DALLAS, Feb. 26, 2003 — TXU announced the election of Michael W. Ranger as the newest member of its Board of Directors. Ranger replaces Charles R. Perry who has elected to retire from the board.
Ranger is managing director of Global Energy Partners, an affiliate of CSFB Private Equity, overseeing private equity investments in the energy and power industries. Ranger previously served as a managing director and head of the Global Energy and Power Group of Donaldson Lufkin & Jenrette. He is a graduate of St. Lawrence University where he serves as a trustee and vice chair of the Board of Trustees.
TXU Chairman of the Board and Chief Executive, Erle Nye, said, “We are very fortunate to have Mike Ranger join our board. His background in the energy industry will provide us with a wealth of knowledge that will serve us well. At the same time, we will greatly miss Charles Perry who served with great distinction for many years.”
Perry, who lives in Odessa, has been prominent in the oil and gas and other businesses in West Texas for many years and has served on the TXU and predecessor boards since 1978.
In other action by the board, Dan Farell, president of TXU Gas, was elected executive vice president and chief financial officer of TXU Corp. Farell, a Certified Public Accountant, has over 30 years of diverse experience in the energy industry. In 1994, he was appointed principal accounting officer for Texas Utilities Company and principal financial officer of its main subsidiary, TU Electric. He was made managing director of TXU Australia following the acquisition of that subsidiary in 1995. He returned to lead TXU’s electric and gas distribution unit in 1998 and assumed his most recent position as president of TXU Gas in 2002.
“Dan brings a wealth of finance, accounting and general management experience to this role,” said Nye. “He has provided capable and effective leadership to many important activities with the company, and his knowledge of the industry and our operations is a great advantage.”
Mike McNally was re-elected as executive vice president of TXU Corp. McNally will serve as group president of Corporate Services, which includes risk management, business development, human resources, information technology, procurement services, and other corporate functions.
Tom Baker, group president of TXU’s Energy Delivery business, was also elected executive vice president of TXU Corp. In addition to his current role as head of TXU’s North American electric and gas transmission and distribution business, Baker will be adding responsibility for TXU’s governmental and legislative affairs and communications functions. Baker is a career employee of the TXU system with broad experience in most areas of the company’s operations.
The responsibilities of the other TXU Corp. officers have not changed: Barbara B. Curry, executive vice president; Brian N. Dickie, executive vice president; Eric H. Peterson, executive vice president and general counsel; Kirk R. Oliver, treasurer and assistant secretary; Biggs C. Porter, controller; Peter B. Tinkham, secretary and assistant treasurer; and Diane J. Kubin, assistant secretary.
In other business, TXU reported that its board of directors today declared a regular quarterly dividend of 12.5 cents per share on the common stock of the company. The dividend will be paid on April 1, 2003 to shareholders of record as of March 7, 2003.
TXU is a major energy company with operations in North America and Australia. TXU’s energy business in North America is the largest power generator and electricity retailer in Texas with 19,000 megawatts of competitive generation and 2.7 million electric customers. TXU also has the largest electricity and natural gas utilities in Texas, delivering over 100 million megawatt hours of electricity and over 140 billion cubic feet of natural gas annually. TXU’s business in Australia includes both electricity and natural gas delivery and energy operations with 1,280 megawatts of generation and almost 1 million electricity and natural gas customers. TXU serves over five million electricity and natural gas customers in North America and Australia. Visit www.txucorp.com for more information about TXU.