DEARBORN, Mich., Dec. 9, 2002 — Michael T. Monahan, former president of Comerica Inc., and Joseph F. Paquette Jr., former chairman and chief executive officer of PECO Energy Co., have joined the Board of Directors for CMS Energy, the company announced Friday.
CMS Energy Chairman and Chief Executive Officer Ken Whipple said Monahan and Paquette bring impressive credentials and expertise to the CMS board.
“Mike Monahan and Joe Paquette bring a wealth of knowledge and experience to the CMS Energy Board of Directors. They have extensive experience with top-level financial and operating matters and will significantly enhance the expertise and capabilities of our board,” Whipple said. “They will play key roles in helping the board and senior management refine and implement our strategic financial plan, which is focused on liquidity and improving our balance sheet,” said Whipple. “In particular, because of his extensive experience in the utility industry, Joe Paquette’s return to the CMS board strengthens our back-to-basics strategy. In addition, Mike Monahan’s extensive financial background will be especially valuable to our board.”
The Board of Directors voted unanimously today at its regular meeting to add Monahan and Paquette, expanding board membership from 11 to 13.
Monahan served as the president and a director of Comerica Inc. from 1993 until 1999. He also has served as chairman and chief executive officer of Munder Capital Management, an investment management company. He is a director of Munder Funds, which includes 32 mutual funds, and is chairman of Guilford Mills, Inc., a supplier of auto seats and interior fabrics. Since June 1999, he has been president of Monahan Enterprises LLC, a consulting firm.
From 1986 to 1987, Paquette was executive vice president and chief financial officer of Consumers Energy, the principal subsidiary of CMS Energy. From 1987 to 1988 he served as a director and as president of CMS Energy. He left in 1988 to become chairman and CEO at PECO, formerly the Philadelphia Electric Co. He served in that position until his retirement in 1997.
Paquette also serves on the board of USEC Inc., the world’s leading supplier of enriched uranium fuel for commercial nuclear power plants, as well as the boards of AAA Mid-Atlantic Inc., and Mercy Health Systems. He is a past chairman of the Edison Electric Institute.
CMS Energy Corporation is an integrated energy company, which has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, and independent power generation.
For more information on CMS Energy, please visit the web site at: www.cmsenergy.com