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Posted 06 February, 2024

EXELON CORP appointed new CEO

CEO Change detected for ticker Nasdaq:EXC in a 8-K filed on 06 February, 2024.


  On February 6, 2024, Exelon Corporation ("Exelon") announced that Michael Innocenzo, currently President and Chief Executive Officer of PECO Energy Company ("PECO"), will assume the role of Executive Vice President and Chief Operating Officer of Exelon effective April 1, 2024.  

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Overview of EXELON CORP
Companies on the Energy Service • Multiutilities
Exelon Corp. is a utility services holding company, which engages in the energy distribution and transmission businesses. It operates through the following segments: Commonwealth Edison Company (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric Company (BGE), Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL), and Atlantic City Electric Company (ACE). The company was founded in February 1999 and is headquartered in Chicago, IL.
Market Cap
$36.9B
View Company Details
EXELON CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On February 6, 2024, Exelon Corporation ("Exelon") announced that Michael Innocenzo, currently President and Chief Executive Officer of PECO Energy Company ("PECO"), will assume the role of Executive Vice President and Chief Operating Officer of Exelon effective April 1, 2024. Mr. Innocenzo, age 58, has served in his current role since March 2018 and had previously served as Senior Vice President and Chief Operating Officer of PECO since April 2013. 


In connection with his new role, effective as of April 1, 2024, Mr. Innocenzo's compensation will include a base salary of $685,000, an annual incentive program target opportunity of 90% of his base salary, and a long-term incentive target award valued at $1,765,000, consistent with the terms of the Exelon Long-Term Incentive Plan. Long-term incentives ("LTI") include performance share awards (accounting for 67% of target LTI value) and restricted stock units (accounting for 33% of target LTI value). Payouts on both the annual incentive program and the performance share awards will be based on the achievement of pre-established performance targets. Mr. Innocenzo remains eligible for benefits similar to those of other Exelon executives, including participation in Exelon's health, welfare, retirement, relocation, and severance plans.


Effective April 1, 2024, Mr. Innocenzo will be appointed as a director of Commonwealth Edison Company ("ComEd"). Effective March 31, 2024, Calvin G. Butler, Jr., President and Chief Executive Officer of Exelon, will resign his position as a director of ComEd.


Effective April 1, 2024, David Velazquez will resign his current role as Executive Vice President, Utility Operations and Technology, of Exelon, and will assume the role of President and Chief Executive Officer of PECO.