Dynegy Inc. (ticker: DYN, exchange: New York Stock Exchange (.N))
News Release -
Dynegy Announces Chairman and Lead Director Appointments
HOUSTON--(BUSINESS WIRE)--March 24, 2004--Dynegy Inc. (NYSE:DYN)
-- President, Chief Executive Officer and Dynegy Director Bruce
A. Williamson to be elected Chairman of the Board;
Non-executive Chairman Daniel L. Dienstbier to retire in May
-- Board member Patricia A. Hammick to be named Lead Director
Dynegy Inc. (NYSE:DYN) today announced that its Board of Directors
has decided to elect President, Chief Executive Officer and Director
Bruce A. Williamson as Chairman of the Board. Mr. Williamson will
replace Dynegy's non-executive Chairman of the Board, Daniel L.
Dienstbier, who has announced his retirement and will not seek
re-election at the Annual Meeting of Shareholders on May 20.
Consistent with Dynegy's pursuit of best practices in corporate
governance and its commitment to ensure that the Board operates
independently of management, the Board of Directors has also decided
to name Dynegy Director Patricia A. Hammick as Lead Director,
concurrent with Mr. Williamson's election to the Chairman position.
The Board intends to name Mr. Williamson and Ms. Hammick to these
positions following the annual meeting, should the company's
shareholders re-elect them to serve as Directors for another year.
Mr. Williamson, 44, has served as President and Chief Executive
Officer and as a Director of Dynegy since October 2002. In the broader
role of Chairman, Mr. Williamson will provide leadership to the Board
and its committees.
"The Board's unanimous decision to elect Bruce to this important
position reflects our confidence in his abilities and the strength of
our corporate governance structure," Mr. Dienstbier said. "Under
Bruce's leadership, Dynegy has made outstanding progress in our
self-restructuring plan, established a track record of delivering
results, improved its capital structure and restored confidence and
credibility with investors and the public. He will bring to the
Chairman role the highest level of integrity, proven leadership
capabilities and a strong commitment to create value for our
Ms. Hammick, 57, was elected to the Board in April 2003. She has
more than 25 years of energy industry experience, including management
positions with Gulf Oil Exploration and Production, the National Gas
Supply Association and Columbia Energy Group. In the new role of Lead
Director, Ms. Hammick will preside over the regular executive sessions
of Dynegy's independent Directors. She will also provide advice and
counsel to the Chairman, work with the Chairman in developing Board
meeting agendas and act as a liaison between the Board and the
"Pat is a strong leader, a valuable asset to the Board and an
instrumental contributor in the areas of compliance and corporate
governance. Her extensive industry background also makes her the right
choice for this role," Mr. Dienstbier said. "The Board will benefit
from Pat's continued guidance and leadership."
Mr. Dienstbier, 63, has served as non-executive Chairman of the
Board since October 2002 and as a Dynegy Director since 1995. He also
served as interim Chief Executive Officer of Dynegy from May 2002
until Mr. Williamson's election in October 2002, directing the initial
phase of Dynegy's self-restructuring plan. Mr. Dienstbier has planned
his retirement since last year to provide for a less rigorous schedule
and more time to devote to his family and a variety of interests.
"Dan provided invaluable counsel to our Board and the management
team throughout the years and helped guide our company through some
challenging times," Mr. Williamson said. "Dan served the company with
the highest standards of ethics and professionalism, and Dynegy is
fortunate to have benefited from his experience and expertise for
nearly a decade."
Dynegy Inc. provides electricity, natural gas, and natural gas
liquids to customers throughout the United States. Through its energy
businesses, the company owns and operates a diverse portfolio of
assets, including power plants totaling more than 12,700 megawatts of
net generating capacity, gas processing plants that process
approximately two billion cubic feet of natural gas per day and nearly
38,000 miles of electric transmission and distribution lines.
Certain statements included in this news release are intended as
"forward-looking statements." These statements include assumptions,
expectations, predictions, intentions or beliefs about future events,
particularly the election of Mr. Williamson as Chairman of the Board
and the appointment of Ms. Hammick as Lead Director. Dynegy cautions
that actual future results may vary materially from those expressed or
implied in any forward-looking statements. One key factor that could
cause actual results to vary materially from those expressed or
implied is the shareholders' election of the current nominees to
Dynegy's Board of Directors at the annual meeting. More information
about the risks and uncertainties relating to these forward-looking
statements are found in Dynegy's SEC filings, including its Annual
Report on Form 10-K for the year ended Dec. 31, 2003, which are
available free of charge on the SEC's web site at http://www.sec.gov.
CONTACT: Dynegy Inc., Houston
John Sousa or David Byford, 713-767-5800
Katie Pipkin or Hillarie Bloxom, 713-507-6466
SOURCE: Dynegy Inc.