Exelon Corp. (EXC) named its chief risk officer to lead risk
management efforts across the company following its planned tieup
with power producer Constellation Energy Group Inc. (CEG) next
year.
The company said Joseph R. Glace will become senior vice
president and chief risk officer for the combined company, which
will retain the Exelon name. In his new role, he will also serve as
a member of Exelon's executive committee.
"The new Exelon will have a significantly increased scope across
the energy value chain. It is vital to our future success that we
diligently manage risk from an independent and enterprise-wide
perspective," said Chief Executive Christopher M. Crane.
The company also named the executive team that will run the
Constellation business unit following the closing of the deal.
In April, Exelon agreed to buy Constellation in an all-stock
deal valued at about $8 billion. The acquisition would allow
Exelon, the largest operator of nuclear plants in the U.S., to
combine its generation fleet with Constellation's large retail
marketing business.
Both Exelon and Constellation garnered shareholder approval for
the deal last month, pushing them closer to a closing expected
early next year.
The deal still requires the approval of the Maryland Public
Service Commission, the Federal Energy Regulatory Commission, the
Nuclear Regulatory Commission and the New York State Public Service
Commission and the Department of Justice.
Shares of Exelon closed at $43.31 Tuesday, while shares of
Constellation closed at $39.26. Both were inactive in premarket
trade.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com