Constellation Energy has replaced its chief financial officer and named a new general counsel as the company looks to complete its merger with MidAmerican Energy Holdings Co.
Jonathan Thayer, 37, will take over as chief financial officer, replacing John Collins, the company said Tuesday. Collins will move into an advisory role to assist with the merger and other issues, and will remain as chairman of natural gas and oil company Constellation Energy Partners. Thayer was appointed treasurer in August and was previously vice president and managing director of corporate strategy and development.
Constellation also said it had promoted Charles Berardesco to general counsel to replace Irving Yoskowitz, who is retiring.
“Jack and Charlie are talented and experienced executives, who possess extensive knowledge of their disciplines, as well as a deep understanding of Constellation Energy’s businesses,” Mayo Shattuck, Constellation chairman, president and chief executive officer, said in a statement. “I am confident in their ability and expertise to move the company forward and achieve our strategic objectives.”
Berardesco has served as vice president and deputy general counsel since September 2006, overseeing Constellation’s Securities and Exchange Commission reporting, legal compliance and ethics programs, and coordinating activities of the company’s board of directors.
Yoskowitz came out of a previous retirement three years ago just before Constellation’s aborted merger with Florida Power and Light, company spokesman Rob Gould said.
Collins is in line for $1.1 million in performance bonuses if the merger is completed and could receive more than $3 million if terminated under certain conditions, according to regulatory documents filed last week.
The executive change comes as Constellation looks to close its $4.7 billion, $26.50-a-share merger with Warren Buffett’s MidAmerican.
“I’m guessing it’s not a huge shock given some of the questions about how the market has caught up with Constellation, their financial position,” said Paul Justice, an analyst covering Constellation for Chicago-based investment research firm Morningstar.
“If it was Shattuck stepping down, we’d be having a very different conversation,” he said.
Constellation shares closed down 7 cents Tuesday to $24.83.
