Pavo, Hughes and Duckworth remain with the company, while Kirkpatrick left on his own, Constellation said.
The company faced a dilemma in this case because no real-time record existed to prove the intent behind the company's financial transactions was "entirely lawful," Shattuck said.
"Absent this record, hedging activity was subject to misinterpretation by regulators and, in our view, that's exactly what happened," he said. "To mitigate future risk, we've agreed under the settlement to strengthen record keeping, improve compliance training and submit compliance monitoring reports to FERC."
Shattuck said settling the four-year dispute with FERC allows Constellation to move forward with the new company.
On Monday, Exelon's new senior executives met with employees in Baltimore and Chicago, where the new company will be headquartered. They included Exelon CEO Christopher M. Crane; senior executive vice president William A. Von Hoene Jr., and Kenneth W. Cornew, president and chief executive of Exelon's retail business, which will retain the Constellation brand.
Shattuck becomes Exelon's executive chairman and will split his time between the two cities.
The nearly yearlong effort to consummate the merger paid off for Shattuck, who has led Constellation since 2001 and had tried unsuccessfully to sell the company twice in recent years.
In September 2008, a credit crunch amid the financial crisis pushed Constellation to the brink of bankruptcy. The company's commodities trading operation, which required a lot of cash collateral, was the source of its credit woes.
The FERC market manipulation allegations are different from the liquidity issues that the company faced in 2008.
Exelon will retain a large footprint in Baltimore, where it has pledged to build a new headquarters in Harbor Point.
While involuntary layoffs will be avoided at Baltimore Gas and Electric Co. for at least two years under the deal, some 630 positions are expected to be eliminated across both companies. Job reductions would be felt most in Baltimore.
Exelon now operates two other regulated utilities in addition to BGE, one in Chicago and one in Philadelphia. As part of the merger agreement, residential customers of BGE can expect to see a one-time, $100 credit within 90 days, or around mid-June.
The two companies are combining operations immediately; integration efforts have been under way since last year.
"Today, we come together as one company. We have the best talent in the energy business, and we share a commitment to excellence," Crane said. "We are a diverse team reflecting the strengths of both Exelon and Constellation, and together we will continue to deliver world-class performance."