FOR IMMEDIATE RELEASE|
March 31, 2005
Contact: Tim Brown, 302-283-5803
PHI and Conectiv Power Delivery Announce
New Executive Appointments and Name Change
Gary Stockbridge Named President, Delmarva Power Region;
Moves Signal Renewed Focus on Local Communities
Dennis Wraase, Chairman, President and CEO of Pepco Holdings Inc. (PHI), the parent company of Conectiv Power Delivery, today announced organizational and personnel changes designed to make the power company more responsive to local customers and communities. PHI has organized its business around the states and regions where its customers are located and appointed new presidents for these local regions.
Gary Stockbridge was appointed President, Delmarva Power Region. Stockbridge has more than 20 years of utility experience, with an emphasis on enhancing customer service, and most recently served as Vice President of Customer Relations for Conectiv Power Delivery. Delmarva Power has approximately 500,000 customers in Delaware and the Eastern Shore of Maryland and Virginia.
Tom Shaw, currently Executive Vice President, PHI, has been named to the additional post of Chief Operating Officer, PHI, with expanded responsibilities for operations across all PHI utilities.
Wraase also announced the return to using the traditional utility names-Delmarva Power and Atlantic City Electric-for the Conectiv companies. The name change will be phased in gradually through the balance of the year. Customers should continue to use the Conectiv Power Delivery name on checks and correspondence until they are notified through information enclosed with their electric bill. Phone numbers will not change.
Wraase outlined several reasons for the changes. "Organizationally, we want to focus on the unique needs of our customers in the three distinct regions that PHI serves," he said. "The presidents in each region will be responsible for interfacing with our legislative, regulatory, government, business and community stakeholders and coordinating with operations to ensure that we are providing safe and reliable service based on the particular needs of customers in their area."
The rationale for changing the names was similar, added Wraase. "We believe the traditional utility names better reflect our ties to the local communities we serve and more clearly communicate who we are. The Conectiv name was introduced at a time when the company was expanding into non-utility lines of business. This is no longer the case; going forward, the utility business, which makes up 70% of our revenues, will be our major focus. Also, we have always used the traditional utility names in legal filings and reports to the investment community. For consistency it makes sense to use the same names with our customers."
"I look forward to this opportunity to work with local communities to ensure we are responsive to their needs," Stockbridge said.
Wraase also appointed Kenneth Parker, President, Atlantic City Electric Region, and Thomas Graham, President, Pepco Region. Pepco is the electric utility for the District of Columbia and surrounding Maryland counties. All three companies will continue to be owned by PHI. PHI's other subsidiaries, Conectiv Energy and Pepco Energy Services, are not affected by the changes.
In 1998, Delmarva Power & Light Company and Atlantic Energy merged. About then, the name Conectiv was created as part of a business strategy to provide additional home services such as telecommunications, which were later discontinued. In 2002, Pepco acquired Conectiv and created the holding company, PHI.
Conectiv Power Delivery, a subsidiary of Pepco Holdings, Inc. (NYSE: POM), provides safe, reliable and affordable regulated electric or natural gas delivery services to more than one million customers in New Jersey, Delaware, Maryland, and Virginia.