Energy Future Holdings has tapped a top finance executive at a rival company to be its first CEO.
John Young, executive vice president of finance and markets at Exelon, will head up EFH, the energy holding company formerly known as TXU Corp. before its acquisition last October by Kohlberg Kravis Roberts, Texas Pacific Group, Goldman Sachs and other investors.
“There is no question that John is the right person to lead EFH into the future,” said Donald Evans, the company’s non-executive chairman. “The breadth and depth of his experience, especially on the operations side of the business, uniquely qualifies him to lead the holding company and work with the CEOs of the competitive business subsidiaries.”
Young’s responsibilities at Exelon included the role of president of Exelon Generation, managing the company’s nuclear, fossil and hydro operations.
In both of his recent leadership roles Young had responsibilities for Exelon’s Power Team, overseeing power trading and the marketing operation. The Power Team was responsible for what is called portfolio optimization, fuel management, wholesale marketing, and Exelon Energy, the corporation’s unregulated retail energy marketing entity in the Midwest.
Before joining Exelon, Young was senior vice president of Sierra Pacific Resources, a utility that provides electricity to nearly one million customers in Nevada and the Lake Tahoe region of California. From 1983 until 2000, he worked at Southern Co.
“John has played a critical role in helping Exelon deliver increasing value to our shareholders and customers,” said John Rowe, chairman and CEO of Exelon. “Though we are sorry to lose him, we congratulate John and wish him the very best. His drive and discipline will serve Energy Future Holdings well.”
Exelon said it expects to announce a new CFO after its board meets in late January.