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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 1998
ORANGE AND ROCKLAND UTILITIES, INC.
(Exact name of Registrant as specified in its charter)
Incorporated in New York 1-4315 13-1727729
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
One Blue Hill Plaza, Pearl River, New York 10965
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (914) 352-6000
Items 1. - 4. Not Applicable.
Item 5. Other Events
On February 5, 1998, the Company issued the press
release filed herewith as Exhibit 99.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits
Exhibit 99 - Press Release
of the Company dated February 5, 1998.
Item 8. Not Applicable.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
ORANGE AND ROCKLAND UTILITIES, INC.
By: /s/Robert J. McBennett
Robert J. McBennett, Treasurer
Dated: February 6, 1998
EXHIBIT INDEX
Page
Exhibit 99
Press Release of the Company dated February 5, 1998.
914-577-2430
Contact:
Michael Donovan
ORANGE AND ROCKLAND ELECTS
NEW CHAIRMAN OF THE BOARD
February 5, 1998 - Orange and Rockland's Board of Directors today
elected Michael J. Del Giudice, 55, as Chairman of the Board, effective
at the close of business today. Mr. Del Giudice succeeds H. Kent
Vanderhoef, who will retire as a member of the Board pursuant to
Board policy at the Company's Annual Meeting on April 8, 1998.
Mr. Vanderhoef has been a director of the Company since 1976, and
Chairman of the Board since 1994. He has served as chairman of
the Executive Committee and as a member of both the Audit and the
Compensation Committees.
Mr. Del Giudice has been a member of the Orange and Rockland
Board of Directors since 1988, and Chair of its Audit Committee
since 1993. He is Managing Director of Millennium Capital
Markets, LLC, an investment banking firm headquartered in New
York City.
Prior to assuming his current position in 1996, Mr. Del
Giudice was a Managing Director and Partner of Lazard Freres &
Co., LLC, the New York-based investment banking firm, from 1985
to 1996. During 1981 to 1983, he was Senior Vice President of
Shearson Loeb Rhodes & Co.
Long active in civic and governmental activities, Mr. Del
Giudice is the current Chair-man of the Governor's Committee on
Scholastic Achievement. During the years 1983 to 1985, he was
Chief of Staff to the Governor of New York. Other governmental
positions include Director of State Operations to the Governor
(1979-1981) and Chief of Staff to the New York Assembly Speaker
(1975-1979).
The assumption of the chairman's duties by Mr. Del Giudice
from Mr. Vanderhoef reflects the Board's deliberate plan to
ensure a smooth transition of responsibilities. Mr. Vanderhoef
noted that in July 1994, the Board had determined that the
position of Chairman shall be held by an outside director. D.
Louis Peoples, Orange and Rockland's present Vice Chairman and
Chief Executive Officer, will continue in both those capacities.
In assuming the Board chairmanship of the $649 million (1997
consolidated revenue) electric and gas utility, Mr. Del Giudice
noted the enormous changes occurring as deregulation and industry
restructuring take place. "I look forward to making my
contribution to our achieving success in this new environment."
Orange and Rockland serves an area of 1,350 square miles and
an estimated population of 671,000 in southeastern New York
State, northern New Jersey and northeastern Pennsylvania. It
generates, distributes and sells electricity, and distributes and
sells natural gas.
