Craig Adams to Retire as President and CEO of PECO

March 1, 2018

Current SVP and COO Mike Innocenzo named new President and CEO

PHILADELPHIA–(BUSINESS WIRE)–Denis O’Brien, senior executive vice president of Exelon Corporation and
CEO of Exelon Utilities, and the PECO Board of Directors announced today
that Craig Adams will retire as President and CEO of PECO, effective
Friday, March 30, 2018. At that time, he will be succeeded by Mike
Innocenzo, currently PECO Senior Vice President and Chief Operating
Officer. Innocenzo will also assume Adams’ role as Executive Vice
President of Exelon Corporation.

During his more than 30-year career, Adams served in various leadership
roles at PECO and Exelon, including Senior Vice President and COO of
PECO, Chief Supply Officer for Exelon Business Services Company and as
Senior Vice President for Operations Support for PECO and its sister
utility, Commonwealth Edison (ComEd), which serves northern Illinois.
Adams began his energy industry career with Public Service Electric and
Gas Company (PSE&G) in New Jersey and is a veteran of the United States
Army.

Under his leadership of Pennsylvania’s largest electric and natural gas
distribution company, Adams maintained and enhanced PECO’s reputation as
an industry front-runner. His many accomplishments include positioning
PECO as a technological leader in the utility space through the
implementation of the company’s advanced grid and meter infrastructure
project, also known as Smart Grid – the largest and one of the most
significant investments in the company’s history. The project led to
increases in service reliability, provided new customer tools and set
the groundwork for future technological enhancements.

His passionate focus on diversity and inclusion empowered employees to
embrace authenticity in the workplace, increased hiring opportunities
for diverse candidates and created business opportunities for diverse
vendors and business partners from the communities that PECO serves.

Several recent awards for emergency response, safety and environmental
commitment illustrate the culture Adams sought to create at PECO. For
two consecutive years, the company was ranked among “America’s Best
Employers” by Forbes Magazine. In addition, PECO was named 2016
Corporation of the Year by the Eastern Minority Supplier Development
Council.

A dedicated and active corporate citizen, Adams served on the boards of
the American Gas Association and the Energy Association of Pennsylvania.
He also directed the company’s annual multimillion-dollar support of
community and nonprofit organizations throughout the region. Personally,
he served five years as chairman of LEADERSHIP Philadelphia, a nonprofit
network that mobilizes and connects the talent of the private sector to
serve the community, and also served as Board Chair of the Camphill
Special School.

“Leaders like Craig don’t come around very often,” said O’Brien. “Even
beyond his focus on operational excellence and dedication to improving
the customer experience, he was one of the most accessible CEOs I’ve
ever seen.”

“This has been one of the most fulfilling jobs a person could have,”
said Adams. “I’ve achieved what I wanted to do at PECO, and I look
forward to enjoying more time with my family and beginning the next
chapter of my life. I will miss the friendship and support of the people
I have come to know as my family at PECO, but I know that with Mike at
the helm, I’m leaving the company in the most capable hands possible.”

Innocenzo started his career with PECO in 1988 and has held a number of
leadership roles in departments including Gas Operations, Quality
Service, Performance Improvement, and Electric Operations. Before
assuming his most recent role in 2013 as Senior Vice President and COO,
he served as Vice President of Distribution System Operations and
Advanced Grid and Meter Technology.

Active in the community, Innocenzo serves on the boards of the
Philadelphia Free Library, the Philadelphia Police Athletic League
(PAL), and the Southeastern Electric Exchange. Innocenzo also led
special projects with the Edison Electric Institute and the North
American Electric Reliability Corporation. Innocenzo holds a Bachelor’s
Degree in electrical engineering from Widener University, and an MBA
from Villanova University.

“Mike was a natural choice as Craig’s successor, and we are thrilled
that he has accepted the mantle of leadership. He knows PECO intimately
and is already a critical driver behind our business today,” said
O’Brien. “Mike has the experience and strategic vision to see where PECO
needs to go and make it happen.”

PECO, founded in 1881, is Pennsylvania's largest electric and natural
gas utility. Headquartered in Philadelphia, PECO delivers energy
to more than 1.6 million electric customers and more than 516,000
natural gas customers in southeastern, Pennsylvania. The
company's 2,500 employees are dedicated to the safe and reliable
delivery of electricity and natural gas as well as enhanced energy
management conservation, environmental stewardship and community
assistance. PECO was named 2017 Best Mid-size Employer in
Philadelphia by Forbes Magazine. The company also has an estimated
annual economic impact of $4.3 billion in Pennsylvania, supporting more
than 8,700 local jobs and producing $732 million in labor income. PECO
is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's only
Fortune 100 utility and leading competitive energy provider. For more
information visit PECO.com,
and connect with the company on Facebook and Twitter.