CHICAGO, Feb. 26, 2002 — Exelon Corp. announced that Corbin A. McNeill, Jr., has resigned as Chairman, Co-Chief Executive Officer and Director, effective at the company’s Annual Meeting scheduled for April 23, 2002.
“I was scheduled to step down as Chairman this spring and believe that it is a good time for me also to step down as Co-CEO and Director,” said McNeill. “The company is now at a stage where it will benefit from having a single leader and the best person for that job is John Rowe. Putting PECO Energy Company and Unicom Corporation together to form Exelon Corporation is a source of great pride to me. I am looking forward upon my retirement to spending more time with my wife, children and grandchildren.”
John Rowe said, “Under Corbin’s stewardship, PECO became a great company. Together, we have made significant progress toward completing the integration of PECO and Unicom under the Exelon banner. The Board is grateful for Corbin’s leadership and contributions.”
McNeill completed a twenty-year career in the U.S. Navy in 1981 after serving as Commanding Officer of the USS Tautog and Commanding Officer of the Naval Nuclear Power School. McNeill joined the New York Power Authority as Resident Manager of the James A. Fitzpatrick Nuclear Power Plant in 1981 and subsequently was named Senior Vice President, Nuclear Generation. He joined Public Service Electric and Gas Company (PSE&G) as Vice President, Nuclear in March 1985 and was named Senior Vice President, Nuclear in April 1987.
He joined PECO Energy in 1988, eventually becoming the company’s chairman prior to its merger with Unicom. McNeill received his Bachelor of Science Degree in 1962 from the U.S. Naval Academy and has completed graduate courses in business at the University of California (Berkeley) and Syracuse University. He is a 1992 graduate of Stanford University’s Executive Management Program.
Exelon Corporation is one of the nation’s largest electric utilities with approximately 5 million customers and more than $15 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5 million customers in Illinois and Pennsylvania and gas to more than 440,000 customers in the Philadelphia area.
The company also has holdings in such competitive businesses as energy, infrastructure services, energy services and telecommunications. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.