Scott Announces Retirement; Mulhern to be Successor as CFO of Progress Energy

RALEIGH, N.C., June 26  /PRNewswire-FirstCall/ -- Progress Energy (NYSE: PGN) Chief Financial Officer Peter Scott has announced that he will retire in the latter part of the third quarter this year.

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Upon Scott's retirement, he will be replaced by Mark Mulhern, currently senior vice president for finance.

Scott was executive vice president and chief financial officer from 2000 to 2003. He was named president of the Progress Energy Service Company in 2004, and reassumed the role of CFO, in addition to his duties as the Service Company chief executive, in 2005.

Before coming to then-Carolina Power & Light in 2000, Scott was the founding president of Scott, Madden & Associates Inc., a general management consulting firm. He also had served as a principal and partner in Theodore Barry & Associates, a Los Angeles-based consulting firm, and had been employed by CP&L earlier in his career.

"Peter has provided outstanding strategic and financial direction for our company through an exciting and challenging period, and we thank him for his dedicated service and leadership," said Chairman, CEO and President Bill Johnson.

"We are very fortunate to have a superb successor in Mark Mulhern," Scott said. "Mark has worked in every financial management function in our company, and he has successfully led both the operation and divestiture of our Progress Ventures business unit. The future holds many opportunities and challenges, and strong financial leadership is absolutely critical to our success. Mark understands our industry and our company, and his qualifications and experience make him the right person for the job."

Mulhern joined Progress Energy predecessor CP&L in 1996 as vice president and controller. He served as vice president and treasurer from 1997 through 2000, and as vice president for strategic planning from 2000 to 2003. He served as a senior executive in the company's unregulated energy businesses from 2003 till those businesses were sold. In 2007, he was promoted to senior vice president.

Before joining CP&L, Mulhern was the chief financial officer at Hydra Co. Enterprises, the independent power subsidiary of Niagara Mohawk. He also spent eight years at Price Waterhouse in Syracuse, serving a variety of manufacturing and service businesses.

Mulhern is a 1982 graduate of St. Bonaventure University. He is a certified public accountant, a certified management accountant, and a certified internal auditor, and he has completed the nuclear executive program at the Massachusetts Institute of Technology.

Progress Energy, headquartered in Raleigh, N.C., is a Fortune 250 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. The company, which will celebrate a century of service in 2008, includes two major utilities that serve 3.1 million customers in the Carolinas and Florida. Progress Energy is the 2006 recipient of the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence. The company also is the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. Progress Energy serves two growing areas of the country, and the company is pursuing a balanced approach to meeting the future energy needs of the region. That balance includes increased energy efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com/ . 

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DATASOURCE: Progress Energy



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Web site:  http://www.progress-energy.com/ 

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