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PECO Announces the Retirement of President and CEO David Velazquez

1. PECO CEO David Velazquez retires after 40 years, effective July 1. 2. David Vahos appointed new PECO CEO, starting June 1, with strong operational background. 3. Vahos aims to enhance PECO's community partnerships and clean energy transition. 4. Leadership change may impact PECO's future direction and community relationships. 5. Vahos' experience in utilities could strengthen Exelon's strategic vision.

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Why Bullish?

A leadership transition can signify renewal, potentially driving positive investor sentiment. Vahos' extensive experience in financial leadership may enhance operational stability, fostering long-term confidence in Exelon.

How important is it?

The leadership change is pivotal for the direction of PECO and, by extension, Exelon, affecting operations and investor perceptions. Vahos' strategic vision may influence market sentiment positively.

Why Long Term?

Leadership changes typically shape company strategies over a longer horizon. Vahos' commitment to community and clean energy aligns with broader market trends focused on sustainability.

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PHILADELPHIA--(BUSINESS WIRE)--PECO, an Exelon company (Nasdaq: EXC), today announced the retirement of President and CEO David Velazquez. Velazquez, an Exelon veteran, retires after more than 40 years of service across the energy industry. Velazquez, who grew up in Pennsylvania, was named PECO’s president and CEO in February 2024, becoming quickly entrenched in the service area, building strong relationships with local businesses and community organizations and furthering PECO’s commitment to its customers. Velazquez will retire on July 1. Seasoned Exelon leader David Vahos has been appointed the new President and CEO of PECO, effective June 1. He will also join Exelon’s Executive Committee. Vahos, a graduate of Villanova University, brings more than 30 years of financial and operational leadership experience to his new role. He most recently served as senior vice president, chief financial officer and treasurer of Exelon subsidiary Pepco Holdings, leading financial operations and regulatory strategy and supporting major operational initiatives for the company’s three utilities including nearby Atlantic City Electric and Delmarva Power, as well as Pepco which provides service to the District of Columbia and Maryland suburbs. Vahos previously held the chief financial officer and treasurer role at sister company Baltimore Gas and Electric (BGE). "David Velazquez has been an extraordinary leader for over four decades, he is also a dear friend. His dedication and vision have been instrumental in shaping the broader energy landscape, bringing a focus on operational excellence and innovation, as well as the importance of being connected to the communities we serve," said Mike Innocenzo, Exelon’s executive vice president and chief operating officer. "As we wish him well in his next chapter, we are thrilled to welcome David Vahos as the new president and CEO of PECO. David's technical expertise, strategic vision and inclusive leadership will ensure PECO will continue to innovate, thrive and be a pillar of the greater Philadelphia community." “I am deeply honored to succeed David Velazquez, who has made a lasting impact not only at PECO but across the entire Exelon family of companies. I look forward to returning to the Philadelphia area, where I spent some formative years, and working closely with the more than 3,000 PECO employees to continue delivering the safe, reliable, and efficient service our customers expect — while also advancing our work to strengthen community partnerships, and lead the transition to a cleaner energy future,” said David Vahos. In addition to his professional achievements, Vahos is actively involved in civic and nonprofit organizations focused on economic development, education and workforce readiness. While in Maryland, he served on the boards of the YMCA and the University System of Maryland Foundation. Vahos is also a founding board member of the Association of Latino Professionals for America (ALPFA) Baltimore Chapter. He holds a bachelor’s degree in accountancy from Villanova University, and a master’s degree in business administration from Johns Hopkins University.

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