UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | January 19, 2007 |
USEC Inc.
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(Exact name of registrant as specified in its charter)
| Delaware | 1-14287 | 52-2107911 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 2 Democracy Center, 6903 Rockledge Drive, Bethesda, Maryland | 20817 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | (301) 564-3200 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Principal Accounting Officer
Effective on January 19, 2007, J. Tracy Mey was appointed Controller and Chief Accounting Officer of USEC Inc. (the "Company" or "USEC"). In this role, he will serve as the Company’s principal accounting officer. Previously, the function of principal accounting officer was performed by John C. Barpoulis, Senior Vice President, Chief Financial Officer and Treasurer, who will continue to oversee all financial matters related to the Company as the Company's principal financial officer.
Mr. Mey, age 46, has served as Controller since June 2005 when Mr. Mey joined USEC. Prior to joining USEC, Mr. Mey was Controller and Chief Accounting Officer of Power Services Company, a national energy company and former subsidiary of PG&E Corporation, from June 2004 to May 2005, and previously was Corporate Controller of Power Services Company since 1994.
In connection with Mr. Mey’s appointment, Mr. Mey will be entitled to participate in a non-q
ualified 401(k) restoration plan that is designed to provide benefits that would be provided under the Company’s tax-qualified 401(k) plan but for certain limitations on the contributions that can be provided annually under the tax-qualified 401(k) plan base salary. In addition, Mr. Mey’s change in control agreement with the Company will be revised to increase his severance from 100% to 150% of his current base salary plus the average of his bonus for the most recent three years if the Company terminates his employment for any reason other than cause, or if Mr. Mey terminates his employment for good reason, following a change in control of the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number--Description
99.1--Press release, dated January 24, 2007, issued by USEC Inc. announcing the election of J. Tracy Mey.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| USEC Inc. | ||||
| January 25, 2007 | By: |
/s/ John C. Barpoulis
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| Name: John C. Barpoulis | ||||
| Title: Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||||
Exhibit Index
| Exhibit No. | Description | |
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99.1
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Press release, dated January 24, 2007, issued by USEC Inc. announcing the election of J. Tracy Mey. |
FOR IMMEDIATE RELEASE:
January 24, 2007
USEC Names J. Tracy Mey as Chief Accounting Officer
BETHESDA, Md. – The Board of Directors of USEC Inc. (NYSE: USU) has named J. Tracy Mey as the Company’s controller and chief accounting officer. Mey will continue to report to John C. Barpoulis, senior vice president, chief financial officer and treasurer.
Mey’s promotion to this new position recognizes his contribution to strengthening USEC’s accounting policies and meeting the requirements of Sarbanes-Oxley regulations. Mey, 46, joined USEC as controller in June 2005 and is responsible for all aspects of the Company’s accounting functions and financial reporting.
“I am pleased to announce Tracy’s well-deserved promotion. He has demonstrated strong leadership in his management of the accounting group and his oversight of our financial reporting,” Barpoulis said. “We value the expertise he has brought to USEC and look forward to his continued contributions in this important role as chief accounting officer.”
Mey has 25 years of business experience in finance, accounting and project management. Prior to joining USEC, he was controller and chief accounting officer for Power Services Company, a national energy company and former subsidiary of PG&E Corporation. He was responsible for corporate accounting functions, accounting operations, taxation and financial reporting including SEC compliance, budgeting, forecasting and management reporting. Prior to that, he served in positions of increasing responsibility at an international telecommunications company and a public accounting firm.
Mey has a bachelor of science degree in accounting from the University of Maryland and received his master’s degree in business administration from The George Washington University. He is a Certified Public Accountant (CPA) and a Certified Managerial Accountant (CMA).
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
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Contact:
Media: Elizabeth Stuckle (301) 564-3399
Investors: Steven Wingfield (301) 564-3354