Q2 revenue rose 10% to $5.97 billion; Exelon CFO Jeanne Jones adds a strategy mandate Oct. 5 while Robert Kleczynski takes over as finance chief.
Exelon (EXC) said Jeanne Jones, its CFO since 2022, will take a newly created role that puts finance and strategy under one title, effective Oct. 5. Jones, a nearly 20-year veteran of the company, becomes executive vice president of finance and strategy. Robert Kleczynski, currently senior vice president, controller and head of tax, will succeed her as finance chief and report to Jones.
Jones will continue to report to CEO Calvin Butler. The structure is designed to strengthen alignment between long-term strategy and capital allocation, according to a company spokesperson.
Butler credited Jones's leadership with Exelon's financial performance.
In the new role, she will work "across the business and the energy sector to identify opportunities to deliver value for our customers and shareholders," Butler said.
Andy West, a senior partner at McKinsey and global co-leader of the firm's Strategy and Corporate Finance practice, told Fortune that finance chiefs are increasingly expected to help determine where the company places its biggest long-term bets alongside the CEO. The job now goes beyond capital allocation and investor communication, West said.
Electricity demand is growing and grids need modernization. Network spending in a regulated model is paid through customer rates, so the capital plan shows up directly in customer bills. Exelon has to determine where and how aggressively to invest in its networks as demand rises, weighing what customers will pay against what the grid needs.
Jones will keep overseeing the company's financial activities while helping lead integrated strategy focused on trends affecting its six operating utilities and the broader energy industry, the spokesperson said.
Chicago-based Exelon, No. 189 on the Fortune 500, serves 11 million customers through six regulated transmission and distribution utilities. The company spun off its power generation business, Constellation Energy, in 2022 and has focused solely on regulated utility operations since. It owns no power plants; it manages the infrastructure that delivers electricity and gas to end users.
Exelon's spending decisions now sit almost entirely on the network side, where costs flow into customer bills. Jones's brief covers how much to spend on the networks and where. What customers will pay sits at the center of that decision.
Jones has held finance roles across utility operations and the company's former generation business. She served as CFO of ComEd, one of the nation's largest electric utilities, then as Exelon's CFO, guiding the company through a period of consistent operational and financial performance after the separation. Her experience spans the energy value chain, from generation to delivery.
Exelon reported second-quarter earnings on July 30. Revenue totaled $5.97 billion, beating estimates, up 10% from $5.43 billion a year earlier. Adjusted operating earnings rose 10.3% to 43 cents a share from 39 cents.
The stock carries an Alpha Score of 45 out of 100, labeled Mixed, on its stock page.
Jones told Fortune last year that she favors staying open to new experiences over chasing a specific end goal. "Keep going for the next thing that's going to develop you," she said.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.