TXU cuts management by 30 percent

DALLAS, March 5, 2003 — TXU announced management changes, effective Wednesday, designed to reduce costs, streamline the organization and increase focus on the operations of its core businesses in North America.

The company also announced it is in the process of reducing officers overall by about 30 percent as part of the company’s action plan to cut 2003 costs by a net $250 million from 2002 levels.

With the actions Wednesday, the majority of officer reductions have been achieved, with the remainder to be concluded by May 1.

Mike McCall, vice president, regulatory affairs for TXU, will become president of TXU Gas, replacing Dan Farell, who was elected TXU’s chief financial officer by the TXU board of directors last month. McCall has held a variety of management positions over his 20-year career at TXU, including director of public policy.

He also held positions in finance and accounting, strategy and planning. He began his career at TXU Mining Company where he served as manager of two of the company’s lignite coal mines.

Among other key changes, the company announced the realignment of some key areas in its TXU Energy business to reflect a more streamlined structure that reflects a strengthened focus on operations in Texas. This realignment coincides with the pending retirements of two senior officers in TXU Energy: Rob McCoy, president of Retail; and Ron Seidel, senior vice president, fossil generation.

The Retail organization will be divided into two units: marketing and operations, both reporting to TXU Energy Group President Brian Dickie. Carl Bracy, senior vice president, retail marketing and sales for consumers, will broaden his scope to encompass both consumer and small business markets.

Bracy came to TXU in 2000 with experience in senior management marketing positions at GTE Network Services and Proctor & Gamble. Barbara Curry will become senior vice president, retail operations, responsible for customer care, revenue management and market operations.

Curry was most recently responsible for the corporation’s global human resources; prior to that she led North America business services, which included information technology, procurement services, administrative services and human resources.

In the Production organization, Richard Wistrand will succeed retiring Ron Seidel, as senior vice president, fossil generation. Wistrand, who most recently was senior vice president for human resources, previously held various management positions in both nuclear and fossil generation.

He has also been vice president of procurement services. He will report to Wes Taylor, who is president of Production. In a separate Production move, Rafael Flores, plant manager of the Comanche Peak nuclear plant, is being promoted to a vice president at Comanche Peak.

A senior reactor operator, Flores has an extensive career in the nuclear industry, serving in several management capacities at Comanche Peak. Prior to joining TXU, Flores was with the Public Service Electric & Gas, Salem Nuclear Generating Station.

In a move to strengthen the energy delivery company, Brenda Jackson will become Oncor senior vice president, electric asset ownership, which includes responsibility for the call center, market interface, community affairs and economic development. She was previously head of business services for North America. Jackson has a strong career history with TXU in various management positions for business development, customer service and community relations.

Separately, Controller Biggs Porter also becomes senior vice president, reporting to the chief financial officer.

TXU is a major energy company with operations in North America and Australia. TXU’s energy business in North America is the largest power generator and electricity retailer in Texas with 19,000 megawatts of competitive generation and 2.7 million electric customers.

TXU also has the largest electricity and natural gas utilities in Texas, delivering over 100 million megawatt hours of electricity and over 140 billion cubic feet of natural gas annually. TXU’s business in Australia includes both electricity and natural gas delivery and energy operations with 1,280 megawatts of generation and almost 1 million electricity and natural gas customers. TXU serves over five million electricity and natural gas customers in North America and Australia. Visit www.txucorp.com for more information about TXU.


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