principal operations consist of Pepco and Conectiv Power
Delivery, which deliver 50,000 gigawatt-hours of power to more than 1.7
million customers in Washington, Delaware, Maryland, New Jersey and Virginia.
PHI engages in regulated utility operations by delivering electricity and
natural gas, and provides competitive energy and energy products and services
to residential and commercial customers.
Forward-Looking Statements: Except for historical statements and
discussions, the statements in this news release constitute "forward-looking
statements" within the meaning of federal securities law. These statements
contain management's beliefs based on information currently available to
management and on various assumptions concerning future events. Forward-
looking statements are not a guarantee of future performance or events. They
are subject to a number of uncertainties and other factors, many of which are
outside the company's control. Factors that could cause actual results to
differ materially from those in the forward-looking statements herein include
general economic, business and financing conditions; availability and cost of
capital; changes in laws, regulations or regulatory policies; weather
conditions; competition; governmental actions; and other presently unknown or
unforeseen factors. These uncertainties and factors could cause actual
results to differ materially from such statements. PHI disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. This
information is presented solely to provide additional information to further
understand the results and prospects of PHI.
SOURCE Pepco Holdings, Inc.
both of Pepco Holdings, Inc.
Web site: http://www.pepco.com