DPL Adopts New Corporate Governance Policies; Nominates Two New Directors.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--March 3, 2003 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) today announced the adoption of a new Code of Business Conduct and Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Guidelines that are consistent with the highest standards and most contemporary thinking on governance issues. "Governance issues have generated both headlines and new federal legislation, in the form of the Sarbanes-Oxley Act of 2002," said Stephen F. Koziar, President and Chief Executive Officer. "Over the past three months, our board has tackled this issue head on, undertaking an extraordinary effort to ensure that DPL continues to uphold the highest standards of governance and conduct. I am especially pleased to say that in adopting these Code of Business Conduct and Corporate Governance Guidelines, DPL is well ahead of the government's prescribed timetable for the implementation of many of the new requirements and recommendations." DPL noted that it has modified its Board Structure, Corporate Governance Guidelines, and Code of Business Conduct. All of the changes exceed the requirements specified under the Sarbanes-Oxley Act and the recently amended New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and Securities and Exchange Commission rules Securities and Exchange Commission Rules Rules enacted by the SEC to assist in the regulation of US financial markets. and regulations and have been implemented well in advance of specified deadlines. DPL also announced the nominations of Wallace W. Creek and Michael W. Grebe grebe (grēb), common name for swimming birds found on or near quiet waters in most parts of the world. Grebes resemble the loon and the duck; they have short wings, vestigial tails, and long, individually webbed toes on feet that are set far back to its Board of Directors. The election of these outside directors is subject to a shareholder vote, with the results to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. at the company's annual meeting on April 9, 2003. "The nominations of Wally Creek and Mike Grebe reflect the tangible effects of these new initiatives, providing additional diversity and strength to DPL's already strong board," added Koziar. Wallace W. Creek Mr. Creek, 64, comes to DPL after a long and distinguished career at General Motors Corporation, where he held numerous senior financial positions in the Pontiac Motor Division, Corporate Finance, the Cadillac Motor Car Division and GM Espana. He was appointed controller of the Inland Division in 1986 and was elected controller of the General Motors Corporation in 1992, the position he held until his retirement in 2002. He is currently senior vice president - finance at Collins & Aikman Corporation, a global leader in automotive components. Mr. Creek is also a director of Columbus McKinnon Corporation and Quantum Technologies, Inc. He holds a B.S. in accounting from the University of Illinois University of Illinois may refer to:
Michael W. Grebe Mr. Grebe, 61, was a partner at Foley & Lardner in Milwaukee, one of the nation's largest law firms, for more than 25 years. He was chairman and chief executive officer the last eight years of his service, where his practice concentrated on corporate and financial law, with extensive involvement in banking and insurance issues. In 2001, he was elected president and chief executive officer of The Lynde and Harry Bradley Foundation, a grant-making institution supporting programs to improve community life through a broad range of economic, educational, social and health services. He is also a director on the boards of Oshkosh Truck Corporation and the Milwaukee Brewers Baseball Club. Mr. Grebe received a B.A. from the United States Military Academy United States Military Academy, at West Point, N.Y.; for training young men and women to be officers in the U.S. army; founded and opened in 1802. The original act provided that the Corps of Engineers stationed at West Point should constitute a military academy, but and a Juris Doctor from the University of Michigan (body, education) University of Michigan - A large cosmopolitan university in the Midwest USA. Over 50000 students are enrolled at the University of Michigan's three campuses. The students come from 50 states and over 100 foreign countries. . The new code and guidelines are available for review on DPL's website, www.dplinc.com. DPL Inc. is a diversified regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,600 megawatts of generation capacity throughout the eastern United States. DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. |
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