Westar Leaders to Join Company Upon Transaction Close in Spring of
2017
KANSAS CITY, Mo.--(BUSINESS WIRE)--Dec. 8, 2016--
Great Plains Energy Incorporated (NYSE: GXP), the parent company of
Kansas City Power & Light Company (KCP&L), today announced the executive
officer team that will lead the combined company once Great Plains
Energy’s acquisition of Westar Energy, Inc. (NYSE: WR) is complete in
Spring 2017. Once approved by the Great Plains Energy Board of Directors
when the transaction closes, the new team will have 19 executive
officers with an average of more than two decades of utility experience.
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KCP&L and Westar combined executive officer team (Graphic: Business Wire)
“As KCP&L and Westar become one company, we are combining our strengths
and expertise to realize our shared vision for the future of energy in
the region,” said Terry Bassham, chairman and chief executive officer of
Great Plains Energy and KCP&L. “I’m excited that eight Westar leaders
will be in a position to join our team as we expand the geography we
serve. Together, we are forging a new path that offers customers more
savings and greater reliability, all from a local, trusted team.”
Senior leadership team members reporting directly to Bassham will
include:
-
Vice President and Chief People Officer Jerl Banning
-
Senior Vice President, Finance and Strategy and Chief Financial
Officer Kevin Bryant
-
Senior Vice President, Marketing and Public Affairs and Chief Customer
Officer Chuck Caisley
-
Vice President and Chief Compliance Officer Ellen Fairchild
-
Executive Vice President and Chief Operating Officer Scott Heidtbrink
-
Senior Vice President, General Counsel, Corporate Secretary and
Corporate Services Heather Humphrey
-
Vice President and Chief Information Officer Charles King
More than half of Westar’s current executive officer team are being
offered positions in the combined company and will serve in key
operations, customer experience and culture roles. The new positions of
Chief People Officer and Chief Customer Officer were created in
recognition of the importance people and culture play in building a high
performing company that provides an exceptional customer experience,
while delivering consistent and reliable customer service and
shareholder returns.
“People are the heart and soul of a successful company, and that starts
with its leaders,” said Bassham. “Westar and KCP&L’s strengths and
expertise are mirrored in this team, and our commitment to the
communities we serve.”
Westar’s presence in Kansas, like KCP&L’s in Missouri, is an integral
part of the communities it serves. While the corporate headquarters for
Great Plains Energy will remain in Kansas City, Missouri, leadership
team members will be located in Topeka and Wichita, as well as Kansas
City, and spend time in communities throughout the combined territory.
“We are focused on maintaining a strong Kansas presence and having
people in roles where they can help the communities we serve be
successful,” said Bassham.
As a combined company, leadership team members and employees serve on
more than 315 community, charitable and volunteer boards. In addition,
team members have donated more than 35,000 hours and more than $4
million to community and charitable organizations. Further, the combined
company invests more than a billion dollars in infrastructure annually
to improve reliability and in economic development programs to help
attract businesses and jobs to improve the communities it serves.
For more information and an organization chart, please visit www.kcpl.com/westaracquisition.
About Great Plains Energy:
Headquartered in Kansas City, Mo., Great Plains Energy
Incorporated (NYSE: GXP) is the holding company of Kansas City Power &
Light Company and KCP&L Greater Missouri Operations Company, two of the
leading regulated providers of electricity in the Midwest. Kansas City
Power & Light Company and KCP&L Greater Missouri Operations
Company use KCP&L as a brand name. More information about the companies
is available on the Internet at: www.greatplainsenergy.com or www.kcpl.com.
Forward-Looking Statements:
Statements made in this release that are not based on historical facts
are forward-looking, may involve risks and uncertainties, and are
intended to be as of the date when made. Forward-looking statements
include, but are not limited to, statements relating to Great Plains
Energy’s proposed acquisition of Westar Energy, Inc. (Westar), the
outcome of regulatory proceedings, cost estimates of capital projects,
and other matters affecting future operations. In connection with the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995, Great Plains Energy and KCP&L are providing a number of
important factors that could cause actual results to differ materially
from the provided forward-looking information. These important factors
include: future economic conditions in regional, national and
international markets and their effects on sales, prices and costs;
prices and availability of electricity in regional and national
wholesale markets; market perception of the energy industry, Great
Plains Energy and KCP&L changes in business strategy, operations or
development plans; the outcome of contract negotiations for goods and
services; effects of current or proposed state and federal legislative
and regulatory actions or developments, including, but not limited to,
deregulation, re-regulation and restructuring of the electric utility
industry; decisions of regulators regarding rates the Companies can
charge for electricity; adverse changes in applicable laws, regulations,
rules, principles or practices governing tax, accounting and
environmental matters including, but not limited to, air and water
quality; financial market conditions and performance including, but not
limited to, changes in interest rates and credit spreads and in
availability and cost of capital and the effects on derivatives and
hedges, nuclear decommissioning trust and pension plan assets and costs;
impairments of long-lived assets or goodwill; credit ratings; inflation
rates; effectiveness of risk management policies and procedures and the
ability of counterparties to satisfy their contractual commitments;
impact of terrorist acts, including, but not limited to, cyber
terrorism; ability to carry out marketing and sales plans; weather
conditions including, but not limited to, weather-related damage and
their effects on sales, prices and costs; cost, availability, quality
and deliverability of fuel; the inherent uncertainties in estimating the
effects of weather, economic conditions and other factors on customer
consumption and financial results; ability to achieve generation goals
and the occurrence and duration of planned and unplanned generation
outages; delays in the anticipated in-service dates and cost increases
of generation, transmission, distribution or other projects; Great
Plains Energy's ability to successfully manage its transmission joint
venture or to integrate the transmission joint ventures of Westar; the
inherent risks associated with the ownership and operation of a nuclear
facility including, but not limited to, environmental, health, safety,
regulatory and financial risks; workforce risks, including, but not
limited to, increased costs of retirement, health care and other
benefits; the ability of Great Plains Energy to obtain the regulatory
approvals necessary to complete the anticipated acquisition of Westar;
the risk that a condition to the closing of the anticipated acquisition
of Westar or the committed debt or equity financing may not be satisfied
or that the anticipated acquisition may fail to close; the failure to
obtain, or to obtain on favorable terms, any financings necessary to
complete or permanently finance the anticipated acquisition of Westar
and the costs of such financing; the outcome of any legal proceedings,
regulatory proceedings or enforcement matters that may be instituted
relating to the anticipated acquisition of Westar; the costs incurred to
consummate the anticipated acquisition of Westar; the possibility that
the expected value creation from the anticipated acquisition of Westar
will not be realized, or will not be realized within the expected time
period; the credit ratings of Great Plains Energy following the
anticipated acquisition of Westar; disruption from the anticipated
acquisition of Westar making it more difficult to maintain relationships
with customers, employees, regulators or suppliers; the diversion of
management time and attention on the proposed transactions; and other
risks and uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161208005623/en/
Source: Great Plains Energy Incorporated
Great Plains Energy Incorporated
Investors
Calvin
Girard, 816-654-1777
Senior Manager, Investor Relations
calvin.girard@kcpl.com
or
Media
Katie
McDonald, 816-447-2118
Senior Director, Corporate Communications
katie.mcdonald@kcpl.com
or
Great
Plains Energy Media line: 816-392-9455
