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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Exelon Corporation    EXC

EXELON CORPORATION

(EXC)
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EXELON CORP : Change in Directors or Principal Officers (form 8-K)

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09/15/2020 | 10:37am EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 9, 2020, Kenneth Cornew, Senior Executive Vice President and Chief Commercial Officer, Exelon Corporation (Exelon), and President and Chief Executive Officer, Exelon Generation Company LLC (Generation), announced his intention to retire as of March 31, 2021. Mr. Cornew will continue to serve as Senior Executive Vice President until his retirement date. He will continue to receive his full level of compensation and benefits as previously disclosed in Exelon's 2020 proxy statement. The company has agreed to have its relocation vendor purchase at an appraised value the Baltimore residence purchased by Mr. Cornew in connection with his relocation to Baltimore as Chief Executive Officer of Constellation. The value of the benefit is expected to be approximately $250,000, based on a determination of the difference between the average of two appraisals to be received and the price Mr. Cornew paid for the home in 2012 plus qualified capital improvements as provided for under the executive relocation program's standard terms.

Upon separation from Exelon, Mr. Cornew shall receive standard benefits provided under Section 4 of Exelon's Senior Management Severance Plan, the terms of which have been previously disclosed.

(d) Exhibits.
Exhibit No.              Description
101                      Cover Page Interactive Data File - the cover page XBRL tags are embedded
                         within the Inline XBRL document.
104                      The cover page from this Current Report on Form 8-K, formatted as Inline
                         XBRL.





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© Edgar Online, source Glimpses


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