Exhibit 99.3
[EXELON LOGO]
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News Release
From: Exelon Corporation For Immediate Release
Corporate Communications April 29, 2003
P.O. Box 805379 Chicago, IL 60680-5379
Contact: Don Kirchoffner, 312.394.3001
Linda Marsicano, 312.394.3099
"The Exelon Way" Business Model Approved
Senior Management Appointments Include Oliver D. Kingsley, Jr. to President and
Chief Operating Officer, Exelon Corporation; Pamela B. Strobel, Executive Vice
President, to Chief Administrative Officer, Exelon Corporation; Kenneth G.
Lawrence to Chairman, PECO; Michael B. Bemis to President, Exelon Energy
Delivery; Frank M. Clark Continues as President, ComEd; Denis P. O'Brien to
President, PECO; John F. Young to President, Exelon Power
Chicago (April 29, 2003) - Exelon Corporation today laid out its aggressive, all
encompassing effort to become the best and most consistently profitable
electricity and gas company in the United States. "The Exelon Way" will enable
Exelon to meet its service and financial commitments while improving its cash
flow by $300 - $600 million in cash savings annually.
Major components of The Exelon Way are:
o Aggressively pursuing sustainable cash flow improvement by integrating
and centralizing key functions; consolidating and aligning key
business areas; and standardizing and simplifying key processes.
o Rapidly creating a high-performance organization and culture of
excellence by reinforcing accountability at all levels; accelerating
the capacity for change; and emphasizing leadership development.
"The merger of Unicom and PECO has been highly successful and synergies have far
exceeded expectations," says Rowe. "The Exelon Way is the next step in the
evolution of Exelon and keeps the company moving forward to reach its full
potential."
Rowe stressed that transitions that occur while implementing The Exelon Way will
be seamless to customers. "The Exelon Way will enhance our business, not
compromise it," says Rowe. "There will be no deterioration in safety, service,
quality or reliability."
As part of this effort, major Exelon operating units - Generation (Nuclear,
Power, Power Team) and Energy Delivery -- will now report to Oliver D. Kingsley,
Jr., who has been appointed President and Chief Operating Officer of Exelon
Corporation. Kingsley as COO will lead the integration of critical functions and
the implementation of standards, processes, and discipline to ensure that all
Exelon operating units meet operational and functional performance commitments.
The appointment of Kingsley as COO positions the company to achieve streamlined
operations, simplify and standardize processes, and maximize efficiencies.
"We are taking the best operator I have ever known and giving him the ball to
run with," says Rowe.
Kingsley was most recently Senior Executive Vice President, Exelon Corporation.
In that role he was responsible for overseeing the operations of Exelon Nuclear,
Exelon Power, the Business Services Company and Exelon Enterprises. He also led
the successful Cost Management Initiative that for the full year 2002 achieved
$340 million of sustainable savings relative to Exelon's original 2002 financial
plan.
Another appointment driven by The Exelon Way initiative is that of Pamela B.
Strobel, Executive Vice President, to Chief Administrative Officer, Exelon
Corporation. Strobel will direct Business Services Company, Enterprises,
Communications, and will also serve as Chair of the Exelon Corporate Strategy
Committee. In that role she will facilitate, together with Randall Mehrberg,
Exelon's Executive Vice President and General Counsel who leads the Corporate
Development and Corporate Strategy group, the strategic direction of the
corporation and chair the principal internal forum for assessment of major
issues and strategic opportunities. Strobel will also maximize the value of
Enterprises through continued execution of its "Path to Value" strategy going
forward. Strobel joined ComEd in 1993 as General Counsel and most recently
served as President and CEO, Exelon Energy Delivery. In 2002 under Strobel's
leadership, Energy Delivery continued to dramatically improve its reliability
and performance, resulting in all-time highs in customer satisfaction.
"Pam is one of Exelon's most thoughtful and versatile officers," says Rowe. "The
company will greatly benefit from the many strengths she will bring to this
position."
A key component of The Exelon Way is also maintaining the very strong regional
presence that ComEd and PECO enjoy today, while combining the companies into one
functional energy delivery unit. The companies will still be led by regional
presidents to ensure continued line presence. However, consolidation of
functions will result in significant efficiencies, process improvements and
create value by lowering operating costs.
Rowe also announced the following senior management appointments:
Kenneth G. Lawrence, Chairman, PECO
o Kenneth G. Lawrence, a 34-year veteran of PECO Energy, has been
appointed to the position of Chairman of PECO effective May 5 and
recently announced a retirement date of November 1, 2003. During his
remaining tenure, Lawrence will provide advice and counsel to Exelon
senior management. He will also work with community leaders to
underscore the depth of Exelon's continuing presence and commitment in
the Philadelphia region.
"Ken has been the leader of PECO in the Philadelphia region," says Rowe. "We
will miss him but will take full advantage of his vast knowledge and experience
during this transition period."
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Michael B. Bemis, President, Exelon Energy Delivery
o Michael B. Bemis is appointed President of Exelon Energy Delivery. As
a major component of The Exelon Way, Bemis will focus on Energy
Delivery's consolidation, which will achieve continued operating
efficiencies, synergies and economies of scale. Bemis will also
provide leadership to the Presidents of ComEd and PECO in ensuring
performance that meets customer expectations for reliability and
service. His principal office will be in Philadelphia. Bemis joined
Exelon in August 2002 as President of Exelon Power where he oversaw
the company's fossil, landfill gas and hydroelectric fleet of
generating assets. Bemis has more than 20 years experience in the
energy industry, much of it in electric distribution. Prior to joining
Exelon, Bemis was with Entergy where he served as CEO for London
Electricity PLC and as the Executive Vice President of Entergy's
International Operations. In addition, he was Executive Vice President
for Entergy Customer/Retail Services, President and COO of Louisiana
Power & Light, and Executive Vice President of Arkansas Power & Light.
Prior to joining Entergy, Bemis was a partner with Deloitte & Touche
where he specialized in services for the electric utility industry.
"Mike has broad experience and a solid track record in consolidating and
improving the cost and reliability of delivery operations," says Kingsley.
Denis P. O'Brien, President, PECO
o Denis P. O'Brien will succeed Lawrence as President, PECO Energy.
O'Brien has been Executive Vice President for PECO since November 2002
where he has been responsible for all day-to-day company-wide
operations, including customer service and support functions. With a
more than 20-year history at PECO, O'Brien has served as Vice
President of Operations, Director of Operations for the BucksMont
Region and Director of Transmission and Substations.
"Denis's extensive experience in PECO has prepared him well for this step,"
notes Kingsley. "We have a great deal of confidence in his abilities."
Frank M. Clark, President, ComEd
o Frank M. Clark will continue in his role as President of ComEd, where
he is responsible for overseeing the day-to-day operations of the
company. Prior to Clark's appointment as President of ComEd, he served
as Executive Vice President responsible for various functions
including: Customer Service Operations; Marketing and Sales;
Regulatory, Governmental and Community Affairs; Information
Technology; Communications; Human Resources; Labor Relations; and
Distribution Services. Since joining ComEd in 1966, he has held
various positions in both corporate support and line functions.
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John F. Young, President, Exelon Power
o John F. Young will head Exelon Power as its President. Young will
direct fossil and hydro operations and take a leadership role in
generation portfolio optimization and developing and executing
generation strategy in key Exelon market regions. Most recently Exelon
Power's Chief Operating Officer, Young came to Exelon Power from
Sierra Pacific Resources Corporation, where he was responsible for the
operation of the company's fossil and hydro facilities, and heavily
involved in developing trading and generation strategies. Prior to
that, he was Executive Vice President of Southern Company Generation.
All senior management appointments are effective May 5, 2003.
This more integrated business model embraces Exelon's "One Company, One Vision"
and enables a singular approach for managing operating processes and support. It
is also the next step in the development of Exelon's culture of excellence and
continuous improvement.
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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. Exelon is headquartered in
Chicago and trades on the NYSE under the ticker EXC.
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