Exhibit 99
FirstEnergy Corp. For Release: January 20, 2004
76 S. Main Street
Akron, Ohio 44308
www.firstenergycorp.com
News Media Contact: Investor Contact:
Ralph J. DiNicola Kurt Turosky
(330) 384-5939 (330) 384-5500
ANTHONY J. ALEXANDER ELECTED
CHIEF EXECUTIVE OFFICER OF FIRSTENERGY;
GEORGE M. SMART ELECTED CHAIRMAN OF THE BOARD
Akron, Ohio - FirstEnergy Corp. (NYSE: FE) announced today that its
Board of Directors has elected Anthony J. Alexander president and chief
executive officer, effective immediately. Mr. Alexander, 52, was elected
president and chief operating officer in 2001, and acting chief executive
officer on December 22, 2003. He succeeds H. Peter Burg, who passed away on
January 13, 2004.
The Board also elected George M. Smart, 57, chairman of the Board, and
indicated that a search will begin immediately for an executive to serve as
chief operating officer. Mr. Smart, who retired as president of Sonoco-Phoenix,
Inc., on December 31, 2003, was elected to Ohio Edison Company's Board in 1988
and to FirstEnergy's Board in 1997. He chairs the Audit Committee and is a
member of the Compensation Committee. Mr. Smart will not hold an executive
position with FirstEnergy.
"I look forward to serving FirstEnergy in this new capacity and to
working with Tony as he continues the company's ongoing efforts to enhance
shareholder value," Mr. Smart said.
"I am honored that the board has given me this opportunity," said Mr.
Alexander. "Our management team understands the work that we have before us and
is dedicated to enhancing the performance of our generating fleet, improving
system reliability, and strengthening our financial results."
Prior to his retirement, Mr. Smart served as president of
Sonoco-Phoenix since 2001. He held the position of chairman of the board and
president of Phoenix Packaging Corporation from 1993 to 2001, and president and
chief executive officer of Central States Can Co. from 1978 to 1993. He joined
Central States Can Co. in 1970. Mr. Smart earned a bachelor of science degree
from Defiance College and a master of business administration from Wharton
School at the University of Pennsylvania.
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Mr. Alexander began his career in 1972 in the Tax Department of Ohio
Edison, which merged in 1997 with Centerior Energy to form FirstEnergy. He
joined Ohio Edison's Legal Department as an attorney in 1976, was named senior
attorney in 1984, and promoted to associate general counsel in 1987. Mr.
Alexander was elected vice president and general counsel in 1989; senior vice
president and general counsel in 1991; and executive vice president and general
counsel in 1996. In 1997, Mr. Alexander was elected executive vice president and
general counsel of FirstEnergy and elected president in 2000. He was elected
president and chief operating officer in 2001.
Mr. Alexander earned a bachelor of science degree in accounting and a
law degree from The University of Akron. He attended the Harvard Graduate School
of Business and completed its Program for Management Development. He also
completed the Reactor Technology Course for Utility Executives at the
Massachusetts Institute of Technology.
Mr. Alexander is a member of the boards of the Ohio Electric Utility
Institute and the Association of Edison Illuminating Companies, Inc. He also is
a director-at-large of the National Association of Manufacturers. Locally, he is
a member of the boards of trustees of Akron General Health System, The NEOUCOM
Foundation, Playhouse Square Foundation, the Green Schools Foundation and The
University of Akron Foundation, and is Vice Chairman of the Greater Akron
Chamber.
FirstEnergy is a registered public utility holding company
headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in
the generation, transmission and distribution of electricity; exploration and
production of oil and natural gas; transmission and marketing of natural gas;
energy management and other energy-related services.
Forward-Looking Statement: This news release includes forward-looking
statements based on information currently available to management. Such
statements are subject to certain risks and uncertainties. These statements
typically contain, but are not limited to, the terms "anticipate," "expect,"
"believe," "estimate," and similar words. Actual results may differ materially
due to the speed and nature of increased competition and deregulation in the
electric utility industry, economic or weather conditions affecting future sales
and margins, changes in markets for energy services, changing energy and
commodity market prices, replacement power costs being higher than anticipated
or inadequately hedged, maintenance costs being higher than anticipated,
legislative and regulatory changes (including revised environmental
requirements), adverse regulatory or legal decisions and the outcome of
governmental investigations, availability and cost of capital, inability of the
Davis-Besse Nuclear Power Station to restart (including because of any inability
to obtain a favorable final determination from the Nuclear Regulatory
Commission), inability to accomplish or realize anticipated benefits of
strategic goals, the ability to improve electric commodity margins and to
experience growth in the distribution business, the ability to access the public
securities markets, further investigation into the causes of the August 14, 2003
regional power outage and the outcome, cost and other effects of present and
potential legal and administrative proceedings and claims related to that
outage, a denial of or material change to the Company's Application related to
its Rate Stabilization Plan, and other factors discussed from time to time in
FirstEnergy's Securities and Exchange Commission filings, including its annual
report on Form 10-K (as amended) for the year ended December 31, 2002, its Form
10-Q for the quarter ended September 30, 2003 and under "Risk Factors" in the
Prospectus Supplement dated September 12, 2003 to the Prospectus dated August
29, 2003 (which was part of the Registration Statement-SEC File No. 333-103865)
and other similar factors. FirstEnergy expressly disclaims any current intention
to update any forward-looking statements contained in this document as a result
of new information, future events, or otherwise.
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