Adams to Retire as PECO’s President and CEO

Denis O’Brien, senior executive vice president of Exelon Corporation and CEO of Exelon Utilities, and the PECO Board of Directors, today announced that Craig Adams will retire as President and CEO of PECO, effective March 30, 2018. Adams will be succeeded by Mike Innocenzo, presently PECO Senior Vice President and Chief Operating Officer (COO). 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 started 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.

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 PECO’s annual multimillion-dollar support of community and nonprofit organizations throughout the region. He also served for 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 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.”

Innocenzo began 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 currently serves on the boards of the Philadelphia Free Library, the Philadelphia Police Athletic League (PAL), and the Southeastern Electric Exchange. He 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, “ said O’Brien. “He knows PECO intimately and is already a critical driver behind our business today. Mike has the experience and strategic vision to see where PECO needs to go and make it happen.”

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