PGL Peoples Energy Corp

The Board of Directors of Peoples Energy Corporation (NYSE:PGL) announced that it has retained Russell Reynolds Associates to assist it in the selection of a new CEO for the company. Thomas M. Patrick, Peoples chairman, president and CEO, had previously announced his intention to retire within approximately one year. He has agreed to remain until the new CEO is in place. James Boris, lead director, said that the executive search firm will assist the board in identifying and screening candidates in accordance with carefully selected criteria. The board has already stated that the confidential search will consider both internal and external candidates. "Since Tom Patrick announced his retirement plans, the board has worked carefully and deliberately to define the requirements of the CEO position going forward," Boris said. "We believe Russell Reynolds will work well with us in identifying candidates that meet those requirements." Boris indicated that the selection process would extend several months. "We intend to take all the time that is needed to identify candidates who meet the company's strategic requirements," Boris said. "In the meantime, Peoples and its 2,300 employees will continue to focus on serving the energy needs of our customers." 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. Russell Reynolds Associates is one of the world's pre-eminent executive recruiting and assessment firms. Through a global network of 33 wholly owned offices, the firm's more than 275 professionals conduct senior executive search and assessment assignments in a range of industries for public and private organizations of all sizes. The firm's Web site is www.russellreynolds.com.