Dynegy Inc. CEO Bruce A. Williamson will broaden his responsibilities as the company’s chairman of the board following the annual meeting in May. He will replace Daniel L. Dienstbier, non-executive chairman, who announced his retirement.

Williamson, who also serves as Dynegy’s president, was named CEO and a director in October 2002. In his expanded role, Williamson would provide leadership to the board and its committees.

“The board’s unanimous decision to elect Bruce to this important position reflects our confidence in his abilities and the strength of our corporate governance structure,” Dienstbier said. “Under Bruce’s leadership, Dynegy has made outstanding progress in our self-restructuring plan, established a track record of delivering results, improved its capital structure and restored confidence and credibility with investors and the public. He will bring to the chairman role the highest level of integrity, proven leadership capabilities and a strong commitment to create value for our investors.”

Patricia A. Hammick was elected lead director of the board. Hammick, 57, was elected to the board in April 2003. She has more than 25 years of energy industry experience, including management positions with Gulf Oil Exploration and Production, the Natural Gas Supply Association and Columbia Energy Group. In the new role of lead director, Hammick would preside over the regular executive sessions of Dynegy’s independent directors. She also would provide advice and counsel to the chairman, work with the chairman in developing board meeting agendas and act as a liaison between the board and Williamson.

Dienstbier, 63, has served as chairman since October 2002 and as a Dynegy director since 1995. He also served as interim CEO following the resignation of Chuck Watson in May 2002, and he directed the initial phase of Dynegy’s self-restructuring plan (see Daily GPI, May 29, 2002). Dienstbier planned his retirement last year.

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