For Immediate Release
For Immediate Release
December 19, 2000
The Board of Directors of Potomac Electric Power Company (NYSE:
POM) yesterday approved several executive changes. Dennis R.
Wraase, 56, was elected Chief Operating Officer of the Company. He
will continue to serve as President. John M. Derrick, Jr., 60,
continues to serve as Chairman of the Board and Chief Executive
Officer. Other changes include the election of Andrew W. Williams,
51, as Senior Vice President and Chief Financial Officer; William
T. Torgerson, 56, as Executive Vice President, External Affairs and
General Counsel; and William J. Sim, 56, as Senior Vice President,
"The Board has made these changes in light of the sale of the
company`s generating assets to Southern Energy, Inc., and to pursue
our new direction," said Chairman and CEO John M. Derrick, Jr.
"Following the divestiture, Pepco will be a multifaceted enterprise
that delivers electricity, and, through its subsidiaries, sells a
range of energy and telecommunications products and services." He
added that the changes will further strengthen Pepco's delivery
business by creating an organizational structure that combines the
functions of electricity transmission and distribution.
Wraase joined Pepco in 1974, and was elected
Vice President and Comptroller in 1985. He was named Senior Vice
President and Chief Financial Officer in April 1996, Executive Vice
President and CFO in 1999, and President in May earlier this year.
He has been a member of the Board since 1998. Wraase will continue
as Chairman and CEO of Pepco`s wholly owned subsidiary, Pepco
Holdings, Inc. (PHI). PHI owns a number of businesses offering
telecommunications and energy products and services.
Wraase graduated from the University of Maryland
with a bachelor`s degree in accounting. He also holds a master`s
degree in finance from The George Washington University and is a
Certified Public Accountant. He is an executive board member of the
National Capital Area Council of Boy Scouts of America.
Andrew W. Williams joined Pepco in 1980 as Director, Rate and
Economic Analysis. He became Manager, Financial Planning and
Analysis in 1985 and was elected Vice President, Energy Policy and
Development in 1989. In 1994 he was elected Vice President, Energy
and Market Policy and Development, and became Group Vice President,
Transmission and Marketing in 1997.
Williams received a bachelor s degree in nuclear engineering
from North Carolina State University and a Master s of Business
Administration from Loyola College of Baltimore. Williams is
Chairman of Edison Electric Institute s Economics, Public Policy
and Strategic Planning Executive Advisory Committee, and is a
member of EEI`s Transmission Subject Area Committee. He is also
Pepco`s representative on the PJM Interconnections` Members
William T. Torgerson has been with Pepco in various legal and
non-legal positions since 1982, prior to which he was engaged in
the private practice of law in Washington, D.C. Torgerson is a
graduate of Princeton University with an A.B. in Politics and a
graduate of the University of Maryland School of Law.
Torgerson is responsible for Pepco`s legal, government relations
and corporate communications activities, and is Chairman of Pepco s
Corporate Contributions and Memberships Committee. He is a member
and former Chairman of the Electricity Committee of the American
Bar Association`s Section on Public Utility, Communications and
Transportation Law; a member of the Conference Board`s Council of
Chief Legal Officers; and a member of the Legal Committee of the
Edison Electric Institute.
William J. Sim joined Pepco in 1977 as Manager, Generating
Construction. He served as President and COO of the American Energy
Division of Pepco`s subsidiary Potomac Capital Investment
Corporation from 1987 to1991. Sim was elected Vice President,
Operations and Construction at Pepco in 1991 and was elected Group
Vice President, Power Supply and Delivery in 1994. He became Group
Vice President, Generation in 1997.
Sim is a 1968 graduate of the University of Glasgow, Glasgow,
Scotland. He has a Master`s in Business Administration from Loyola
College of Baltimore. Sim serves on the Power Generating Committee
of the Association of Edison Illuminating Companies and is a member
of the Board of Visitors, A. James Clark School of Engineering,
University of Maryland; the Electric Power Research Institute Group
Council; the EEI Generation Committee; and the Utility Relocation
The executive changes become effective January 1, 2001.
Pepco (www.pepco.com) is an investor-owned utility that delivers
electricity in Washington, D.C. and the Maryland suburbs to more
than 700,000 customers. Through its family of subsidiaries, Pepco
also operates in the competitive arenas of telecommunications and
energy products and services in the mid-Atlantic region.
Information contained in this press release may include
forward-looking statements, which should be considered in light of
the risks inherent in the Company`s business, as discussed in the
Company`s public documents filed with the Securities and Exchange
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