Duke also announced today that its Board of Directors, along with Senior Management, is actively involved in succession planning for the leadership of the Company. Tom Hefner will relinquish his role as Chief Executive Officer by April 30, 2004. He will then retire as Chairman of the Board of Directors by April 30, 2005. Consistent with Tom's transition, the following organizational changes are effective immediately:
-- Gary Burk will become a Vice Chairman of the Board of Directors and will retain his position as Executive VicePresident and President of Duke Construction.
-- Gene Zink will also become a Vice Chairman of the Board of Directors and will retain his position as Executive Vice President and Chief Financial Officer.
-- Denny Oklak will become President and Chief Operating Officer and will continue his duties overseeing the income side of the Company's business.
-- Howard Feinsand is resigning his position on the Board of Directors to allow Gary to join the Board and not increase the number of Affiliated Directors. Howard will continue in his role as Executive Vice President and General Counsel.
Commenting on this transition plan, Bill Cavanaugh, Chairman of the Company's Governance Committee and its Lead Director, said:
"Duke has long been at the forefront of good Corporate Governance. This transition plan is the result of thoughtful discussions among Senior Management and the Board of Directors. Tom, Gene and Gary have all been with Duke for nearly 25 years. This evolving transition plan will insure that the Duke Management Team continues to be one of the strongest in the industry for the next 25 years and beyond."
