Exelon (Nasdaq: EXC) Chief Executive Officer Chris Crane has
announced that he will retire from his position as CEO and as a
director of the Exelon Board effective Friday, Dec. 30, 2022. The
Exelon Board has elected Calvin G. Butler Jr., currently president
and chief operating officer (COO), to the role of president and
chief executive officer as of Dec. 31, 2022. Butler also will join
Exelon’s Board of Directors. The company recently promoted Butler
and expanded his responsibilities as a step in the company’s
leadership succession plans. Crane accelerated his retirement plans
to focus on his health after learning in recent days that he will
require treatment for significant spinal and hip issues. He will
work with Butler through the end of the year on the transition
process.
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Chris Crane, Exelon CEO, will be retiring
effective Dec. 30, 2022. (Photo: Business Wire)
Crane has been the company’s CEO and a member of the Board of
Directors since 2012. During his tenure, Exelon has been an
industry leader in improving the reliability and resilience of the
grid, as well as combatting climate change through clean energy
generation, safety and operational improvements and customer
service. Crane established within Exelon and the industry a focus
on workforce development in underserved communities, with
particular attention on STEM careers for young women and job
training and placement for work-ready adults. He is committed to
diversity, equity and inclusion, signing the White House Equal Pay
Pledge and supporting DACA. He drove diversity, equity and
inclusion at all levels of the company, and leaves in place a
talented, experienced and highly diverse senior leadership team.
Most recently, he led the separation of Exelon and Constellation,
unlocking significant value for both companies’ shareholders.
Crane joined Exelon (then ComEd) in 1998 and was named chief
nuclear officer in 2004. Crane assumed responsibility for Exelon’s
fossil, hydro and renewables facilities, in addition to the nuclear
fleet, in 2007. He oversaw a broad range of generation and business
development initiatives, including new nuclear development, nuclear
operating services, development of the nation's largest urban solar
project, innovative decommissioning strategies and asset
optimization. Crane was named president of Exelon Generation in
2008, with added responsibility for the Power Team, Exelon's former
wholesale power trading and competitive retail organization.
“We are grateful to Chris for his leadership of Exelon and the
industry,” said John F. Young, chair of the Exelon Board of
Directors. “From building the world’s leading nuclear operating
fleet and advocating for the nuclear facilities that provide a
significant portion of the nation’s clean energy to building the
leading pure transmission and distribution company that Exelon is
today, Chris’ focus has been on ensuring a cleaner and brighter
future for our customers and communities. On behalf of the Exelon
Board, we are grateful for Chris’ more than two decades of service
to Exelon. We will support Chris and Calvin during this transition
period and look forward to working with Calvin as he begins his
role as the new president and chief executive officer of
Exelon.”
Crane completed highly successful mergers with Constellation
Energy in 2012 and with Pepco Holdings in 2016 to create the
nation’s largest energy company by customer count. Exelon’s
utilities serve more than 10 million customers today. As CEO, Crane
positioned Exelon’s utilities to consistently perform in the top
quartile for service reliability and customer satisfaction over the
last five years. In its most recent quarter, for example, all
Exelon operating companies were in the top quartile for outage
duration, a key element of reliability.
Crane is former chair and serves on the board of the Edison
Electric Institute. He is a member of the board of directors of
AEGIS Insurance Services, and former chair of the Institute of
Nuclear Power Operations and the Nuclear Energy Institute, the
nation’s nuclear industry trade association. He is immediate past
chair of the board of the Museum of Science and Industry, Chicago,
and a member of the boards of Get in Chicago and the Economic Club
of Washington, DC.
“I’ve spent my entire career in the energy industry and for the
last 10 years, I’ve had the privilege of being Exelon’s CEO,
working alongside our thousands of employees who are powering a
cleaner and brighter future for our customers and communities. The
work we do is absolutely vital for the people we serve and the
future of our planet,” said Crane. “I truly regret that health
challenges are requiring me to step away, but I have great faith in
Calvin and his leadership abilities, as well as the rest of the
team. Calvin is a man of unquestionable integrity, a talented
leader and dedicated to our purpose, our values and ensuring that
the benefits of clean energy are shared equitably across all of the
communities we serve. While I won’t be at the helm after this year,
as Exelon leads the transformation of the energy industry, I know
the company and our people are in excellent hands, and I will enjoy
watching Exelon’s continued success.”
Prior to being promoted to president and COO in October 2022,
Butler had served as senior executive vice president and COO since
February 2022. He previously served as Exelon Utilities CEO, with
oversight of Exelon’s six electric and gas delivery companies,
since 2019.
“Leading Exelon is a privilege and responsibility that I take
very seriously,” said Butler. “Chris is a tremendous leader, mentor
and friend. As our world has been undergoing significant change, so
too has the energy industry, and Chris has been at the forefront of
that evolution. At Exelon, we are uniquely positioned to lead the
nation and our industry to a clean energy future that is safe,
reliable, affordable and equitable for all. I appreciate the
Board’s confidence in me and will do everything I can to serve our
customers and communities, keep our employees safe and move the
energy industry forward.”
Butler joined the company in 2008, is a 14-year veteran of
Exelon and has more than 28 years of leadership experience in the
utilities industry and in regulatory, legislative and public
affairs. Prior to becoming CEO of Baltimore Gas and Electric (BGE)
in March 2014, Butler served as BGE’s senior vice president for
Regulatory and External Affairs. In addition, he has held various
leadership positions at ComEd, including as senior vice president
of Corporate Affairs and vice president of Governmental and
Legislative Affairs. Before joining Exelon in 2008, he held senior
leadership roles in external affairs as well as in manufacturing
with the print, digital and supply chain solutions company R.R.
Donnelley. Butler spent his early career with Central Illinois
Light Company (CILCORP, Inc.), where he worked in government
affairs, legal and strategy.
He has been recognized by several organizations for his
leadership and community commitment. In 2017, he was named among
Black Enterprise Magazine’s “300 Most Powerful Executives in
Corporate America,” and “Industrialist of the Year” by the
Baltimore Museum of Industry. The Daily Record named Butler one of
Maryland’s “Most Admired CEOs” and one of its top 35 “Influential
Marylanders,” while Baltimore Magazine named him as one of its “Top
Ten Baltimoreans.”
Butler serves as chair of each Exelon operating company board —
BGE, ComEd, PECO and PHI. He is the vice chair of the Institute of
International Education (IIE) and also serves on the board of
M&T Bank Corporation (NYSE: MTB), the board of RLI Corp. (NYSE:
RLI) and the boards of several prominent Baltimore-based
organizations, including the Baltimore Community Foundation,
University of Maryland School of Medicine, Greater Baltimore
Committee, Cal Ripken, Sr. Foundation and Caves Valley Golf Club,
and on the Board of his undergraduate alma mater, Bradley
University. Butler also serves on the James Madison Council of the
Library of Congress. He earned a bachelor’s degree from Bradley
University; a Juris Doctor degree from Washington University School
of Law; and an honorary doctorate of Humane Letters from Morgan
State University. He is an active member of the Kappa Alpha Psi
Fraternity, Inc.
# # #
Exelon will hold its Q3 2022 earnings call on Thursday, Nov. 3,
2022, at 10 a.m. ET. Exelon expects to reaffirm the midpoint of its
2022 adjusted (non-GAAP) operating earnings* guidance as well as
its adjusted operating earnings* growth target of 6-8% from
2021-2025.
Exelon is the nation’s largest energy transmission and
distribution company. More information about Exelon is available at
exeloncorp.com.
*This non-GAAP financial measure is not a presentation defined
under GAAP and may not be comparable to other companies’
presentations. Exelon has provided this non-GAAP financial measure
as supplemental information. This non-GAAP measure should not be
deemed more useful than, a substitute for, or an alternative to the
most comparable GAAP measure. Please refer to the reconciliation of
adjusted (non-GAAP) operating earnings measure to net income, which
is the most directly comparable GAAP measure, provided with
Exelon’s earnings materials for the second quarter filed with the
SEC on Aug. 3, 2022.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s
largest energy delivery company, serving more than 10 million
customers through six fully regulated transmission and distribution
utilities — Atlantic City Electric (ACE), Baltimore Gas and
Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power &
Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power
Company (Pepco). More than 18,000 Exelon employees dedicate their
time and expertise to powering a cleaner and brighter future for
our customers and communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow Exelon on Twitter @Exelon.
Cautionary Statements Regarding Forward-Looking
Statements
This Current Report contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties. Words such as
“could,” “may,” “expects,” “anticipates,” “will,” “targets,”
“goals,” “projects,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “predicts,” “should,” and variations on such words,
and similar expressions that reflect our current views with respect
to future events and operational, economic, and financial
performance, are intended to identify such forward-looking
statements.
The factors that could cause actual results to differ materially
from the forward-looking statements made by Exelon Corporation
(Registrant) include those factors discussed herein, as well as the
items discussed in (1) the Registrants’ 2021 Annual Report on Form
10-K filed with the SEC on Feb. 25, 2022 in Part I, ITEM 1A. Risk
Factors; (2) the Registrants’ Current Report on Form 8-K filed with
the SEC on June 30, 2022 to recast Exelon’s consolidated financial
statements and certain other financial information originally
included in the 2021 Form 10-K in (a) Part II, ITEM 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations, and (b) Part II, ITEM 8. Financial Statements and
Supplementary Data: Note 17, Commitments and Contingencies; (3) the
Registrants’ Third Quarter 2022 Quarterly Report on Form 10-Q (to
be filed on Nov. 3, 2022) in (a) Part II, ITEM 1A. Risk Factors,
(b) Part I, ITEM 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations, and (c) Part I, ITEM
1. Financial Statements: Note 13, Commitments and Contingencies;
and (4) other factors discussed in filings with the SEC by the
Registrants.
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Nick Alexopulos Corporate Communications
nicholas.alexopulos@exeloncorp.com
Exelon (NYSE:EXC)
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