8-KLeadership ChangesRegulation FDExhibits & Filings

EXELON CORP 8-K Report, Executive Changes (Aug 25, 2026)

Filed August 25, 2026For Securities:EXC

Summary

Exelon Corporation (EXC) has announced significant executive leadership changes effective in late 2026 and early 2027. Most notably, Michael Innocenzo will depart from his roles as Executive Vice President and Chief Operating Officer of Exelon, and President and Chief Executive Officer of PECO Energy Company, with his departure date in 2027 to be determined, following a transition period. This transition signals a shift in operational leadership at the highest levels of the company. Concurrently, Exelon is promoting from within to fill key finance and strategy roles. Jeanne Jones will expand her responsibilities to include corporate strategy in addition to her finance and audit roles, becoming Executive Vice President of Finance and Strategy. Robert Kleczynski will step into the role of Executive Vice President and Chief Financial Officer, and Caroline Fulginiti will become Vice President and Controller. These appointments highlight a focus on internal talent development and a restructuring of financial oversight. The company also reaffirmed its 2026 adjusted operating earnings guidance and long-term earnings growth expectations, indicating confidence in its financial trajectory despite these leadership shifts.

Key Highlights

  • 1Michael Innocenzo, EVP and COO of Exelon and CEO of PECO, will depart in 2027 after a transition period.
  • 2Jeanne Jones will assume expanded responsibilities as EVP of Finance and Strategy, including corporate strategy.
  • 3Robert Kleczynski is appointed EVP and CFO, and Caroline Fulginiti is appointed VP and Controller, effective October 5, 2026.
  • 4Joshua Levin, ComEd's CFO, will depart ComEd on January 1, 2027, to become SVP of Finance at Exelon.
  • 5Andrew Plenge will succeed Mr. Levin as ComEd's SVP, CFO, and Treasurer, effective January 1, 2027.
  • 6New compensation packages including base salary, annual incentives, and long-term incentives (performance shares and RSUs) are detailed for Mr. Kleczynski and Ms. Fulginiti.
  • 7Exelon reaffirms its 2026 adjusted operating earnings guidance range of $2.81-$2.91 per share and 2025-2029 adjusted operating earnings growth target near the top end of 5-7%.

Frequently Asked Questions

The filing indicates that Michael Innocenzo will be departing his executive roles in 2027. The other changes involve internal promotions and expanded responsibilities, suggesting a planned succession and restructuring of key financial and strategic leadership positions within Exelon and its subsidiaries.

Jeanne Jones, moving from EVP and CFO, Audit and Risk to EVP of Finance and Strategy, will now oversee the corporate strategy function in an expanded capacity. This integration of finance and strategy in her role suggests a coordinated approach to financial planning and long-term business development.

Effective October 5, 2026, Robert Kleczynski (EVP and CFO) will receive a base salary of $650,000, an annual incentive target of 90% of base salary, and a Long-Term Incentive (LTI) target award of $1,765,000. Caroline Fulginiti (VP and Controller) will have a base salary of $325,000, an annual incentive target of 40% of base salary, and an LTI target award of $226,000. Both will receive LTIs comprising performance shares and restricted stock units, with payouts tied to pre-established performance targets.

Yes, Exelon has reaffirmed its previously disclosed 2026 adjusted operating earnings guidance range of $2.81-$2.91 per share. Additionally, the company reaffirmed its expectation for cumulative annualized adjusted operating earnings growth from 2025 to 2029 to be near the top end of the 5 to 7 percent range.