FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report February 2, 1995
PECO ENERGY COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-1401 23-0970240
(State or other jurisdiction (Commission (IRS Employer
or incorporation) file number) Identification
Number)
230l Market Street, Philadelphia, Pennsylvania 19101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 841-4000 <PAGE>
ITEM 5. OTHER EVENTS
On February 2, 1995, PECO Energy Company issued the following press release:
"PECO Energy Company announced today that its Board of Directors plans to name
the Company's President, Corbin A. McNeill, Jr., to the additional position of
Chief Executive Officer following the Company's Annual Meeting on April 12.
Joseph F. Paquette, Jr., PECO Energy's Chairman and CEO, will continue as
Chairman of the Board and Chairman of its Executive Committee.
McNeill, 55, joined PECO Energy in March 1988 as Executive Vice President of
Nuclear Operations and became President and Chief Operating Officer in April
1990.
Paquette, who joined the Company in 1956 and was named Chief Executive Officer
in April 1988, stated that "This change is another important step in our plan
for an orderly transition of management responsibilities. As CEO, Corbin
McNeill will be able to assume more of the day-to-day responsibilities of
running PECO Energy while I focus my time on key strategic issues as well as
regulatory, legislative and financial activities."
Paquette also stated, "PECO Energy is extremely fortunate to have Corbin
McNeill, an executive with unique leadership skills and high personal standards,
available to lead the Company during the challenging years ahead. He has played
an instrumental role in raising the level of performance of PECO Energy
operations, especially its nuclear department, and has exhibited a focus on
quality, the ability to manage change and a bias for customer satisfaction, all
of which are essential for successful leadership in today's business
environment."
Paquette, 60, also announced that he plans to retire in 1997 but expects to
continue as a Director.
McNeill completed a 20 year career with the U.S. Navy in 1981 after serving as
Commanding Officer of the USS Tautog and Commanding Officer of the Naval Nuclear
Power School. McNeill joined the New York Power Authority as Resident Manager
of the James A. Fitzpatrick Nuclear Power Plant in 1981 and subsequently was
named Senior Vice President, Nuclear Generation. He joined Public Service
Electric and Gas Company (PSE&G) as Vice President, Nuclear in March 1985 and
was named Senior Vice President, Nuclear in April 1987.
In March 1988, McNeill joined PECO Energy as Executive Vice President, Nuclear.
In April 1990, he was elected to his current position of President and Chief
Operating Officer and a Director of the Company.
McNeill received his Bachelor of Science Degree in 1962 from the U.S. Naval
Academy and has completed graduate courses in business at the University of
California (Berkeley) and Syracuse University. He is a 1992 graduate of Stanford
University's Executive Management Training Program.
<PAGE>
McNeill is a board member of the American Gas Association and has been
nominated to the Board of the Electric Power Research Institute (EPRI),
headquartered in Palo Alto, California.
McNeill is a member of the Board of Trustees, Drexel University; President of
Leadership, Inc., an executive leadership training program and a member of the
Advisory Committee of PRIME, Inc., which serves over 8,000 minority students in
math and science."
<PAGE>
SIGNATURES
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.
PECO ENERGY COMPANY
/S/ J. B. MITCHELL
J. B. Mitchell
Vice President - Finance
and Treasurer
February 2, 1995
