Exelon Announces Major Executive Leadership Changes, Including COO Departure and New CFO

Summary of Events

Exelon Corporation filed a Form 8-K to announce a series of significant executive leadership transitions. The changes involve both departures and promotions, primarily affecting the company's operational and financial leadership teams.

• COO Departure: Michael Innocenzo, the current Executive Vice President and Chief Operating Officer of Exelon, President and CEO of PECO, and Board Chair of ComEd, will depart the company in 2027 on a date to be determined. He will assist in an orderly transition.

• Financial Leadership Reshuffle:

  • Jeanne Jones, currently the CFO, will transition to an expanded role as Executive Vice President of Finance and Strategy, effective October 5, 2026.
  • Robert Kleczynski, currently SVP, Controller and Tax, will be promoted to Executive Vice President and Chief Financial Officer, becoming the company's principal financial officer, effective October 5, 2026.
  • Caroline Fulginiti, currently VP and Assistant Controller, will be promoted to Vice President and Controller, becoming the principal accounting officer, effective October 5, 2026.
  • Other changes include promotions for Joshua Levin and Andrew Plenge within the finance functions of Exelon and its subsidiary ComEd, effective January 1, 2027.

Compensation Details

New compensation arrangements were disclosed for the promoted executives, effective upon their role changes:

• Robert Kleczynski (New CFO): Base salary of $650,000, an annual incentive target of 90% of base salary, and a 2027 long-term incentive (LTI) target of $1,765,000.
• Caroline Fulginiti (New Controller): Base salary of $325,000, an annual incentive target of 40%, and a 2027 LTI target of $226,000.

Financial Guidance

Crucially, Exelon reaffirmed its previously disclosed 2026 Adjusted (non-GAAP) operating earnings guidance of $2.81-$2.91 per share. The company also reaffirmed its expectation for cumulative annualized earnings growth from 2025 to 2029 to be near the top end of the 5% to 7% range.

Significance

The departure of a long-tenured and high-ranking COO, coupled with a comprehensive reshuffling of the finance leadership team, marks a significant transition for Exelon. Appointing a new CFO, Principal Financial Officer, and Principal Accounting Officer simultaneously is a major event. The staggered effective dates suggest a well-planned succession process. The reaffirmation of financial guidance is a key signal to investors intended to provide stability and confidence in the company's strategy and performance outlook amidst the leadership changes.