<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) September 29,
1998
---------------
YANKEE ENERGY SYSTEM, INC.
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
CONNECTICUT
--------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
0-17605 06-1236430
--------------------------------------------------------
(Commission (IRS Employer
File Number) Identification No.)
599 Research Parkway, Meriden, Connecticut 06450-1030
--------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203)639-4000
-------------
n/a
----------------------------------------------------
(Former Name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On Tuesday, September 29, 1998, Branko Terzic announced to the
Board of Directors of Yankee Energy System, Inc. (the "Company")
his resignation as Chairman and a director of the Board and as
President and Chief Executive Officer of the Company effective at
the close of business on September 29, 1998. Also effective at
the close of business on September 29, 1998, the Board appointed
Charles E. Gooley, Executive Vice President of the Company and
President of Yankee Gas Services Company, to the additional
positions of President and Chief Executive Officer of the
Company and as a director of the Company to serve Mr. Terzic's
remaining term on the Board which expires at the 2001 Annual
Meeting of Shareholders. Finally, effective September 29, 1998,
the Board elected Emery G. Olcott, President and Chief Executive
Officer of Packard Bioscience Company, headquartered in Meriden,
Connecticut and a director of the Company since 1989 as Chairman
of the Board of Directors. See Exhibit 99 for the related
Press Release.
<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.
YANKEE ENERGY SYSTEM, INC.
--------------------------
(Registrant)
Date: September 30, 1998 /s/ Mary J. Healey
---------------------------
Mary J. Healey
Vice President, General
Counsel and Secretary
<PAGE>
Item 7. Exhibits
99 Press Release issued September 29, 1998 entitled "Yankee
Energy's Terzic Resigns, Gooley elected President and CEO."
<PAGE>
FOR IMMEDIATE RELEASE
YANKEE ENERGY'S TERZIC RESIGNS
Gooley elected President and CEO
MERIDEN, CONN. -- Sept. 29, 1998, (NYSE:YES) -- Yankee
Energy System, Inc. announced today Branko Terzic, chairman,
president and CEO, resigned as a director and officer of the
company and its subsidiaries effective September 29, 1998.
Yankee Energy's Board of Directors elected Charles E. Gooley,
Yankee's executive vice president, to succeed Terzic as President
and Chief Executive Officer. Gooley was also elected a director
of Yankee Energy and will continue to hold his position as
president of Yankee Energy's principal subsidiary, Yankee Gas
Services Company. Emery G. Olcott, a director of the Company
since 1989, was elected chairman of the Board of Directors,
effective September 29, 1998. Olcott is chairman and CEO of
Packard Bioscience Company of Meriden, CT.
In a prepared statement, Terzic attributed his resignation
to a major difference over future strategy for Yankee Energy and
its subsidiaries. Terzic joined the company in September, 1994,
as President and Chief Operating Officer and was elected Chairman
and CEO in 1995.
"All of us at Yankee Energy appreciate Branko's dedication
to this company over the last four years," Olcott said. "We wish
him well in his future endeavors as he returns to the national
and international energy scenes."
Gooley architect of Yankee Gas
Gooley began with Yankee Energy as vice president and
general counsel when it was created through a spin-off from
Northeast Utilities in 1989. He was elected executive vice
president of Yankee Energy in 1994. Gooley was elected President
of Yankee Gas Services Company, Yankee Energy's largest
subsidiary, in 1997 and is credited with leading a major
corporate restructuring that
-More-
Gooley elected President
Page 2 of 2
September 29, 1998
reduced operating costs and improved customer services.
"Yankee will refocus its efforts on our core natural gas
distribution business and will seek opportunities to create
synergies with our Connecticut HVAC operations," Gooley said.
"We will also continue our receivables management business
under RM Services and our equipment financing capabilities under
our Yankee Financial Services subsidiary.
"We feel all these efforts will bolster our ability to
continue to grow shareholder value."
Prior to joining Yankee, Gooley was director of legal and
external affairs for Northeast Utilities' Gas Group and also
spent time as senior counsel in NU's legal department. He served
as an assistant attorney general for the State of Connecticut
from 1979-1981. A native of Chicago, IL, Gooley received his
bachelor of arts degree from Trinity College, CT, and law degree
from the University of Connecticut School of Law.
Yankee Energy is the parent of Yankee Gas Services Company,
the largest natural gas distribution company in Connecticut
serving approximately 183,000 customers in 68 cities and towns
throughout the state. Yankee Energy is also the parent of Yankee
Energy Services Company, which provides a full range of
energy-related services for its customers including comprehensive
building automation and HVAC equipment services; R.M. Services,
providing residential collection services; and Yankee Financial,
which provides a full range of equipment financing options.
Further information about Yankee Energy can be obtained from its
web site: www.yankeeenergy.com.
###
