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Vectren's CEO Niel Ellerbrook to Retire in May, Carl Chapman to Lead Company
| Source: Vectren Corporation
EVANSVILLE, IN--(Marketwire - February 3, 2010) - Niel C. Ellerbrook, chairman and CEO of
Vectren Corp (NYSE : VVC ), today announced he will retire May 31, 2010, as
the company's CEO, after a decade of service in the position. Ellerbrook,
61, will serve in the role of non-executive chairman for the company.
As part of the company's succession planning process, the board chose Carl
L. Chapman, Vectren's president and chief operating officer, as the next
CEO. Chapman, 54, was elected to the board of directors in May 2009 and has
served as an officer of the company for more than 20 years.
"While I am extremely proud of what has been accomplished at Vectren and
excited by the Company's future opportunities, it is time for me to step
aside and let the next generation of leadership take over," said
Ellerbrook. "Ten years is a long time to serve as a public company CEO, and
I strongly believe that the company and all of its stakeholders will
benefit from new ideas and new energy. Carl is a remarkable talent who will
lead the company to new and greater heights."
Ellerbrook's 30-year energy industry career has been marked with impressive
accomplishments. Ellerbrook was instrumental in merging two energy holding
companies together to create Vectren while concurrently purchasing the
natural gas distribution assets of Dayton Power and Light. These
transactions have produced one of Indiana's largest publicly traded
corporations. With nearly $2.1 billion in revenues and 3,700 employees,
Vectren provides products and services in nearly half of the United States,
including 1.1 million utility customers in Indiana and Ohio.
Ellerbrook also successfully championed state utility rate redesign
focusing on the conservation of natural gas and the development of customer
programs, which better align the interests of the company with the
customer's need and desire for lower utility bills. Under Ellerbrook's
leadership, significant strides in Southwest Indiana's air quality have
been made as Vectren is now one of the cleanest coal-fired utilities. In
addition to the creation of hundreds of new jobs, particularly in Southwest
Indiana, Ellerbrook is a recognized leader of diversity in the workplace
and has created a high-performance culture within Vectren. His example of
community engagement has provided the inspiration for other businesses to
become more community-minded and dedicate additional financial and human
resources to improve the quality of life in many Indiana and Ohio
communities.
"Niel's imprint on Vectren's success and culture is indisputable," stated
Chapman. "Engineering a successful merger of equals is an extraordinarily
difficult task. He has done a superb job balancing the interests of
customers, employees, communities and shareholders. He has been a
recognized distinguished leader of Vectren through the most tumultuous
times for both the energy industry and the American economy. Thanks to
Niel's leadership, we are well positioned for future success."
Ellerbrook joined Indiana Gas Company, Inc., in 1980 where he assumed
increasing responsibilities culminating in 1999 with his election as
president and CEO of Indiana Energy, Inc., the holding company of Indiana
Gas and a predecessor of Vectren. The Vectren Board of Directors elected
Ellerbrook as chairman and chief executive officer effective upon its
formation in March 2000.
Chapman joined Indiana Gas Company, Inc., in 1985 after eight years of
service with Arthur Andersen & Co. Chapman has held various executive
management roles including executive vice president and COO of Vectren,
president of Vectren Enterprises, Vectren's holding company for its
nonregulated subsidiaries and affiliates, and executive vice president and
chief financial officer of Indiana Energy, Inc. He was also instrumental
in forming ProLiance Energy, the company's largest nonregulated affiliate,
where he served as the first president.
"Vectren's very existence and success are the direct result of Niel's
visionary aspiration to create a sustainable Indiana-domiciled energy
company. He is held in high esteem, not only by his industry peers, but his
fellow board members as well," said Lead Director Robert L. Koch II
speaking on behalf of the board. "Since the inception of Vectren the board
has also worked very closely with Carl. He is a talented and exceptional
leader whose strategic focus and vision make him right for the job of
leading Vectren at this particularly challenging time."
About Vectren
Vectren Corporation (NYSE : VVC ) is an energy holding company headquartered
in Evansville, Ind. Vectren's energy delivery subsidiaries provide gas
and/or electricity to more than one million customers in adjoining service
territories that cover nearly two-thirds of Indiana and west central Ohio.
Vectren's nonutility subsidiaries and affiliates currently offer
energy-related products and services to customers throughout the Midwest
and Southeast. These include gas marketing and related services; coal
production and sales; and energy infrastructure services. To learn more
about Vectren, visit http://www.vectren.com.