News Release
March 18, 2002

DUKE ENERGY ANNOUNCES SEVERAL ORGANIZATIONAL CHANGES

CHARLOTTE, N.C. -- Duke Energy announced organizational changes today in several areas.

In the Duke Ventures business group, comprised of Crescent Resources, the company’s real estate business; DukeNet Communications, the company’s fiber-optic communications business; and Duke Capital Partners, a company that provides investment and equity services to customers of Duke Energy businesses:

 

·        Robert Lilien, president of Duke Ventures and chairman and chief executive officer of Crescent Resources, will be leaving Duke Energy later this year to lead an investment partnership. Lilien joined Duke Energy in 1993 as vice president and tax counsel. He was elected vice president and general counsel in 1997 and named senior vice president of Duke Ventures in 1998. Lilien will continue to serve as president of Duke Ventures through March 31, after which he will continue to work on specific projects for Duke Energy.

 

·        Arthur W. Fields will be promoted to president and chief executive officer of Crescent Resources effective April 1. Fields joined the company in 1988 as senior vice president, real estate development. He became president of Crescent in 1991, where he was responsible for all of the company’s real estate development activities. Before joining Crescent, Fields was with the Mathews Company, a real estate development firm in Nashville, Tenn. Fields is active in civic and professional organizations, including chairing the Urban Land Institute Charlotte Council. He is a member of the Charlotte Chamber of Commerce Board of Directors and serves as a member of Clemson University’s Public Service and Agriculture Advisory Board, the National Association of Industrial and Office Properties and the Charlotte-Mecklenburg Utility Department Advisory Board. Fields will report to Richard J. Osborne, executive vice president and chief risk officer of Duke Energy. 

 

·        Marion H. Smith, president and chief executive officer of DukeNet Communications, will be retiring from the company at the end of March. Smith joined Duke Power in 1984 as a customer relations consultant and was named manager, communications systems division that same year. He served in positions of increasing responsibility at the company before being named president, DukeNet Communications, in 1994.

 

·        A. R. Mullinax will succeed Smith as president and chief executive officer of DukeNet Communications, effective April 1. Mullinax joined the audit staff of Texas Eastern Corporation in 1977. He held positions of increasing responsibility prior to the merger of Texas Eastern’s parent company, PanEnergy, with Duke Power. He was named senior vice president of shared services of Duke Energy in 1997. Additionally, he led the company’s e-business initiatives in 2000 and 2001. Mullinax was named senior vice president of Duke Venture’s telecommunications businesses in October 2001. Mullinax will report to Osborne.

 

Also reporting to Osborne is Robert Ladd, president and chief executive officer of Duke Capital Partners.

 

In other areas of the company, Lon Mitchell will become senior vice president and chief financial officer of Duke Energy North America. A financial professional with nearly 25 years of experience, Mitchell joined Duke Energy in 1999, most recently serving as chief financial officer of Duke Energy Merchants. He previously served as controller at Midcoast Energy and prior to that, was vice president of finance and administration at TPC/Pacificorp. He began his career at Pennzoil Company, where he worked from 1978 to 1990. Mitchell succeeds Mary Gilbert, who has served in the role since October 1999. Mitchell will report to James M. Donnell, president and chief executive officer of DENA.

 

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $59 billion in 2001. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

Contact: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com