Exelon Names CEO, Branding For Spin-Off Of Competitive Generation, Retail Business
October 1, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Exelon Corp. today announced the senior leadership of the transmission and distribution utility business and the competitive power generation and retail energy business that will result from the planned separation of the companies.
Joseph Dominguez, currently CEO of ComEd, has been named CEO of Exelon Generation and incoming CEO of the competitive energy business, which will be called Constellation.
Daniel Eggers, currently senior vice president of corporate finance for Exelon, has been named CFO of Exelon Generation and incoming CFO of Constellation.
Dominguez and Eggers will move into their new roles immediately
Christopher Crane, Exelon president and CEO, will continue as CEO of the regulated utility business, which will be called Exelon. The company also announced that Joseph Nigro, Exelon CFO, will continue as CFO of Exelon. Nigro previously served as CEO of Constellation
Exelon said that the separation remains on track to close in the first quarter of 2022, pending completion of the remaining regulatory approvals.
Closing of the transaction in the first quarter of 2022 is subject to final approval by the company’s Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, the receipt of remaining regulatory approvals and the satisfaction of other conditions. The transaction was approved by the Federal Energy Regulatory Commission in August. Approval by the Nuclear Regulatory Commission and New York Public Service Commission remains pending. Exelon shareholder approval is not required.
"Constellation will be the largest producer of clean energy in the nation by a wide margin, giving our expansive customer-facing platform a competitive edge as consumers and policymakers increasingly demand sustainable energy solutions," Dominguez said. "I’m excited about the opportunity to lead such a talented workforce as we seek new opportunities to help our customers and communities reduce pollution and power a next-generation energy grid."
Dominguez became CEO of ComEd in 2018. The majority of his more than 20-year career at Exelon has been working on behalf of the generation business. For much of that time, Dominguez served as executive vice president of governmental and regulatory affairs and public policy for Exelon. In 2007 he was named senior vice president of state regulatory and government affairs and general counsel of Exelon Generation. His role expanded in 2009 to include senior vice president of communications, and in 2010 he was named senior vice president of federal regulatory affairs and public policy for Exelon
Eggers joined Exelon in 2016 as senior vice president of investor relations. Prior to Exelon, Eggers was a managing director at Credit Suisse in the Investment Banking division. He served as a member of the Equity Research department, where he covered regulated utility, integrated power and independent power producer stocks