Exelon reveals executive leadership for planned new utility and energy businesses
Major milestones were achieved last week for Exelon Corporation’s planned separation of two new corporate entities, with announcements of their new leadership, as plucked from other corners of the Exelon umbrella.
The two new companies, set to launch in the first quarter of 2022, will consist of utility company Exelon and a competitive power generation and retail energy business known as Constellation. Exelon will be run by its parent company’s current president and CEO, Christopher Crane, who will take over as its CEO. In turn, ComEd CEO Joseph Dominguez was appointed CEO of Exelon Generation and CEO-apparent of Constellation.
“The two companies will be leaders in their respective industries and will have the resources necessary to best serve their respective customers and sustain long-term investment and operating excellence,” Crane said. “As an independent company, Exelon will lead the way toward a brighter and cleaner energy future for our more than 10 million electric and gas customers, while continuing to invest in critical infrastructure, expand economic opportunity and promote equity in all the communities we serve.”
Another pair of updates in this leadership shuffle include Daniel Eggers, currently Exelon’s senior vice president of corporate finance, who was named CFO of Exelon Generation and Constellation alike last week, as well as Calvin Butler, currently CEO of Exelon Utilities, whose new role will make him interim CEO of ComEd. Not everything will change, though: Butler will keep his old duties as well as his new tasks, and Exelon intends to keep its current CFO, Joseph Nigro, in that role.
The separation is not complete yet, as some regulatory approval hurdles with the Nuclear Regulatory Commission and New York Public Service Commission remain. Still, it has already been greenlit by the Federal Energy Regulatory Commission and requires no approval from Exelon’s shareholders. Exelon has argued that separation will grant each of these new companies’ financial and strategic independence to better pursue their respective customers and strategies.
“Constellation will be the largest producer of clean energy in the nation by a wide margin, giving our expansive customer-facing platform a competitive edge as consumers and policymakers increasingly demand sustainable energy solutions,” Dominguez said. “I’m excited about the opportunity to lead such a talented workforce as we seek new opportunities to help our customers and communities reduce pollution and power a next-generation energy grid.”
