Friday, November 21, 2008 - 2:40 PM EST
Baltimore’s Constellation Energy Group continued Friday a month-long restructuring of its top management.
The energy giant tapped Reese Feuerman, vice president, controller and chief accounting officer, to serve as vice president, chief accounting officer and treasurer of the company. In his new role as treasurer, Feuerman will manage the financial planning and analysis for Constellation Energy.
Bryan Wright, vice president and controller of Constellation Energy Resources, a subsidiary of Constellation, has been named vice president and controller of the parent company.
Kevin Hadlock was named senior vice president and chief financial officer of Baltimore Gas and Electric Co., a subsidiary of Constellation. Hadlock had served as vice president of investor relations and financial planning and analysis for Constellation Energy. Hadlock's position as CFO for BGE is a newly created post.
And Christopher Budzynski was named vice president and treasurer of BGE — a new position within the company. Budzynski was the assistant treasurer of capital markets at Constellation Energy.
The moves are the latest management changes at Constellation in the wake of its agreement Sept. 18 to be acquired by Iowa-based MidAmerican Energy Holdings Co., a subsidiary of billionaire Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B), in a $4.7 billion deal.
Baltimore’s two highest-paid executives lost their jobs at Constellation on Nov. 11.
Thomas V. Brooks, president of Constellation Energy Resources and executive vice president of parent Constellation Energy Group, resigned effective immediately, as did George E. Persky, senior vice president of Constellation Energy (NYSE: CEG) and chief commercial officer for Constellation Energy Resources.
The company named Kathleen W. Hyle chief operating officer.
Brooks ran the Constellation business unit that handles its retail, wholesale and commodities business. It has come under fire since August, when it revealed an accounting error that underestimated the collateral needed to cover its merchant energy contracts in the event of a credit downgrade.
Brooks, the region’s top breadwinner, earned $7.6 million in 2007 in total compensation. Persky earned $6.8 million the same year.
Constellation said Oct. 21 that John R. Collins, chief financial officer for Constellation since May 2007, would step down and continue to serve in an advisory role during the proposed merger. Jonathan Thayer, 37, previously vice president and managing director of corporate strategy and development for Constellation, was tapped to replace Collins.
Irving Yoskowitz, who joined Constellation in 2005 as general counsel, also retired Oct. 21.
The proposed union between Constellation and MidAmerican could take nearly a year to close and would need the approval of federal and state regulators and company shareholders.
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