DUKE ENERGY ANNOUNCES ROTATIONAL ASSIGNMENTS WITHIN FINANCIAL OPERATIONS - Duke Energy

News Release
April 22, 2005

DUKE ENERGY ANNOUNCES ROTATIONAL ASSIGNMENTS WITHIN FINANCIAL OPERATIONS

CHARLOTTE, N.C. – Duke Energy today announced a number of rotational assignments within the company’s financial operations. These changes will be effective June 1, 2005.

  • Keith Butler, currently Duke Energy vice president and controller, will become vice president of corporate tax. Butler will succeed Cary Flynn, who is retiring.
  • Steve Young, currently group vice president and chief financial officer (CFO) for Duke Power, will succeed Butler as Duke Energy vice president and controller.
  • Myron Caldwell, currently vice president and treasurer of Duke Energy, will succeed Young as group vice president and CFO for Duke Power.
  • Lindsay Hall, currently group vice president and CFO for Duke Energy Americas, will succeed Caldwell as vice president and treasurer of Duke Energy.
  • Lon Mitchell, currently group vice president and chief restructuring officer for Duke Energy Americas, will succeed Hall as group vice president and CFO of Duke Energy Americas.

“These rotations will promote broadened management perspectives and give greater exposure to the financial leaders of our company,” said David Hauser, group vice president and chief financial officer of Duke Energy. “Our depth of management will be helped by these moves.”

A native of Greensboro, Butler, 44, joined Duke Energy in 1984 in the controller’s department. He earned his undergraduate degree from the University of North Carolina at Chapel Hill, and has served in his current role since 2001.

Young, 46, joined Duke Power in 1980 as a financial assistant. He earned his undergraduate degree from the University of North Carolina at Chapel Hill. In 1998, he was named vice president of rates and regulatory affairs for Duke Power. He was named to his current role in March 2004.

Caldwell, 47, joined Duke Energy controller’s department in 1981 after earning his undergraduate degree from the University of North Carolina at Charlotte. A native of Charlotte, he had previously served as controller of Duke Power. He assumed his current role in late 2003.

Hall, 49, has more than 25 years of experience in finance and administration. He began his career at Duke Energy in 1985 with companies that later became part of Canada’s Westcoast Energy. Duke Energy acquired Westcoast Energy in 2002. He earned his undergraduate degree at the University of Manitoba in Winnipeg.

A native of Houston, Mitchell, 52, joined Duke Energy in 2000 as senior vice president and CFO of Duke Energy Merchants. He earned his undergraduate degree from the University of Houston.

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 the Americas. Headquartered in Charlotte, N.C., Duke Energy 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: http://www.duke-energy.com.

Contact: Randy Wheeless
Phone: 704/382-8379
24-Hour Phone: 704/382-8333
e-mail: crwheele@duke-energy.com