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Con Edison Announces Appointment of Kevin Burke as Chairman
NEW YORK, Feb. 16 /PRNewswire-FirstCall/ -- The board of directors of Consolidated Edison Inc. (Con Edison) today elected Kevin Burke, currently president and chief executive officer, as chairman of the board. Mr. Burke will succeed Eugene R. McGrath who will retire effective February 28, 2006. Mr. McGrath has served as Con Edison's chairman since 1990.
Burke, 55, joined the company in 1973 and held senior positions in system planning, engineering, law, nuclear power, construction, and corporate planning. In 1999, he was elected president of Orange and Rockland Utilities, Inc., a subsidiary of Con Edison. The following year, he was named president and chief operating officer of Consolidated Edison Company of New York. During that time, Burke managed the company's massive power restoration work in lower Manhattan following the September 11, 2001 attacks. A member of the boards of directors of numerous nonprofit organizations, Burke holds a master's in business policy from Columbia University, a Juris Doctor from Fordham University, a master's in engineering from Rensselaer Polytechnic Institute, and a bachelor's in engineering from The Cooper Union.
"Con Edison is a great company and will be in good hands under Kevin's leadership," said McGrath, adding "His knowledge of every aspect of operations combined with his strategic abilities make him well-suited to lead the company into the future."
McGrath, 64, a 43-year veteran of Con Edison, guided the company through major changes in the energy industry, most notably deregulation and the company's entrance into competitive energy markets through the establishment of several competitive businesses. He also oversaw the company's largest investment program to meet the energy needs of New Yorkers. During his tenure, Con Edison maintained its position as the most reliable electric utility in the United States.
"New Yorkers owe Gene McGrath a debt of gratitude. His commitment to excellence drove improvements in Con Edison's operating, environmental, and financial conditions," said Burke.
McGrath will remain on the company's board of directors.
Consolidated Edison, Inc. (NYSE: ED) is one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $25 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects; and Con Edison Communications, a telecommunications infrastructure company and service provider. For additional financial, operations and customer service information, visit Consolidated Edison, Inc.'s Web site at www.conedison.com.
SOURCE Consolidated Edison Inc. /CONTACT: Michael Clendenin, +1-212-460-4111, for Consolidated Edison Inc./ /Web site: http://www.conedison.com / (ED)
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