News Release
Jan. 14, 2003

BILL COLEY RETIRES AS DUKE POWER PRESIDENT; RUTH SHAW TO TAKE REINS OF CAROLINAS' LARGEST UTILITY

CHARLOTTE, N.C. – Duke Power President William A. Coley announced today he will retire at the end of February after a 37-year career with the company. He will be succeeded by Ruth G. Shaw, currently executive vice president and chief administrative officer of Duke Energy.

 

Duke Energy Chairman and Chief Executive Officer Richard B. Priory praised Coley’s leadership during a period that saw great change in the electric utility industry.

 

“Bill has served our company with distinction since 1966 and been a key leader as we have navigated through decades of change and opportunity,” Priory said. “He has been instrumental in shaping the strategy and culture of our company today.”

 

Over the course of his career, Coley served in leadership positions in all aspects of Duke Power, including engineering, operations, power delivery and customer service. He led the company’s non-regulated businesses prior to Duke Power’s merger with PanEnergy to create Duke Energy in 1997. He has served as president of Duke Power since 1997.

 

Shaw joined Duke Power in 1992 as vice president of corporate communications. She was appointed senior vice president, corporate resources, in 1994 and assumed her current position in 1997.

 

“Over her 10-year career at our company, Ruth has distinguished herself as an extraordinary business leader, with strengths in strategy, operations, management and customer and employee relations,” Priory said.

 

Before joining Duke Power, Shaw served as president of North Carolina’s largest community college, Central Piedmont Community College, in Charlotte from 1986 to 1992. Prior to that, she was president of El Centro College in Dallas, Texas.

 

Priory praised Shaw’s role in community activities. “Ruth has represented Duke Energy with excellence in civic and professional organizations. She believes in giving her time and talent to enhance the life of the communities our company serves,” he said.

 

Shaw has chaired the boards of directors of both the Arts and Science Council and the United Way of Central Carolinas, as well as their fundraising campaigns. She serves as vice chair of the board of trustees at the University of North Carolina at Charlotte and is a member of the board of trustees of Davidson College. She also serves on the boards of the Research Triangle Foundation and the Foundation for the Carolinas. In addition, she is on the board of directors of Wachovia Corporation.

 

Shaw has been named Charlotte’s Woman of the Year and Charlotte Business Woman of the Year and an outstanding alumnus of East Carolina University.

 

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 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: Randy Wheeless
Phone: 704/382-8379
24 Hour Phone: 704/382-8333
Email: crwheele@duke-energy.com
Contact: Tom Williams
Phone: 704/373-4743
24 Hour Phone: 704/382-8333
Email: tcwillia@duke-energy.com