29.11.2005 15:00:00

Dynegy Names New Leadership Team

Dynegy Inc. (NYSE:DYN)

-- Holli C. Nichols promoted to Executive Vice President and Chief Financial Officer

-- J. Kevin Blodgett promoted to General Counsel and Executive Vice President, Administration

-- Lynn A. Lednicky promoted to Executive Vice President, Strategic Planning and Corporate Business Development

Dynegy Inc. (NYSE:DYN) today announced several key appointments toits Executive Management Team, effective immediately:

-- Holli C. Nichols, 35, who previously held the position of Senior Vice President and Treasurer, has been promoted to Executive Vice President and Chief Financial Officer. In this capacity, she is responsible for Dynegy's financial affairs, including finance and accounting, treasury, risk management, internal audit and investor and credit agency relationships. In addition to Nichols' recent role as Treasurer, she previously served as the company's Senior Vice President and Controller. Nichols, who joined Dynegy from PricewaterhouseCoopers LLP in 2000, received a bachelor's of science from Baylor University.

-- J. Kevin Blodgett, 34, who previously held the position of Senior Vice President of Human Resources, has been promoted to General Counsel and Executive Vice President, Administration. His new responsibilities include legal and administrative affairs, including legal services supporting the company's operational, commercial and corporate areas, as well as human resources, information technology, building services, facilities and supply chain management. In addition to Blodgett's recent role in Human Resources, he previously served as Group General Counsel - Corporate Finance & Securities and Corporate Secretary. Blodgett, who joined Dynegy in 2000 from Baker Botts LLP, received a bachelor's of arts from Texas A&M University and his juris doctorate from the University of Houston Law Center.

-- Lynn A. Lednicky, 45, who previously held the position of Senior Vice President of Strategic Planning and Corporate Business Development, has been promoted to Executive Vice President of the same group. In this capacity, he has responsibility for identifying opportunities and strategies for building value at both the corporate level and within the company's power generation business. Lednicky, who joined Dynegy predecessor Destec Energy, Inc. in 1991, received both his bachelor's of arts and master's of business administration from Rice University.

Nichols, Blodgett and Lednicky, as well as Stephen A. Furbacher,President and Chief Operating Officer, report directly to Bruce A.Williamson, Chairman and Chief Executive Officer of Dynegy Inc., andtogether comprise the Dynegy Executive Management Team.

In addition to naming a new executive leadership team, the companyalso announced the following appointments:

-- Chuck Cook, 41, has been promoted to Senior Vice President and Treasurer, reporting directly to Nichols. In this capacity, he has responsibility for all treasury, banking, insurance and credit activities of the company. Cook previously served as a Vice President of Finance in Treasury.

-- Julius Cox, 34, has been promoted to Vice President of Human Resources, reporting directly to Blodgett. In this capacity, he has responsibility for all Human Resources activities, including employee relations, payroll, benefits, organizational development and compensation. Cox previously served as a Managing Director in Human Resources.

-- Biren Kumar, 38, has been promoted to Vice President of Information Technology, reporting directly to Blodgett. In this capacity, he has responsibility for the company's information technology infrastructure and asset management. Kumar previously served as a Managing Director in Finance and led the company's implementation of PeopleSoft in 2005.

-- John Sousa, 39, has been named Vice President of Investor and Public Relations, reporting directly to Nichols. In this capacity, he has responsibility for the company's communications with investors, as well as media relations, internal communications and community relations. Sousa previously served as Vice President of Public Relations.

"Dynegy has fundamentally shifted from a company focused on theresolution of legacy issues through a comprehensive self-restructuringto one that is now centered on the operation and growth of aregionally focused fleet of power generation facilities in key marketsof the United States," said Williamson. "We are fortunate to have anew generation of leadership within the organization with thecapabilities and drive to take Dynegy to the next level by positioningthe company as a leading participant in the independent power producersector."

Concurrent with these appointments, Dynegy also announced thatfour members of its current Executive Management Team will be leavingthe organization:

-- Nick J. Caruso, Executive Vice President and Chief Financial Officer. Since coming out of retirement in late 2002 to lead the financial aspects of the company's self-restructuring, Caruso's efforts have included the completion of the re-audits of Dynegy's financial statements, the development of transparent financial reporting, and compliance with new regulatory and disclosure requirements, as well as the recapitalization of Dynegy and the reduction of the company's debt to current levels.

-- Carol F. Graebner, Executive Vice President and General Counsel. Since joining Dynegy in March 2003, she has been responsible for the company's legal, regulatory and government affairs functions. Graebner led the company's efforts in resolving legacy legal issues, including litigation related to California energy markets in 2000-2001, Midwest environmental claims and the shareholder class action and derivative litigation. In addition, she has overseen the company's renewed focus on compliance, ethics, effective governance and board processes, along with the resolution of numerous investigative matters with several governmental agencies.

-- R. Blake Young, Executive Vice President of Administration and Technology. Since joining the company in 1998, Young's responsibilities have expanded to include strategic planning and corporate business development, information technology, financial planning, public relations, human resources and corporate shared services. In addition, he served in a leadership role in the sales of the company's communications, regulated energy delivery and midstream natural gas businesses, as well as the transition of these businesses to new ownership.

-- Peter J. Wilt, Vice President of Investor Relations. Wilt joined Dynegy in 2004 to serve as a liaison between company management, investors and the financial community, including portfolio managers and research analysts. He strengthened investors' understanding of the company through the clear, concise communication of Dynegy's financial results, its operational performance, business strategies and valuation methods.

"The contributions made by Nick, Carol, Blake and Pete have beencritical to our self-restructuring success," said Williamson. "When Ijoined Dynegy three years ago, given the depth and breadth of issuesthe company was facing, I felt it was necessary to bring in newleadership with proven track records in the CFO and General Counselpositions to restore internal and external trust and credibility,while resolving numerous financial and legal challenges. Together,Nick and Carol have been instrumental in eliminating the ethical,financial and legal challenges the company once faced and alsobuilding their organizations to be ready for the next phase of growthat Dynegy and developing their staff to be ready to lead this nextphase.

"When many of his peers left Dynegy, Blake elected to stay on andprovide leadership and crucial institutional knowledge throughout thecourse of our restructuring," Williamson added. "Blake led thedivestiture of numerous non-strategic assets to strengthen thecompany's liquidity and refocus our business model to lines ofbusiness where we had competitive advantages, while also overseeingour administrative, technology and business operations areas andensuring the continuity of these service groups while we restructuredthe company.

"Finally, Pete joined Dynegy when we needed to refocus our effortsin investor relations as we began the shift from a self-restructuringcompany to one with real value propositions," said Williamson. "Hisbroad natural gas and power experience, business developmentcapabilities and background in commercial operations and finance wereinvaluable in developing and expanding relationships with theinvestment community.

"On behalf of the Board of Directors and all of our investors, Iwant to convey my thanks and appreciation to Nick, Carol, Blake andPete for their respective contributions, and wish them the very bestin the future," Williamson added.

Dynegy Inc. provides electricity to markets and customersthroughout the United States. The company's fleet of power generationfacilities consists of baseload, intermediate and peaking power plantsfueled by a mix of coal, fuel oil and natural gas. Located in 12states, the portfolio is well-positioned to capitalize on regionaldifferences in power prices and weather-driven demand.

Certain statements included in this news release are intended as"forward-looking statements." These statements include assumptions,expectations, predictions, intentions or beliefs about future events,particularly the statements concerning the growth of our PowerGeneration business and the positioning of Dynegy as a leadingindustry participant. Dynegy cautions that actual future results mayvary materially from those expressed or implied in any forward-lookingstatements. Some of the key factors that could cause actual results tovary materially from those expected or implied include: changes incommodity prices, particularly for power and natural gas; the effectsof competition and weather on the demand for Dynegy's products andservices; the availability, ability to consummate, and effects ofgrowth opportunities for Dynegy's Power Generation business; andoperational factors affecting Dynegy's assets. More information aboutthe risks and uncertainties relating to these forward-lookingstatements are found in Dynegy's SEC filings, including its AnnualReport on Form 10-K for the year ended Dec. 31, 2004, its QuarterlyReport on Form 10-Q for the quarter ended September 30, 2005 and itsCurrent Reports, which are available free of charge on the SEC's website at http://www.sec.gov. Dynegy expressly disclaims any obligationto update any forward-looking statements contained in this newsrelease to reflect events or circumstances that may arise after thedate of this release, except as otherwise required by applicable law.DYNC

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