NEW YORK, July 21 /PRNewswire-FirstCall/ -- Eugene R. McGrath, chairman
and chief executive officer of Consolidated Edison, Inc. (Con Edison), today
announced that the board of directors has elected Kevin Burke to become a
member of the board of directors. In May, it was announced that Burke,
currently president and chief operating officer of Consolidated Edison Co. of
New York, will succeed McGrath as CEO on September 1. McGrath will continue
to serve as chairman of the board. Burke, 54, joined the company in 1973.
Robert Hoglund, 43, senior vice president of Finance, will become senior
vice president and chief financial officer. Hoglund joined the company in
April of 2004. Prior to that time, he served as a managing director at
Citigroup Global Markets and also had worked at Merrill Lynch and Morgan
Stanley. Hoglund has extensive experience in the field of investment banking,
with a specific focus on the regulated electric and natural gas sectors. He
holds JD, MBA, and BA degrees from the University of Virginia.
Joan Freilich will become vice chairman of the company. Freilich joined
the company in 1978, has served as chief financial officer since 1996 and has
been a member of the board of directors since 1997. Among the positions she
previously held were vice president and controller, and vice president of
Corporate Planning. She holds a BA from Barnard College and MA, PhD, and MBA
degrees from Columbia University. Freilich will also step down from the
"Joan has played a key role in maintaining Con Edison's strong financial
position through the past decade of industry restructuring. Robert will
continue the company focus on disciplined financial management and balance
sheet strength," said McGrath.
Lou Rana has been elected president and chief operating officer of
Consolidated Edison Co. of New York. He will succeed Burke. Currently senior
vice president of Electric Operations, Rana, 56, has been with the company for
36 years. He has a BA in Engineering from Stevens Institute of Technology, a
MS in electrical engineering from the New Jersey Institute of Technology, and
a MBA from Columbia University. Rana has held positions throughout the
company including vice president of Manhattan Electric Operations, vice
president of System and Transmission Operations, general manager of Customer
Service, and chief engineer.
"Lou is an experienced, capable professional with vast knowledge of the
utility business. His appointment today is reflective of the deep pool of
operating talent at Con Edison," said McGrath.
These executive changes are effective September 1.
Consolidated Edison, Inc. is one of the nation's largest investor-owned
energy companies, with approximately $10 billion in annual revenues and
$24 billion in assets. The company provides a wide range of energy-related
products and services to its customers through the following subsidiaries:
Consolidated Edison Company of New York, Inc., a regulated utility providing
electric, gas, and steam service in New York City and Westchester County, New
York; Orange and Rockland Utilities, Inc., a regulated utility serving
customers in a 1,350 square mile area in southeastern New York state and
adjacent sections of northern New Jersey and northeastern Pennsylvania; Con
Edison Solutions, a retail energy supply and services company; Con Edison
Energy, a wholesale energy supply company; Con Edison Development, a company
that owns and operates generating plants and participates in other
infrastructure projects; and Con Edison Communications, a telecommunications
infrastructure company and service provider. For additional financial,
operations and customer service information, visit Consolidated Edison, Inc.'s
Web site at http://www.conedison.com.
SOURCE Consolidated Edison, Inc.
/CONTACT: Michael Clendenin of Consolidated Edison Inc., +1-212-460-4111/
/Web site: http://www.coned.com