Cinergy Shuffles Marketing Executives
Cinergy Corp. is reorganizing its power and gas trading operations in the wake of former President J. Wayne Leonard's departure to Entergy Corp. Cinergy has named Madeleine W. Ludlow, currently vice president and chief financial officer, to be the new president of Cinergy Capital and Trading and announced Michael J. Cyrus, an executive with Electric Clearinghouse, will become executive vice president, overseeing power trading operations.
Ludlow joined Cinergy last year from Enterprise Diversified Holdings Inc., a subsidiary of Public Service Enterprise Group of Newark, NJ, where she was vice president-enterprise corporate development. Cyrus is currently senior vice president, trading and operations with Electric Clearinghouse, a subsidiary of NGC Corp.
"We are moving quickly to capitalize on the momentum that we have built in the energy commodities business, which has increased electric trading by more than 600% in two years," said Cinergy CEO James E. Rogers. "Madeleine Ludlow's financial and risk management expertise, combined with Michael Cyrus' extensive experience in the trading markets, will facilitate continued growth in the electric commodity market and move us toward our goal of being a market leader."
Cinergy marketed 54.4 million KWh in 1997. Its gas marketing operation is small, with "limited" volumes sold last year, a spokesman said, adding however, Cinergy is "actively looking at increasing its gas marketing operations" through a purchase, alliance, merger or any other means available.
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