Exelon Corp Announces Executive Leadership Changes; New CFO Named

What Happened
Exelon Corporation filed an 8-K on August 25, 2026 announcing a series of executive leadership changes. Michael Innocenzo will depart his roles as Exelon EVP & COO, President & CEO of PECO, and ComEd Board Chair in 2027 (date TBD) and will help transition responsibilities until then. Effective October 5, 2026, Jeanne Jones will take on an expanded role as Executive Vice President of Finance and Strategy; Robert Kleczynski will become Executive Vice President and Chief Financial Officer (principal financial officer); and Caroline Fulginiti will become Vice President and Controller (principal accounting officer). Separately, Joshua Levin will move from ComEd CFO to Senior VP of Finance at Exelon on January 1, 2027, and Andrew Plenge will become ComEd’s Senior VP, Chief Financial Officer and Treasurer on the same date. Exelon also reaffirmed its 2026 Adjusted (non‑GAAP) operating earnings guidance of $2.81–$2.91 per share and its expectation that cumulative annualized Adjusted operating earnings growth from 2025–2029 will be near the top end of the 5–7% range.

Key Details

• Michael Innocenzo departure effective in 2027 (date to be determined); will remain in current roles until departure.
• Effective Oct 5, 2026: Robert Kleczynski becomes Exelon CFO; base salary $650,000; annual incentive target 90% of base; LTI target $1,765,000 (to be granted in 2027). LTI mix: 67% performance shares, 33% restricted stock units (RSUs).
• Effective Oct 5, 2026: Caroline Fulginiti becomes VP & Controller; base salary $325,000; annual incentive target 40% of base; LTI target $226,000 (to be granted in 2027).
• Effective Jan 1, 2027: Andrew Plenge becomes ComEd CFO; base salary $375,000; annual incentive target 50% of base; LTI target $372,000.
• Jeanne Jones will assume Finance & Strategy responsibilities (EVP Finance and Strategy) on Oct 5, 2026; no new compensatory arrangements announced for her.
• Exelon reaffirmed 2026 Adjusted operating earnings guidance of $2.81–$2.91 per share and its near‑top‑end 2025–2029 adjusted earnings growth expectation.

Why It Matters
These changes mark a planned senior management transition at Exelon, including a new principal financial officer and an expanded finance-and-strategy role for an existing senior executive. Investors should note the specific timing (Oct 5, 2026 and Jan 1, 2027) and the named compensation targets for the incoming finance officers, which indicate management’s alignment of pay with performance (annual incentives and performance‑based LTIs). The company’s reaffirmation of 2026 adjusted earnings guidance provides continuity on near‑term financial expectations amid the leadership changes.