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Terzic Resigns From Yankee Energy

Terzic Resigns From Yankee Energy

Citing a difference of opinion with the board of directors over strategy, Branko Terzic resigned as chairman, president and CEO of Yankee Energy System based in Meriden, CT.

Terzic, a former FERC commissioner, cited the board's recent decision to exit the national power development business and refocus on its core natural gas business in Connecticut as the precipitating his resignation.

Charles E. Gooley, formerly executive vice president, succeeds Terzic as president and CEO. He will continue to hold his position as president of Yankee Energy's principal subsidiary, Yankee Gas Services. Emery G. Olcott a director of the company since 1989, was elected chairman of the board. Olcott is chairman and CEO of Packard Bioscience Co. of Meriden, CT. Yankee had recently announced the strategic change. Gooley said Terzic had decided to resign before the Oct. 1 start of Yankee's fiscal 1999. He said Yankee would continue its HVAC business but with a focus on natural gas.

"All of us at Yankee Energy appreciate Branko's dedication to this company over the last four years," Olcott said. "We wish him well in his future endeavors as he returns to the national and international energy scenes." A statement issued by Terzic said he would be completing several obligations to produce manuscripts for a publisher and to participate in seminars, while "seeking new challenges and business opportunities."

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