Days after Louisianaregulators approved the purchase of ClecoCorp. by a -ledinvestor group, Cleco and its ClecoPower LLC subsidiary announced several management changes that willtake effect on or about the completion of the $4.7 billion transaction, according to a Form 8-K filed April1.
Cleco PowerPresident Darren Olagues willreplace Bruce Williamson as CEO and president of Cleco Corp. Williamson will alsoleave the CEO position at Cleco Power and will no longer serve on Cleco's board.
In connection with the move, Williamson on March 29 entered into an agreement to reduce by $1.5 million any cash benefit payableto him under a certain executiveemployment agreement.
The followingexecutives will also terminate their employment with Cleco: Thomas Miller as seniorvice president, CFO and treasurer; Wade Hoefling as senior vice president, generalcounsel and director of regulatory compliance; and Judy Miller as senior vice presidentof corporate services and information technology. The executives agreed toreduce any change in control severance payable to themby $500,000 upon completionof the merger.
Meanwhile, Terry Taylor will become interim CFO of the companyand will retain her role as controller and chief accounting officer. Anthony Bunting — currently vice president of transmissionand distributionoperationsof Cleco Power — will be appointed senior vice president of corporate services and information technology.
Julia Callis — currentlyassociate general counsel and corporate secretary — will become senior vice president, general counsel and chief compliance officer. Keith Crump — currentlysenior vice president of commercial operations of Cleco Power— will become senior vice president and chief commercial officer. William Fontenot — currentlysenior vice president of utility operations of Cleco Power — will becomesenior vice president and COO of thecompany.