PHI ELECTS JOSEPH M. RIGBY CHAIRMAN OF THE BOARD; DR. PATRICK HARKER ELECTED TO THE PHI BOARD OF DIRECTORS
Friday, May 15, 2009
Pepco Holdings, Inc. (PHI) (NYSE:POM) announced today that the PHI Board of Directors has elected Joseph M. Rigby Chairman of the Board, succeeding Dennis R. Wraase who is retiring as previously announced. Rigby is President and Chief Executive Officer of PHI and will continue to hold those positions. The election followed the company’s Annual Meeting of Shareholders, held today. Also announced today is the election of Patrick T. Harker to the PHI Board.
Mr. Rigby joined Atlantic City Electric in 1979 and advanced through a number of management positions. Following the merger that formed Conectiv in 1998, he was Vice President/General Manager of Gas Delivery, then Vice President/General Manager of Electric Delivery. He was elected President, Conectiv Power Delivery in 2002. From May 2004 to September 2007, he served as Senior Vice President and Chief Financial Officer of PHI and was responsible for all financial activity as well as investor relations.
From September 2007 to March 2008, Mr. Rigby served as Executive Vice President and Chief Operating Officer. In March 2008, Mr. Rigby was elected President and Chief Operating Officer, and became Chief Executive Officer effective March 1, 2009.
Mr. Rigby earned a Bachelor's degree in Accounting from Rutgers University and a Master's degree in Business Administration from Monmouth University.
Dr. Harker, age 50, has been President of the University of Delaware, Newark, Delaware since 2007. From 2000 to 2007, he was Dean of the Wharton School of the University of Pennsylvania and served as a Professor of Electrical and Systems Engineering in the University of Pennsylvania’s School of Engineering and Applied Science. Since 2000, he has served as a Trustee of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. In 2004, he became a Member of the Board of Managers of the Goldman Sachs Hedge Fund Partners Registered Fund LLC.
“Pat Harker’s technical expertise coupled with his strong business and financial acumen will only serve to strengthen an already tremendously talented Board of Directors,” said Rigby. “I’m looking forward to working with him and the entire board.”
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About PHI: Pepco Holdings, Inc., headquartered in Washington, D.C., delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey, through its subsidiaries Pepco, Delmarva Power and Atlantic City Electric. PHI also provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
