DUKE ENERGY ANNOUNCES EXECUTIVE ROTATIONS AND 2005 EPS INCENTIVE TARGET; ELECTS NEW BOARD MEMBER
Martha B. Wyrsch, currently group vice president, general counsel and secretary of Duke Energy, will become president and chief executive officer of Duke Energy Gas Transmission (DEGT), reporting to President and Chief Operating Officer Fred Fowler.
Wyrsch will be responsible for operation of the company’s more than 17,500 miles of interstate natural gas pipelines and 250 billion cubic feet of storage capacity in the
Thomas C. O’Connor, currently president and chief executive officer of DEGT, will be attending
“These changes are part of our deliberate strategy to develop Duke Energy’s leadership bench strength for years to come,” said Paul Anderson, chairman of the board and chief executive officer. “Our board is committed to a thorough development and succession planning process, and we work hard at developing opportunities to identify and grow new leaders.
“One of our priorities is to develop a strong and deep management team at all levels of Duke Energy. Martha and Tom have done an outstanding job in their current areas of responsibility, and these reassignments will immerse them in other key areas of our business,”
Wyrsch joined Duke Energy in September 1999 as senior vice president, general counsel and secretary of Duke Energy Field Services. In August 2001, she was named senior vice president and general counsel of energy transmission and distribution, which included the pipeline businesses. She was named senior vice president of legal affairs in February 2003 and to her current position on
Prior to joining Duke Energy, Wyrsch was vice president, general counsel and secretary of KN Energy Inc., now known as Kinder-Morgan Inc. A native of
O’Connor was named president and CEO of DEGT in December 2002. Earlier that year, he had become president of DEGT’s
A native of
In other action at today’s board meeting, Dennis Hendrix was re-elected as a member of the board. Hendrix is the former president, chairman and chief executive officer of PanEnergy Corporation. He was chairman of the PanEnergy board prior to that company’s merger with Duke Power to form Duke Energy in 1997. Hendrix served on the Duke Energy board until October 2002. He also serves on the boards of Allied Waste Industries Inc., Newfield Exploration Company and Grant Prideco Inc.
The board also approved the company’s 2005 earnings per share target for employee incentive bonuses. The target, which is tied to ongoing basic earnings per share, is $1.60 per share. The minimum, which is the threshold for any earnings related bonus payout, will also be tied to ongoing basic earnings per share and has been established at $1.45 per share.
The $1.60 and $1.45 ongoing basic earnings per share compensation target and minimum amounts, respectively, for 2005 represent non-GAAP financial measures as they exclude any "special items," as defined by the company. The most directly comparable GAAP measure is basic earnings per share that will be based upon reported earnings available for common stockholders for 2005. Due to the forward-looking nature of these non-GAAP financial measures, information to reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measure is not available at this time as the company is unable to project any "special items" for 2005.
As previously announced, the company will host a call tomorrow at to discuss growth plans for DEGT and respond to analysts’ questions. Investors and other interested persons can listen to the conference by dialing 800/946-0713, confirmation code 102929. International callers should use 719/457-2642. Please dial in 10-15 minutes prior to the scheduled start time. In addition, interested parties may see slides and listen to the audio of the conference call by accessing the investors’ section (http://www.duke-energy.com/investors/) of the company’s Web site at: http://www.duke-energy.com . A replay of the conference call will be available through
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in