PECO Announces Leadership Transition: David Velazquez to Retire, David Vahos Named New President and CEO
PECO, an Exelon company (Nasdaq: EXC) and one of the leading energy providers in the greater Philadelphia region, today announced a significant leadership change as its President and CEO, David Velazquez, prepares to retire after a distinguished career spanning over 40 years in the energy industry. Velazquez, who has been an integral part of Exelon’s family of companies, has contributed immensely to the growth, operational excellence, and community engagement of PECO. His retirement, effective July 1, marks the end of an era for the utility, but the company is poised to continue its progress under the new leadership of David Vahos, an experienced Exelon executive who will assume the role of President and CEO on June 1.
David Velazquez: A Legacy of Leadership and Community Commitment
David Velazquez’s journey with Exelon and the energy sector began more than four decades ago. A native of Pennsylvania, Velazquez’s deep roots in the state have shaped his leadership approach, characterized by a commitment to local communities, operational excellence, and customer service. Named PECO’s president and CEO in February 2024, Velazquez quickly became a familiar and trusted figure in the company’s service territory, building strong relationships with local businesses, government officials, and community organizations.
Throughout his tenure, Velazquez championed initiatives that not only enhanced the reliability and safety of PECO’s energy services but also advanced the company’s goals for innovation and sustainability. Under his leadership, PECO intensified its efforts in transitioning to cleaner energy sources, improving infrastructure resilience, and expanding customer engagement programs. Velazquez’s vision was always customer-centric, focused on providing safe, reliable, and affordable energy while fostering economic growth and environmental stewardship.
Mike Innocenzo, Exelon’s executive vice president and chief operating officer, praised Velazquez’s impact, stating, “David Velazquez has been an extraordinary leader for over four decades. He is also a dear friend. His dedication and vision have been instrumental in shaping the broader energy landscape, bringing a focus on operational excellence and innovation, as well as the importance of being connected to the communities we serve.” Innocenzo emphasized that Velazquez’s leadership legacy will continue to influence PECO and the larger Exelon family of companies for years to come.
The Next Chapter: Welcoming David Vahos as PECO’s New Leader
Stepping into the role of PECO’s president and CEO is David Vahos, a seasoned executive with a proven track record in financial and operational leadership within the energy sector. Vahos will officially begin his tenure on June 1 and will also join Exelon’s Executive Committee, signaling the company’s confidence in his strategic vision and leadership capabilities.
Vahos brings more than 30 years of experience to the position, with a strong background in financial management, regulatory strategy, and operational oversight. He graduated from Villanova University with a bachelor’s degree in accountancy and holds a master’s degree in business administration from Johns Hopkins University.
Most recently, Vahos served as senior vice president, chief financial officer, and treasurer of Pepco Holdings, another Exelon subsidiary. In this role, he was responsible for managing financial operations and regulatory strategies across multiple utilities, including Atlantic City Electric, Delmarva Power, and Pepco, which serves the District of Columbia and Maryland suburbs. His experience in these diverse service areas has equipped him with a comprehensive understanding of the challenges and opportunities utilities face in today’s rapidly evolving energy landscape.
Prior to his role at Pepco Holdings, Vahos held the position of chief financial officer and treasurer at Baltimore Gas and Electric (BGE), another sister company within the Exelon portfolio. His expertise in navigating regulatory environments and leading major operational initiatives has been instrumental in supporting the company’s growth and sustainability goals.
A Vision for PECO’s Future: Commitment to Customers and Community
In his first public statement as PECO’s incoming president and CEO, Vahos expressed his enthusiasm for joining the Philadelphia community and his commitment to the company’s mission. “I am deeply honored to succeed David Velazquez, who has made a lasting impact not only at PECO but across the entire Exelon family of companies,” Vahos said. “I look forward to returning to the Philadelphia area, where I spent some formative years, and working closely with the more than 3,000 PECO employees to continue delivering the safe, reliable, and efficient service our customers expect — while also advancing our work to strengthen community partnerships, and lead the transition to a cleaner energy future.”
Vahos’s leadership style is characterized by a strong focus on operational efficiency, customer service, and community engagement. He recognizes the importance of building strong partnerships with local governments, businesses, and nonprofit organizations to address the complex challenges of modern energy delivery. His vision aligns with PECO’s strategic priorities of maintaining grid reliability, enhancing customer experience, and accelerating the adoption of sustainable energy solutions.
Beyond the Office: Civic Engagement and Community Leadership
In addition to his professional accomplishments, David Vahos is actively involved in civic and nonprofit organizations that promote economic development, education, and workforce readiness. While based in Maryland, he served on the boards of the YMCA and the University System of Maryland Foundation, contributing his expertise to advance educational opportunities and community programs.
Moreover, Vahos is a founding board member of the Association of Latino Professionals for America (ALPFA) Baltimore Chapter, reflecting his commitment to diversity, equity, and inclusion. His involvement in these organizations highlights his dedication to creating opportunities for underrepresented communities and fostering a more inclusive workforce.
PECO’s Strategic Priorities and Industry Challenges
As PECO enters a new chapter under Vahos’s leadership, the company faces a dynamic energy landscape marked by evolving regulatory requirements, technological advancements, and changing customer expectations. The utility remains focused on several key priorities:
- Reliability and Resilience: Ensuring the electric and natural gas systems remain safe and reliable in the face of increasing weather-related events and infrastructure challenges.
- Clean Energy Transition: Expanding renewable energy integration, supporting energy efficiency programs, and reducing greenhouse gas emissions in alignment with regional and state climate goals.
- Customer Experience: Enhancing digital tools, billing options, and outreach programs to better serve diverse customer needs and promote energy literacy.
- Community Partnerships: Strengthening collaborations with local stakeholders to support economic development, workforce training, and equitable access to energy resources.
David Vahos’s extensive experience and community-focused leadership style position him well to guide PECO through these challenges. His financial acumen and operational expertise will be critical as the company navigates investments in grid modernization and emerging technologies like energy storage, electric vehicle infrastructure, and distributed energy resources.
A Fond Farewell and a Warm Welcome
As PECO prepares to bid farewell to a respected leader and welcome a new one, the company reiterates its commitment to the communities it serves and the employees who make its success possible. David Velazquez’s retirement marks the conclusion of a remarkable career dedicated to advancing the energy industry and improving the lives of countless customers.
At the same time, the arrival of David Vahos signals a renewed commitment to innovation, sustainability, and community engagement. With his leadership, PECO is poised to continue its tradition of excellence and play a pivotal role in shaping the energy future of the Philadelphia region.
