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 RALEIGH, N.C., Oct. 13 /PRNewswire/ -- William E. Graham Jr., vice chairman of Carolina Power & Light (NYSE: CPL), announced today that he will retire at the end of this year and become counsel to the law firm of Hunton & Williams. He will remain on the CP&L board of directors as an outside director.
 Graham, who will be 64 in December, joined CP&L in 1973 after having served as a judge on the North Carolina Court of Appeals for four years. He previously had practiced law in Charlotte. At CP&L Graham was named senior vice president and general counsel in 1976; was elected to the board of directors in 1980; executive vice president in 1981; and vice chairman, the company's second-highest executive position, in 1985.
 Graham stated that his almost 21 years with CP&L have been exciting and fulfilling. "I am pleased that I can remain affiliated with the company as a director, while also working with Hunton & Williams, a law firm I have long admired."
 Hunton & Williams is a Richmond-based firm of 450 lawyers. It has offices in a number of eastern United States cities and in Europe. Graham will be in the firm's Raleigh office and expects to be involved primarily with utility and regulated-industries practice.
 Sherwood H. Smith Jr., CP&L's chairman and chief executive officer, praised Graham for his outstanding service and leadership, noting that Graham helped guide the company successfully through its greatest period of growth and change. "We are now a much stronger and more effective organization because of his many contributions to our team," Smith said. "And I am very pleased we will continue to benefit from his advice and counsel on our board of directors."
 With Graham's retirement, William Cavanaugh III, who joined CP&L a year ago as president and chief operating officer, will become the company's number two executive. No one will have the title of vice chairman.
 A native of Jackson Springs in Moore County, Graham received his undergraduate and law degrees from the University of North Carolina at Chapel Hill.
 Graham has held leadership positions in a variety of civic, business, professional and church organizations. For example, he has been chairman of the Greater Raleigh Chamber of Commerce; the American Bar Association Section of Public Utility, Communications and Transportation Law; the Salvation Army Advisory Board; Wake County Communities in Schools; and Wake Education Partnership Board of Trustees.
 He was the 1992 recipient of the Friend of Education Award for Wake County and the 1989 recipient of the Greater Raleigh Chamber of Commerce Centennial Award.
 Graham is or has been a board member of the Downtown Raleigh Development Corporation; Wake County Education Foundation; St. Andrews Presbyterian College; and Union Theological Seminary in Virginia. In addition, he is a director of the Raleigh Board of NationsBank; the Kaiser Foundation Health Plan of N.C.; the BB&T Mutual Funds Group; and the National Association of Manufacturers.
 Graham is an elder of White Memorial Presbyterian Church in Raleigh where he currently serves as chairman of the Pastor Nominating Committee.
 -0- 10/13/93
 /CONTACT: Wade Pridgen, Corporation Communications, of CP&L, 919-546-6189/

CO: Carolina Power & Light Company ST: North Carolina IN: UTI SU: PER

CM -- CH011 -- 1772 10/13/93 14:35 EDT
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Publication:PR Newswire
Date:Oct 13, 1993

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