Nolen Steps Down as Cleco Corp. CFO, Davis Named Interim
PINEVILLE, LA--(Marketwire - May 9, 2008) - Cleco Corp. (NYSE: CNL) announced today that
Kathleen Nolen, senior vice president and chief financial officer (CFO), is
leaving the company effective May 31. Russell Davis, vice president and
chief accounting officer, will serve as interim CFO.
Nolen will join the staff of The Rapides Foundation, a $230 million endowed
charitable foundation devoted to improving the health status of central
"We appreciate Kathleen's service during her tenure as CFO," said President
and CEO Mike Madison. "She led the effort to finance Rodemacher 3, the
largest generating project in our company's history. She has done an
excellent job developing financial strategies to increase shareholder
value, and I personally will miss her. We wish her well in her new
Davis, a certified public accountant, has been with Cleco since 2000. Prior
to that time, he was controller for a number of companies in Central and
South West Corporation. He is an active board member for the American Red
Cross - Central Louisiana Chapter and the regional advisory board of the
Council for a Better Louisiana. Davis holds an accounting degree from
McMurry University in Abilene, Texas.
Cleco Corp. is a regional energy company headquartered in Pineville, La.
It operates a regulated electric utility company that serves about 273,000
customers across Louisiana. Cleco also operates a wholesale energy
business with approximately 1,350 megawatts of nameplate generating
capacity. For more information about Cleco, visit www.cleco.com.
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