Pepco Holdings, Inc. (ticker: POM, exchange: New York Stock Exchange (.N))
News Release -
Pepco Elects Dennis Wraase President; John Derrick Continues as Chairman and CEO
WASHINGTON, May 9 /PRNewswire/ -- The Board of Directors of Potomac
Electric Power Company (NYSE: POM) today elected Dennis Wraase, 56, President
of the Company. John M. Derrick, Jr., 60, continues to serve as Chairman of
the Board and Chief Executive Officer.
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 of 1996, and Executive Vice President and CFO in 1999. He
has been a member of the Board of Directors since 1998. He will continue as
CFO for an interim period.
Derrick acknowledged Wraase's significant contributions to Pepco as the
electric utility industry undergoes restructuring and diversification arising
from changing national and regional regulation. "Dennis Wraase has been
directly involved with both the regulatory side of our utility business as
well as the newer enterprise side," said Derrick. He added that Wraase will
continue as Chairman and CEO of Pepco's wholly-owned subsidiary, Pepco
Holdings, Inc. PHI owns a number of businesses in the competitive arenas of
telecommunications and energy products and services.
"Dennis and I will work together planning the organizational changes for
Pepco that will follow the opening of our retail electricity market to
competition, which will begin in July, and the divestiture of our generating
assets which is expected to be completed by the end of the year," said
Wraase was born in Washington, D.C., and graduated from the University of
Maryland with a bachelors degree in accounting. He also holds a masters
degree in finance from The George Washington University and is a Certified
Public Accountant. He is an executive board member of the National Capital
Area Council of Boy Scouts of America.
SOURCE Potomac Electric Power Company
CONTACT: Media: Nancy Moses, 202-872-2680; or Investor Relations: E.
Bourscheid, 202-872-2797; both of Potomac Electric Power Company/