Constellation Energy Group Inc. said today its chief financial officer is stepping down and it will promote the treasurer to replace him.
The company said CFO John R. Collins has stepped down and will take an advisory role in the company's merger with MidAmerican Energy Holdings Co. He will also remain chairman of Constellation Energy Partners LLC, which is 28 percent owned by Constellation Energy.
Collins will be replaced by Jonathan W. Thayer, 37, who was named treasurer in August.
Thayer had previously been vice president and managing director of corporate strategy and development since November 2004. He joined the company after working on mergers and acquisitions at Deutsche Bank Securities Inc. and SBC Warburg Dillon Read Inc., according to Constellation.
Also, Charles A. Berardesco, 50, was named Constellation's general counsel. He had been deputy general counsel and succeeds Irving B. Yoskowitz, who is retiring, the company said.
"Jack and Charlie are talented and experienced executives, who possess extensive knowledge of their disciplines, as well as a deep understanding of Constellation Energy's businesses, customers, stakeholders and culture," Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy, said in a news release. "I am confident in their ability and expertise to move the company forward and achieve our strategic objectives."
Constellation operates power plants, sells electricity to customers in Maryland and sells natural gas. Last month, MidAmerican, a unit of Warren Buffett's Berkshire Hathaway, agreed to buy Constellation for $4.7 billion, plus an immediate infusion of $1 billion.
Shares of Constellation fell 61 cents, or 2.5 percent, to $24.26 in morning trading. They have ranged from $13 to $107.97 in the past year, and are off nearly 76 percent since January.
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Constellation Energy Group Inc.: http://constellation.com