June 12, 2001
FPL Group elects Lew Hay as President and CEO; Jim Broadhead
to remain chairman through end of year
JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) today announced
that Lewis Hay III has been elected president, chief executive officer
and a director of the $7 billion electricity-related services company.
He succeeds James L. Broadhead, who will remain as chairman through
the end of the year.
Since March 2000, Mr. Hay had been serving as president of FPL Energy,
the company's independent power production company and its fastest
growing business. He joined FPL Group in August 1999 as chief financial
officer.
"Lew Hay has a strong and consistent record of accomplishment,
and over the past two years has demonstrated the leadership and drive
necessary to take our company into the future," said Mr. Broadhead. "He
is fortunate to be supported by exceptional employees who, time and
again, have shown their willingness and ability to improve continually.
I am very confident about the future of FPL Group."
Reporting to Mr. Hay will be Paul Evanson, president of Florida
Power & Light Company, FPL Group's principal subsidiary; Tony
Rodriguez, senior vice president of fossil-fired power generation;
and Art Stall, senior vice president of nuclear operations. Mr. Hay
will continue to serve as president of FPL Energy until a replacement
is named.
Profile of Mr. Hay's Career
Before joining FPL Group, Mr. Hay served as CFO of U.S. Foodservice,
then a $6 billion broad-line food service distribution company. He
was instrumental in significantly enhancing the performance of that
company after it had spun off from Sara Lee in a leveraged buyout
in 1989. Mr. Hay helped build the company through internal growth,
improved operational performance and more than 20 acquisitions, and
he led the process to take the company public in 1994.
Prior to joining U.S. Foodservice, Mr. Hay was a partner and senior
vice president in Mercer Management Consulting, where he led the
firm's strategic practice.
Mr. Hay holds a Bachelor of Science degree in electrical engineering
from Lehigh University and a master's degree in business administration
from Carnegie Mellon University. He is a member of the board of directors
of Utilities, Inc., a Chicago-based water utility holding company.
Profile of Mr. Broadhead's Career
Mr. Broadhead was named CEO of FPL Group in 1989. Since taking the
helm, he has successfully focused the company's efforts on strengthening
its core business, Florida Power & Light, and expanding its energy-related
operations outside of Florida through FPL Energy.
In addition to divesting non-core businesses such as insurance,
citrus production and real estate, Mr. Broadhead emphasized lower
costs, improved quality and customer focus, and increased speed and
flexibility throughout the company's operations. As a result, FPL
has reduced real unit operating costs by 55 percent since 1990. The
performance of its nuclear and fossil power plants now rank among
the top 10 percent in the country, and its service reliability is
ranked in the top 20 percent.
Since 1990, FPL Group revenues have grown from $5 billion to more
than $7 billion, even as non-core businesses were divested. Both
customers and shareholders have benefited from the streamlined operations
and improved performance. Today, FPL customers enjoy base rates for
electricity that are nearly 10 percent lower than in 1989, and FPL
Group shareholders have realized total shareholder returns that are
24 percent better than the industry average over that same period.
Prior to joining FPL Group, Mr. Broadhead was president of GTE Telephone
Operations and a member of GTE's board of directors. Before his association
with GTE, Mr. Broadhead was president of St. Joe Minerals Corporation.
He is a director of Delta Air Lines, Inc., the Pittston Company,
and New York Life Insurance Company, and a Trustee Emeritus of Cornell
University. He also is past president of the Foundation for the Malcolm
Baldrige National Quality Award.
Company Profile
FPL Group, with annual revenues of more than $7 billion, is one
of the nation's largest providers of electricity-related services.
Its principal subsidiary, Florida Power & Light Company, serves
approximately 3.9 million customer accounts in Florida. FPL Energy,
LLC, FPL Group's U.S. energy-generating subsidiary, is a leader in
producing electricity from clean and renewable fuels. Additional
information is available on the Internet at
www.fplgroup.com,
www.fpl.com and
|
