(Updates with additional background.)
HOLLYWOOD, Fla. -(Dow Jones)- Exelon Corp.'s (EXC) chairman and chief executive John Rowe will continue in the job through 2012, with the power company's board extending his contract for an additional 18 months.
Rowe announced the change Tuesday during an investor presentation at the Edison Electric Institute conference. He said the extension of his tenure isn't a signal of concerns with his current management team or a merger or acquisition deal that's in the works.
"I couldn't be happier with the management team I have at Exelon right now," Rowe said.
Rowe, 64, has led Exelon since it formed in 2000 when PECO Energy and the parent company of Commonwealth Edison merged, according to the company's Web site.
-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com