WASHINGTON — Pepco Holdings Chief Executive Officer Joseph Rigby will retire as a result of Pepco’s $6.8 billion merger with Exelon Corporation, approved by the D.C. Public Service Commission Wednesday, the last regulatory hurdle in the merger that was announced nearly two years ago.
Rigby will also relinquish his titles as chairman and president.
Pepco vice president and head of its power delivery business, David Velazquez has now assumed the role of president and CEO of Pepco Holdings. Chris Crane retains his current title as president and CEO of Exelon.
Pepco stock (NYSE: POM) will be suspended from trading on the New York Stock Exchange effective March 24. Pepco shareholders will receive $27.25 per share as a result of the merger.
Pepco stock rallied 27 percent in Wednesday trading, closing at $26.93 per share.
The merger creates the nation’s largest utility company with nearly 10 million customers, including two million Pepco customers. Pepco’s operations also include Atlantic City Electric and Delmarva Power.
Under terms of the merger, Atlantic City Electric, Delmarva Power and Pepco will operate as separate companies and retain their local headquarters in Mays Landing, New Jersey, Newark, Delaware, and the District.
