Advertisement

Allegheny exec to retire

May 23, 2003|by JULIE E. GREENE

julieg@herald-mail.com

Another high-level executive at Allegheny Energy Inc. will be leaving soon.

Bruce E. Walenczyk, the energy company's senior vice president and chief financial officer, will retire June 1, company officials said Thursday.

Walenczyk is retiring under the company's early retirement program "for reasons that are his own," Allegheny spokeswoman Debra Beck said.

Regis F. Binder, vice president and treasurer, was named interim chief financial officer. Binder has been with the utility for 29 years.

Walenczyk had been at Allegheny since April 2001, Beck said.

Last week, Allegheny officials said Michael P. Morrell, the president of Allegheny Energy's energy trading subsidiary, will take early retirement.

In April, Allegheny Energy President and Chief Executive Officer Alan J. Noia retired.

Beck couldn't say whether there would be more high-level executives leaving the company soon.

In a prepared statement, Allegheny Interim President and Chief Executive Officer Jay Pifer said company officials commend Walenczyk for his work in helping the company secure $2.4 billion in financing in February. That deal allowed the financially troubled company to avoid filing for bankruptcy.

Advertisement

Allegheny bought Global Energy Markets from Merrill Lynch for $490 million in March 2001, hoping to emulate Enron Corp.'s apparent success in energy trading. After Enron collapsed, so did the energy trading market, sending Allegheny into a tailspin from which it is trying to recover.

Allegheny's stock fell 14 cents to $8.46 a share Thursday on the New York Stock Exchange.

The Associated Press contributed to this story.

The Herald-Mail Articles
|
|
|