Exelon CEO Crane to retire at year end under accelerated succession plan

Dive Brief:

Exelon CEO Chris Crane will retire Dec. 30 to focus on his health after learning he needs treatment for “significant” spinal and hip issues, the Chicago-based utility company said Wednesday.
Calvin Butler Jr., Exelon president and chief operating officer, will become president and CEO starting Dec. 31. He was named president as part of leadership succession plans the company announced Oct. 17.
Helping turn Exelon into an “industry-leading” company over 24 years has been an honor, Crane said Thursday during an earnings conference call. “Regardless of the economy, the commodity prices, the regulatory outlook or our asset mix, Exelon has always focused on job one: running its operations safely and at top-notch levels to serve their customers,” Crane said.

Dive Insight:

Crane started work at Commonwealth Edison Co., an Exelon utility, in 1998. He was named CEO of Exelon in 2012.

During his tenure as CEO, Crane completed mergers with Constellation Energy Corp. in 2012 and with Pepco Holdings in 2016 to create the nation’s largest energy company by customer count, according to Exelon.

Butler joined Exelon in 2008 and served as senior vice president for regulatory and external affairs at Exelon subsidiary Baltimore Gas and Electric Co. before becoming CEO there in March 2014. From 2019 to October 2021, he served as Exelon Utilities CEO, overseeing the company’s six electric and gas delivery companies; between October 2021 and last month, he was Exelon senior executive vice president and COO.

Butler was promoted and his responsibilities were expanded in mid-October as a step in Exelon’s leadership succession plans, the company said.

“Crane accelerated his retirement plans to focus on his health after learning in recent days that he will require treatment for significant spinal and hip issues,” Exelon said. “He will work with Butler through the end of the year on the transition process.”

Exelon has more than 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its transmission and distribution utilities: Atlantic City Electric, BGE, ComEd, Delmarva Power & Light, PECO Energy Co. and Potomac Electric Power Co.

Correction: We have updated the article to correct Butler's roles at Exelon before becoming the company's president in October.