Puget Energy board names new chairman, announces management changes

BELLEVUE, Wash., March 8, 2002 — Puget Energy today announced the appointment of a new chairman of the board and changes to the senior management team.

The changes result in a realignment of the leadership team to allow the company to sharpen its focus on external constituents and stakeholders. Puget Energy’s Board of Directors approved the organizational changes yesterday. “This organizational realignment maintains strong continuity in our leadership team while building on Puget Energy’s position to deliver the best service at lowest cost,” said President and CEO Stephen P. Reynolds.

“This experienced leadership team will strengthen the responsiveness of the Puget Energy organization to our customers, communities, shareholders, state and federal agencies and other groups vital to the company’s future growth,” added Reynolds.

Douglas P. Beighle, a member of the board of directors, was named to the additional position of chairman. Beighle replaces William S. Weaver, who retired earlier this year as chairman, president and CEO of the company.

“We will draw on Doug’s experience in the boards of important community — services organizations in our region as well as Gov. Gary Locke’s Blue Ribbon Commission on Transportation to continue building Puget Energy’s industry leadership position in the state. A long-standing member of the Puget Energy board, Doug also brings strengths from his years as a senior executive of The Boeing Company,” added Reynolds.

Beighle retired in 1997 as senior vice president of Boeing, where his 17-year career there included executive positions responsible for the legal, contracts, corporate secretary, government affairs, public relations and community affairs departments.

Among his community activities, Beighle leads the board of KCTS-9 Television. He is a trustee and past chair of Pacific Science Center, the Greater Seattle Chamber of Commerce and the Corporate Council for the Arts.

He also serves as a director of Washington Mutual Bank and Simpson Investment Company.

Beighle has served on the board of Puget Energy and a predecessor company since 1981.

Senior Management Changes
Stephen A. McKeon, 55, becomes senior vice president — finance and legal of Puget Energy and its Puget Sound Energy utility subsidiary. McKeon, who has served as vice president and general counsel, will assume the responsibilities of chief financial officer, replacing Richard L. Hawley, who is leaving the company and had served in the position since February 1998. “We appreciate Rick’s many contributions to Puget Energy over the years and wish him all the best,” said Reynolds.

Gary B. Swofford, 60, becomes senior vice president and chief operating officer of Puget Sound Energy. Swofford, who has served as vice president and COO-delivery, will continue his responsibilities for utility operations and customer service, and will oversee the information technology and corporate facilities management functions.

Timothy J. Hogan, 50, becomes senior vice president-external relations of Puget Sound Energy, with responsibilities for integrating corporate communications, community and government affairs, regulatory affairs and major customer relations. Hogan has served as vice president of external affairs.

Kimberly Harris, 37, becomes vice president of regulatory affairs of Puget Sound Energy. Harris, who has served as associate general counsel and director of planning, will be responsible for federal and state regulatory activities and relationships.

Donald E. Gaines, 45, becomes vice president-finance of Puget Energy and Puget Sound Energy. Gaines, who will continue his responsibility as treasurer, has served as vice president and treasurer of Puget Sound Energy.


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