Peoples Energy CEO Announces Intention to Retire; Board to Begin Search for Successor
25 Février 2006 - 12:15AM
Business Wire
At a meeting today of the Board of Directors of Peoples Energy
Corporation following the company's annual meeting of shareholders,
Thomas M. Patrick, chairman, president and CEO confirmed to the
Board his intentions to retire within a year's time. "I am honored
to serve as the head of such a great organization, built on 150
years of service to the Chicago area community," said Patrick.
"However, about a year ago I indicated to the Board my desire to
begin contemplating succession planning around the time of my 30th
anniversary of service to the company, next October. "At the
shareholder meeting, I told attendees that this would be a
transitional year for the company. During my own transition, I
intend to continue to focus on the long tradition of performance
that we have built at Peoples Energy and the strong platform on
which we will continue to build," said Patrick. The Board will
engage a search firm to help screen successor candidates. The
search will consider both internal and external candidates. Patrick
is chairman, president and chief executive officer of Peoples
Energy Corporation, a position he assumed on August 1, 2002.
Previously, he had served as president and chief operating officer
of Peoples Energy since 1998, when he also became a member of the
company's Board of Directors. After joining the company in 1976 as
an attorney in the Legal Department, Patrick represented the
company in cases at the Federal Energy Regulatory Commission and
before the Illinois Commerce Commission. He was elected vice
president and deputy general counsel in 1989 and, two years later,
was elected vice president of Regulatory Affairs and Gas Supply. In
1996, he was named executive vice president. Peoples Energy, a
member of the S&P 500, is a diversified energy company
comprised of three primary business segments: Gas Distribution, Oil
and Gas Production and Energy Marketing. The Gas Distribution
business serves about one million retail customers in Chicago and
northeastern Illinois. Visit the Peoples Energy web site at
PeoplesEnergy.com. Forward-Looking Information. This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, such as management's strategy for acquiring
oil and gas properties and its expectations for the newly-acquired
oil and gas producing properties. Actual results could differ
materially from such expectations because of many uncertainties,
including, but not limited to: weather-related energy demand; the
company's success in identifying diversified energy segment
projects on financially acceptable terms and generating earnings
within a reasonable time; the future health of the United States
and Illinois economies; changes in the nature of the company's
competition resulting from industry consolidation, legislative
change, regulatory change and other factors, as well as action
taken by particular competitors; the timing and extent of changes
in interest rates and energy commodity prices, including but not
limited to the effect of unusually high gas prices on cost of gas
supplies, accounts receivable and the provision for uncollectable
accounts, and interest expense; drilling risks and the inherent
uncertainty of gas and oil reserve estimates; regulatory
developments in the U.S., Illinois and other states where Peoples
Energy does business; and terrorist activities. Some of the
uncertainties that may affect future results are discussed in more
detail in Peoples Energy's Form 10-K under Item 1 - Business and
Item 7 Management's Discussion and Analysis, as such information
may be updated by subsequent filings under the Securities Exchange
Act of 1934. All forward-looking statements included in this press
release are based upon information presently available, and Peoples
Energy assumes no obligation to update any forward-looking
statements.
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