CHICAGO. Feb. 22, 2002 (PRNewswire) Richard E. Terry, Peoples Energy chairman and chief executive officer, today announced his intention to retire effective August 1, 2002, consistent with the company's policy requiring officers to retire upon attaining the age of 65. The company's board of directors also announced its intention that Thomas M. Patrick, currently president and chief operating officer, assume the positions of chairman and CEO upon Terry's retirement. Patrick will also continue to hold the position of president.
"Tom Patrick clearly has the knowledge and experience to take leadership of our company", said Terry. "With Tom and our senior management team, Peoples Energy is well positioned for the future."
"It is an honor and a challenge to be chosen as Dick Terry's successor," commented Patrick. "Dick is recognized throughout the energy industry as one of its most knowledgeable and thoughtful leaders. His leadership has played a central role in the success of Peoples Energy over the past decade."
Terry's retirement will cap a 30-year career with Peoples Energy, including more than 11 years as chairman and CEO. After eight years in the private practice of law, Terry joined the company's legal department in 1972. He was appointed assistant general counsel in 1979 and elected vice president and general counsel in 1981. After serving three years as executive vice president from 1984-1987, Terry was elected president and chief operating officer in 1987. He was elected chairman and chief executive officer in December 1990. Terry has been a director of the Company since 1984.
Patrick, 26-year veteran of Peoples Energy, began his career in 1976 as a member of the company's legal department. He was appointed assistant general counsel in 1984 and elected assistant vice president and deputy general counsel in 1989. During the years 1991 to 1998, Patrick served first as vice president of the company's utility subsidiaries and then executive vice president of the company and its subsidiaries, with responsibilities for regulatory affairs, gas supply, and various diversified activities. He was elected president and chief operating officer in 1998. Patrick has been a director of the Company since 1998.
Peoples Energy is a diversified energy company comprised of five primary business segments: Gas Distribution, Power Generation, Midstream Services, Retail Energy Services, and Oil ad Gas Production. The Gas Distribution business serves about 1 million retail customers in Chicago and northeastern Illinois.