PHI ELECTS DENNIS WRAASE CEO;JOHN DERRICK TO RETIRE
Thursday, May 01, 2003
For Immediate Release
Pepco Holdings, Inc. (PHI) (NYSE:POM) announced today that the PHI Boardof Directors has elected Dennis R. Wraase President and Chief ExecutiveOfficer, succeeding John M. Derrick, Jr. as CEO, effective June 1, 2003.Derrick will continue to serve as Chairman of the Board until his retirementat the time of PHI''s 2004 Annual Meeting.
Wraase is currently President and COO of PHI and, prior to the formationof PHI as a result of the merger between Pepco and Conectiv last year,he held the same positions with Pepco.
The Board''s decision will provide for the orderly transition of leadershipthat has been a hallmark of Pepco for many years.
Derrick''s career with PHI / Pepco has spanned more than four decades.He joined Pepco in 1961 and has been a member of the Board of Directorssince 1994. He has held numerous executive positions at Pepco and hasserved as CEO since 1997. Derrick became Chairman and CEO of PHI in 2002at the time of the Pepco - Conectiv merger.
Wraase joined Pepco in 1974 and was elected Vice President and Comptrollerin 1985. He was named Senior Vice President and Chief Financial Officerin April 1996, Executive Vice President and CFO in 1999, and Presidentin 2000. He has been a member of the Board of Directors since 1998. Priorto joining Pepco, Wraase worked for Exxon Corporation where he held variousfinancial positions in the Controller''s organization. A native Washingtonian,Wraase graduated from the University of Maryland, receiving a Bachelorof Science degree in accounting. He also holds a master of science infinance from the George Washington University and is a Certified PublicAccountant. Wraase is an Executive Board Member of the National CapitalArea Council Boy Scouts of America, and was awarded the Silver Beaverin 1993. He is a member of the Federal City Council and serves on theBoards of Directors of the Southeastern Electric Exchange, Associationof Edison Illuminating Companies, Washington Performing Arts Society,and the Washington Hospital Center.
Wraase acknowledged Derrick''s leadership as Chairman and CEO duringa period of significant change in Pepco''s history. "John Derrickskillfully guided Pepco through the merger with Conectiv and has positionedthe new company, PHI, to succeed in a dramatically changed energy marketplace."
Said Derrick, "Throughout his career, Dennis Wraase has been forwardthinking and innovative in anticipating the changing business environment.We have worked closely together for many years and I am confident thatPHI is in capable hands."
Pepco Holdings, Inc. is a diversified energy company withheadquarters in Washington, D.C. Its principal operations consist of Pepcoand Conectiv Power Delivery, which deliver 50,000 gigawatt-hours of powerto more than 1.8 million customers in Washington, Delaware, Maryland,New Jersey and Virginia. PHI engages in regulated utility operations bydelivering electricity and natural gas, and provides competitive energyand energy products and services to residential and commercial customers.
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Forward-Looking Statements: Except for historical statementsand discussions, the statements in this news release constitute "forward-lookingstatements" within the meaning of federal securities law. These statementscontain management''s beliefs based on information currently availableto management and on various assumptions concerning future events. Forward-lookingstatements are not a guarantee of future performance or events. They aresubject to a number of uncertainties and other factors, many of whichare outside the company''s control. Factors that could cause actual resultsto differ materially from those in the forward-looking statements hereininclude general economic, business and financing conditions; availabilityand cost of capital; changes in laws, regulations or regulatory policies;weather conditions; competition; governmental actions; and other presentlyunknown or unforeseen factors. These uncertainties and factors could causeactual results to differ materially from such statements. PHI disclaimsany intention or obligation to update or revise any forward-looking statements,whether as a result of new information, future events or otherwise. Thisinformation is presented solely to provide additional information to furtherunderstand the results and prospects of PHI.
