Craig Adams to Retire as President and CEO of PECO

Current SVP and COO Mike Innocenzo named new President and CEO

News provided by

Mar 01, 2018, 12:00 ET

PHILADELPHIA, March 1, 2018 /PRNewswire/ -- Denis O'Brien, senior executive vice president of Exelon Corporation and CEO of Exelon Utilities, and the PECO Board of Directors announced today that Craig Adams will retire as President and CEO of PECO, effective Friday, March 30, 2018. At that time, he will be succeeded by Mike Innocenzo, currently PECO Senior Vice President and Chief Operating Officer. Innocenzo will also assume Adams' role as Executive Vice President of Exelon Corporation.

During his more than 30-year career, Adams served in various leadership roles at PECO and Exelon, including Senior Vice President and COO of PECO, Chief Supply Officer for Exelon Business Services Company and as Senior Vice President for Operations Support for PECO and its sister utility, Commonwealth Edison (ComEd), which serves northern Illinois. Adams began his energy industry career with Public Service Electric and Gas Company (PSE&G) in New Jersey and is a veteran of the United States Army.

Under his leadership of Pennsylvania's largest electric and natural gas distribution company, Adams maintained and enhanced PECO's reputation as an industry front-runner. His many accomplishments include positioning PECO as a technological leader in the utility space through the implementation of the company's advanced grid and meter infrastructure project, also known as Smart Grid - the largest and one of the most significant investments in the company's history. The project led to increases in service reliability, provided new customer tools and set the groundwork for future technological enhancements.

His passionate focus on diversity and inclusion empowered employees to embrace authenticity in the workplace, increased hiring opportunities for diverse candidates and created business opportunities for diverse vendors and business partners from the communities that PECO serves.

Several recent awards for emergency response, safety and environmental commitment illustrate the culture Adams sought to create at PECO. For two consecutive years, the company was ranked among "America's Best Employers" by Forbes Magazine. In addition, PECO was named 2016 Corporation of the Year by the Eastern Minority Supplier Development Council.

A dedicated and active corporate citizen, Adams served on the boards of the American Gas Association and the Energy Association of Pennsylvania. He also directed the company's annual multimillion-dollar support of community and nonprofit organizations throughout the region. Personally, he served five years as chairman of LEADERSHIP Philadelphia, a nonprofit network that mobilizes and connects the talent of the private sector to serve the community, and also served as Board Chair of the Camphill Special School.

"Leaders like Craig don't come around very often," said O'Brien. "Even beyond his focus on operational excellence and dedication to improving the customer experience, he was one of the most accessible CEOs I've ever seen."

"This has been one of the most fulfilling jobs a person could have," said Adams. "I've achieved what I wanted to do at PECO, and I look forward to enjoying more time with my family and beginning the next chapter of my life. I will miss the friendship and support of the people I have come to know as my family at PECO, but I know that with Mike at the helm, I'm leaving the company in the most capable hands possible."

Innocenzo started his career with PECO in 1988 and has held a number of leadership roles in departments including Gas Operations, Quality Service, Performance Improvement, and Electric Operations. Before assuming his most recent role in 2013 as Senior Vice President and COO, he served as Vice President of Distribution System Operations and Advanced Grid and Meter Technology.

Active in the community, Innocenzo serves on the boards of the Philadelphia Free Library, the Philadelphia Police Athletic League (PAL), and the Southeastern Electric Exchange. Innocenzo also led special projects with the Edison Electric Institute and the North American Electric Reliability Corporation. Innocenzo holds a Bachelor's Degree in electrical engineering from Widener University, and an MBA from Villanova University.

"Mike was a natural choice as Craig's successor, and we are thrilled that he has accepted the mantle of leadership. He knows PECO intimately and is already a critical driver behind our business today," said O'Brien. "Mike has the experience and strategic vision to see where PECO needs to go and make it happen."

PECO, founded in 1881, is Pennsylvania's largest electric and natural gas utility. Headquartered in Philadelphia, PECO delivers energy to more than 1.6 million electric customers and more than 516,000 natural gas customers in southeastern, Pennsylvania. The company's 2,500 employees are dedicated to the safe and reliable delivery of electricity and natural gas as well as enhanced energy management conservation, environmental stewardship and community assistance. PECO was named 2017 Best Mid-size Employer in Philadelphia by Forbes Magazine. The company also has an estimated annual economic impact of $4.3 billion in Pennsylvania, supporting more than 8,700 local jobs and producing $732 million in labor income. PECO is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's only Fortune 100 utility and leading competitive energy provider. For more information visit PECO.com, and connect with the company on Facebook and Twitter.