Exelon CEO abruptly retires as federal probe continues

  • Anne R. Pramaggiore

    Anne R. Pramaggiore

 
 
Updated 10/15/2019 7:34 PM

Anne Pramaggiore, CEO of Exelon Utilities and the first female CEO of subsidiary utility ComEd, retired abruptly Tuesday as the Chicago-based energy company continues to be questioned in a federal investigation involving Democratic state legislators.

Exelon, in a prepared statement, did not give a reason for Pramaggiore's departure.

                                                                                                                                                                                                                       
 

Exelon President and Chief Executive Officer Christopher M. Crane said in a statement that under Pramaggiore's leadership, "Exelon's utilities have continued to achieve high levels of reliability and record levels of customer satisfaction, while implementing industry-leading strategies for the future of our utility business."

The company said Calvin G. Butler Jr., CEO of Baltimore Gas and Electric Company, would become interim CEO of Exelon Utilities, effective immediately.

The change in leadership comes as ComEd has been drawn into the ongoing FBI investigation into state Sen. Martin Sandoval.

ComEd had received subpoenas requiring "production of records of any communications with certain individuals and entities," including Sandoval, according to filings with the Securities and Exchange Commission.

The filing says the companies "have cooperated fully" with Chicago-based federal prosecutors. It says Exelon formed a committee to oversee compliance.

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Federal authorities haven't disclosed the purpose of multiple raids this year at homes and offices of Illinois Democrats. Agents entered Sandoval's Capitol office last month.

Pramaggiore joined Exelon in 1998 and was ComEd's lead lawyer and head of regulatory policy, according to Exelon's website.

Pramaggiore led the utility's efforts to get state approval and implement its Energy Infrastructure Modernization Act, a $2.6 billion program that led to the creation of the utility's smart grid system. Pramaggiore also spearheaded the approval of the Future Energy Jobs Act in 2016, aimed at developing renewable energy in the state. She was named ComEd CEO in 2012 and promoted to Exelon Utilities CEO last year.

A resident of Barrington, Pramaggiore was named the Energy Thought Summit's "Thought Leader of the Year" in 2017 and was also honored for her achievements by the Keystone Policy Center.

She co-chaired the Aspen Institute's national Energy Policy Forum in 2016 and 2017, according to the website.

Butler will continue to serve as CEO of Baltimore Gas and Electric, and the CEOs of Exelon's other utilities will report to him.

                                                                                                                                                                                                                       
 

In addition, Exelon Utility CEO staff heads Val Jensen, Carim Khouzami and Mike Kormos will also report to Butler moving forward.

Butler is an 11-year veteran of Exelon and has more than 25 years of leadership experience in the utilities industry and in regulatory, legislative and public affairs.

• Associated Press contributed to this report

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