News Release
November 21, 2003

DUKE ENERGY ANNOUNCES REORGANIZATION AND EXECUTIVE CHANGES FOR FINANCE, RISK MANAGEMENT

CHARLOTTE, N.C. -- Duke Energy Chairman and Chief Executive Officer Paul Anderson today announced a reorganization of the company’s finance and risk management functions as well as changes in executive leadership.
 
Robert Brace, the company’s chief financial officer since 2001, has resigned and will be leaving the company.  "Robert served Duke Energy during a time of great change and increased regulation of financial reporting.  Among his contributions, he brought a disciplined approach to capital management and a detailed certification process for financial statements," Anderson said. "We wish him well in the next phase of his career." 

Anderson named David Hauser senior vice president and CFO, in an acting capacity, effective today. Hauser most recently served as the company’s senior vice president and treasurer, a role he will continue to fill pending the appointment of a successor, which is expected before the end of the year.

Anderson said the company is launching an active search for a CFO, and Hauser will be a candidate.

"We are fortunate to have an excellent internal candidate in David Hauser, who will provide strong and expert leadership for the function. He is well known and respected in the financial community for his integrity and experience," said Anderson.

Anderson noted that because the CFO role is among the key leadership positions in the company, he would be conducting a disciplined evaluation of other candidates before finalizing his selection of the CFO in the months ahead.  

Hauser’s responsibilities will include certifying financial statements consistent with all applicable regulatory requirements and leading the finance functions of treasury, tax, accounting and financial planning. In addition, the company’s risk management organization, which currently reports to Richard Osborne, will begin reporting to the CFO.

Osborne will continue as executive vice president with responsibility for Crescent Resources, internal audit, insurance, crisis and business continuity planning.

Hauser is a 30-year employee of Duke Energy. During his first 20 years with the company he held various accounting positions, including controller. He later served as vice president, procurement services and materials. He was named senior vice president of Global Asset Development in 1997 and to his current position in 1998.

Paul Barry, vice president of merger and acquisitions, and his group will move from the CFO organization to report to Richard Blackburn, executive vice president, general counsel and chief administrative officer. The change is designed to more closely align the M&A group with the strategy and planning function, which reports to Blackburn.

Greg Ebel, vice president of investor and shareholder relations, previously reporting to the CFO, will now report directly to the CEO. The change reflects Anderson’s increased emphasis on the company’s communications with the investment community. 

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
e-mail: crwheele@duke-energy.com