Exhibit No. 99.2
News Release
Contact: Nancy Caplan FOR IMMEDIATE RELEASE
410-783-3058
nancy.h.caplan@constellation.com
Charlie Welsh
410 234-5076
charles.welsh@bge.com
Constellation Energy Group Elects Mayo A. Shattuck III
New President and CEO
Christian H. Poindexter Continues as Chairman
Baltimore, MD - October 26, 2001 -- Constellation Energy Group (NYSE: CEG) today
announced the election of Mayo A. Shattuck III to the position of President and
Chief Executive Officer effective November 1, 2001. Christian H. Poindexter will
continue as Chairman of the Board.
"We have selected the absolute best person for the job of leading Constellation
Energy Group to success in the energy marketplace," said Christian H.
Poindexter, Chairman and Chief Executive Officer of Constellation Energy Group.
"When Mayo Shattuck decided a few weeks ago to leave his position as Chairman
and CEO of Deutsche Banc Alex. Brown, I knew immediately that we had to seize
this unique opportunity to recruit a person of his quality and stature. Mayo
Shattuck has a proven record of success in the world of capital markets,
trading, investment banking, and corporate finance - all fields that are vital
to the success of our company. Plus, Mayo has been a valued member of the
Constellation Energy Group Board of Directors for the past seven years. He knows
our company and is one of us. Most important, Mayo Shattuck brings the
indispensable quality of being a born leader. He is exactly the person we need,"
Mr. Poindexter said.
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"I am excited by the opportunity to help lead this great company, and I'm
honored by the trust being placed in me by Chris Poindexter and the
Constellation Energy Group Board of Directors," Mayo A. Shattuck III said. "When
Chris first approached me about the possibility of joining Constellation Energy
Group, I made it clear that I would be interested only if he would be willing to
work with me as a fully engaged Chairman for the next two years. Thankfully, he
has agreed to do so. Chris has steered this company through a major
transformation in the past nine years and has become one of the most respected
leaders in the industry. His experience and advice will be invaluable to me. As
a member of the Board of Directors, I am fully supportive of the decision to
remain a single company. This is a sound strategy that will ensure strength and
stability in these times of economic uncertainty," Mr. Shattuck said.
Mr. Poindexter will remain Chairman of Constellation Energy Group, with the
intention of working with Shattuck to increase shareholder value and maintain
Constellation's reputation as a premier operator of wholesale electric
generating facilities, including nuclear and fossil power plants, as well as
Baltimore Gas and Electric Company (BGE).
Mr. Shattuck recently resigned from Deutsche Bank where he was Chairman of
Deutsche Banc Alex. Brown and CEO of the Americas for the bank's Private
Client and Asset Management Group. Mr. Shattuck has had various
responsibilities at the bank, including Global Head of Investment Banking
and Global Head of Private Banking.
Mr. Shattuck was previously President and Chief Operating Officer of Alex. Brown
& Sons, the nation's oldest investment bank, from 1991- 1997. During this time,
the NYSE-listed firm increased in market value from $150 million to $2.1
billion. Alex. Brown merged with Bankers Trust Corporation in 1997 where Mr.
Shattuck became Vice Chairman as well as Co-Chairman and Co-CEO of BT Alex.
Brown, the bank's investment banking and capital markets subsidiary. In 1999,
Bankers Trust merged with Deutsche Bank where Mr. Shattuck assumed the
aforementioned responsibilities.
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As Managing Director of Alex. Brown & Sons and Head of the firm's Technology
Group in San Francisco from 1985 to 1991, Mr. Shattuck headed the Techonology
Group, which managed several landmark initial public offerings in the technology
sector, including Microsoft Corporation, AOL (America-On-Line), Sun
Microsystems, and Oracle Systems Corp.
Mr. Shattuck received a BA from Williams College and an MBA from the Stanford
University Graduate School of Business, where he was an Arjay Miller Scholar. In
addition to being a member of the Constellation Energy Group Board of Directors,
Mr. Shattuck is Member of the Presidents Advisory Council, Stanford University
Graduate School of Business and is a Member of the Board of Directors,
Securities Industry Association. He also is active on several Baltimore area
boards and civic groups, including The Walters Art Museum and the Greater
Baltimore Committee. Mr. Shattuck has received an Honorary Doctor of Public
Service degree from the University of Maryland, Baltimore County.
"Constellation Energy Group is extremely fortunate to obtain the services of
Mayo Shattuck," said fellow Constellation Energy Group Board of Directors
member, Jerome Geckle, retired Chairman of PHH Corporation and Chairman of
Constellation Energy Group's Committee on Management. "He is a proven leader who
possesses a remarkable record of success and good judgement in the business
world, as well as a solid understanding of Constellation Energy Group from
having served as a director for more than seven years. These qualities, along
with his strong ties to Baltimore, make him uniquely qualified to assume the
leadership role."
Today's announcement was part of a series of organizational and strategic steps
by Constellation Energy Group, which included the decision to retain the current
holding company structure, thereby canceling plans to separate the merchant
energy and retail energy businesses. Constellation Energy Group also announced
today the end of its power advisory relationship with Goldman Sachs. Details of
these decisions and third quarter 2001 earnings were made available in a
companion press release.
Mr. Shattuck's biography is attached.
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Mayo A. Shattuck III
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President and Chief Executive Officer, Constellation Energy Group
Mayo Shattuck was elected President and Chief Executive Officer of Constellation
Energy Group in October, 2001.
Prior to joining the leadership of Constellation Energy Group, Shattuck was
Chairman of the Board of Deutsche Banc Alex. Brown, Chief Executive Officer of
the Private Client and Asset Management Group, Americas and Global Head of the
Private Banking Division.
From 1999 to 2001, he was Global Head of Investment Banking for Deutsche Bank
and Co-Chairman and Co-Chief Executive Officer of DB Alex. Brown and Deutsche
Bank Securities. From 1997 to 1999, he served as Vice Chairman of Bankers Trust
Corporation, which merged with Deutsche Bank in June 1999. From 1991 until 1997,
Mr. Shattuck was President and Chief Operating Officer and a Director of Alex.
Brown Inc., which merged with Bankers Trust in September 1997. From 1985 until
1991, he was Co-Head of Alex. Brown's Corporate Finance Division and, working
from their San Francisco office, ran the Technology Group for the period during
which the Firm took public such notable industry leaders as Sun Microsystems,
Microsoft, Octel, Oracle and AOL. Mr. Shattuck has held positions at Morgan
Guaranty Trust Company as an investment analyst and at Bain & Company as a
strategy consultant.
He was born in 1954 in Massachusetts, U.S., and received his BA from Williams
College and his MBA from Stanford University, where he graduated as an Arjay
Miller Scholar. Mr. Shattuck has received an honorary Doctor of Public Service
degree from the University of Maryland, Baltimore County.
Mr. Shattuck currently serves as a Director of Constellation Energy Group, Inc.,
the holding company for Baltimore Gas and Electric. He is a member of the Board
of Directors of the Securities Industry Association. Mr. Shattuck is a member of
the Advisory Council of Stanford's Graduate School of Business and serves on the
Board of Trustees of the Noble & Greenough School. He is a member of the Board
of Visitors of the University of Maryland Baltimore County and is a Trustee of
the University of Maryland Baltimore Foundation, Inc. He is also a Board Member
of the Greater Baltimore Committee, The Walters Art Museum and a member of the
Young Presidents Organization ("YPO"). Previous Board affiliations have been
with Gilman School, the Bryn Mawr School, the Wellness Community, Columbus
Center, The United Way of Central Maryland's Cabinet and the American Business
Conference.
He is married to Molly George Shattuck and has four children, Mayo IV, Katie,
Spencer and Wyatt.
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