TXU president Jarrell Gibbs will retire after 22 years service

DALLAS, May 15, 2002 — Jarrell Gibbs, president of TXU Corp., announced his plans to retire at TXU’s annual meeting in Dallas today. His retirement will be effective July 1.

Gibbs, 64, joined TXU in 1980 and has served in a number of senior management positions including president of TXU Electric, president of TXU Business Services and chief financial officer.

During his tenure, Gibbs has been instrumental in a number of activities that have been critical to the company’s success, including providing executive leadership in the Competitive Action Program, the restructuring of the electric utility industry and the acquisition of TXU’s businesses in Australia and the United Kingdom.

Following the acquisition of The Energy Group in 1998, he undertook an extended assignment in London, which greatly facilitated the integration of the European businesses.

“Jarrell has been a trusted partner in transforming TXU from a regional electric utility into a global leader in the energy industry. He is an exceptional executive and a close friend, and we all wish him all the best,” said Erle Nye, chairman and chief executive, TXU.

Active in church and community projects throughout his career, Gibbs currently is involved in the Policy Committee for Energy Services, Edison Electric Institute, and the Advisory board of the North Texas Opportunity Fund. He also serves as chairman of the Texas A&M Aggie Spirit Development Fund Council, counselor to the Texas A&M Research Foundation and member of the Texas A&M Corps of Cadet Leadership Council.

Gibbs holds a bachelor’s degree in business administration in finance and a master’s degree in business administration from Texas A&M University and is a graduate of Harvard Business School’s Advanced Management Program. In October 1999 he was honored as an Outstanding Alumni – Lowry Mays College & Graduate School of Business of Texas A&M University.

TXU provides electric and natural gas services, merchant energy trading, energy marketing, energy delivery, telecommunications, and energy-related services.

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