UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
June 24, 1998
Commission Registrants; State of Incorporation; IRS Employer
File Number Address; and Telephone Company Identification
No.
1-11327 Illinova Corporation 37-1319890
(an Illinois Corporation)
500 S. 27th Street
Decatur, IL 62525
(217) 424-6600
1-3004 Illinois Power Company 37-0344645
(an Illinois Corporation)
500 S. 27th Street
Decatur, IL 62525
(217) 424-6600
Total number of sequentially numbered pages is 5.
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Item 5. Other Events
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Attached is a copy of a communication provided to the media on June 24,1998.
<PAGE>
For immediate release: June 24, 1998
For more information: Shirley J. Swarthout (217) 424-6400
ILLINOVA CHAIRMAN HAAB ANNOUNCES RETIREMENT;
TUCSON ELECTRIC'S CHAIRMAN BAYLESS NAMED SUCCESSOR
DECATUR, Ill. - Illinova Corp. Chairman, President and CEO Larry D.
Haab announced today (June 24) that he will retire in August. Haab will be
succeeded by Charles E. Bayless, who is widely recognized as one of the utility
industry's leading chief executives and was recently awarded Financial World
magazine's CEO silver award.
Bayless, 55, is current chairman, president and CEO of Tucson Electric
Power, based in Tucson, Ariz. Haab will hand over the titles of president and
CEO effective July 6 and on Aug. 12 the additional post of chairman.
"I'm eager for the opportunity to lead Illinova into the new era of
electric utility deregulation," Bayless said. "As a strong supporter of
regulatory reform, I've kept an eye on Illinova's legislative efforts for the
past several years, and the Company has proved itself an exceptionally effective
leader in this area. As Illinova's new president and CEO, I'm looking forward to
working with Illinova employees to implement the strategies that will help us
realize our vision of becoming a leading total energy services company."
Haab's retirement ends a career at Illinova and Illinois Power that
spanned four decades and included some of the most dramatic changes in the
company's 75-year history, as well as some of the most dramatic changes in the
electric and natural gas utility industry.
"I'm proud to have played a leadership role in Illinova's
transformation," Haab said. "In a few short years, we've remade ourselves from a
local utility into a company with interests across the country and around the
globe. Now, as Illinois and the rest of the nation prepare to open their energy
markets to full competition, I think it's an appropriate time to pass the reins
at Illinova into an individual who shares our vision."
Robert M. Powers, senior member of the Illinova board of directors,
said, "We appreciate Larry's significant contributions to the board over his
years of service as a director, and then CEO and later as chairman. On a
personal note, we also appreciate and will miss his personal warmth and
integrity."
Bayless joined Tucson Electric Power in 1989 as a senior vice president
and chief financial officer. A year later he was elected president and CEO, and
in January 1992, he was elected chairman of the board of directors. In the early
1990s, Bayless launched an extensive organizational and financial restructuring
of the company, and in recent years, he has led Tucson Electric in an effort to
allow Arizona utilities to compete in the electric energy market.
Illinova Corp., headquartered in Decatur, Ill., is an energy services
holding company with annual revenues of $2.5 billion. Its subsidiaries include
Illinois Power, an electric and natural gas utility; Illinova Generating, which
invests in, develops and operates independent power projects worldwide; and
Illinova Energy Partners, which markets energy and energy-related services in
the United States and Canada.
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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 thereunto duly authorized.
ILLINOVA CORPORATION
(Registrant)
By/s/Leah Manning Stetzner
---------------------------
Leah Manning Stetzner
General Counsel and
Corporate Secretary
on behalf of
Illinova Corporation
Date: June 24, 1998
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 thereunto duly authorized.
ILLINOIS POWER COMPANY
(Registrant)
By/s/Leah Manning Stetzner
---------------------------
Leah Manning Stetzner
Vice President, General
Counsel, and Corporate
Secretary on behalf of
Illinois Power Company
Date: June 24, 1998
