Summary
This 8-K filing from Exelon Corporation (EXC) on February 13, 2014, primarily announces significant executive leadership changes at its subsidiary, Baltimore Gas and Electric Company (BGE). Kenneth W. DeFontes Jr. is retiring as Director, President, and CEO of BGE and will cease to be an executive officer of Exelon. This transition is effective February 28, 2014. Effective March 1, 2014, Calvin G. Butler Jr. will assume the role of Director and Chief Executive Officer of BGE, and will also become an executive officer of Exelon. Concurrently, Stephen J. Woerner will be promoted to President of BGE, while retaining his role as COO. These appointments signal a planned succession and advancement of key personnel within the BGE and Exelon leadership structure.
Key Highlights
- 1Kenneth W. DeFontes Jr. retiring as Director, President, and CEO of BGE, and stepping down as an Exelon executive officer, effective February 28, 2014.
- 2Calvin G. Butler Jr. appointed Director and Chief Executive Officer of BGE, effective March 1, 2014.
- 3Calvin G. Butler Jr. will also become an executive officer of Exelon Corporation.
- 4Stephen J. Woerner promoted to President of BGE, while continuing as COO.
- 5The filing is a joint report from Exelon and BGE, with each registrant furnishing information pertaining to itself.
- 6The report includes standard forward-looking statement disclaimers, referencing previous SEC filings for risk factors and financial discussions.