William Von Hoene, a 19-year veteran of Exelon and the company's leading strategist over the past decade, is leaving at the end of this month.
Von Hoene, 67, senior executive vice president and chief strategy officer, has been battling health issues for much of the past year. Last summer, he arranged with the company to retire at the end of 2022, but both parties left the timetable open.
Von Hoene came to Exelon in 2002 after two decades as a litigator at Jenner & Block. He quickly became a key lieutenant of former CEO John Rowe. When Crane succeeded Rowe in 2012, Von Hoene rose even higher. He’s been either the company’s second or third highest paid executive for years.
Von Hoene’s tenure hasn’t been without controversy. ComEd’s admissions with federal prosecutors last summer of engaging in a nearly decade-long bribery scheme to win the favor of then-House Speaker Michael Madigan and secure passage of two lucrative laws in Springfield didn’t directly implicate Von Hoene. But his political strategy was at the center of the utility’s successful lobbying.
After winning state subsidies worth $235 million annually to keep open two nuclear plants, Von Hoene told now-indicted outside lobbyist Michael McClain at a December 2016 party that "you saved us more than hundreds of millions.”
Likewise, Von Hoene was key to securing subsidies for at-risk Exelon nukes in New York State and New Jersey.
“Bill’s unparalleled legal mind, outstanding strategic capabilities and keen emotional intelligence have been integral to the success of Exelon, and the impact of his work cannot be overstated,” CEO Chris Crane said in a release. “He expertly guided us through two successful mergers, led efforts to support the passage of policy decisions that preserved thousands of jobs and protected the environment, and dramatically advanced diversity, equity and inclusion efforts at the company through his leadership and innovation.”
Under Exelon’s senior management severance plan, Von Hoene is entitled to slightly more than $1 million in cash, and his unvested stock awards will all vest, according to a Securities & Exchange Commission filing from last year. As of 2019, those totaled $9 million, but they will be more now. Exelon hasn’t yet filed its 2020 proxy statement, which contains that information.
Von Hoene’s early departure comes just after Exelon took the dramatic step of announcing a planned break-up. It plans to spin off its power plants and retail power and natural gas supplier into a separate company from its regulated utilities such as Commonwealth Edison.
Von Hoene's position technically is being eliminated due to the bust-up of the company, a spokesman said. "This allows him to depart now and focus on his health," the spokesman said in an email.
The management and boards of both units have yet to be announced.
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