USEC Announces Organizational Changes
BETHESDA, Md.--(BUSINESS WIRE)--Apr. 2, 2012--
USEC Inc. (NYSE:USU) today took initial steps in its previously
announced process to change its organizational structure in order to
better align its management team and workforce with the Company’s future
business environment. Two senior vice presidents will leave the company
in the near term, and changes will occur to the reporting structures of
several headquarters functions.
Lance Wright, senior vice president of human resources and
administration, will turn over duties for that position effective April
2 to focus until his retirement in May on the organizational structure
review effort now under way. Christine Ciccone, senior vice president of
external relations, is leaving the company effective April 13.
USEC announced last month that in early 2012 an internal review of its
organizational structure began, and the Company had engaged a management
consulting firm to support this review. Among the goals of the review
are reduced costs, a consolidation of functions to align with future
operations, clear lines of responsibility and fewer layers of management.
“USEC is taking the necessary steps to evolve from our legacy operations
to position the Company to reduce costs and improve our competitive
profile,” said John Welch, president and chief executive officer. “In
this year of transition, we will become a company with a cost structure
and staff that is in alignment with the work we have before us. As the
company gets smaller, we need to consolidate functions and streamline
activities while remaining focused on delivering quality products to our
customers.
“Lance Wright’s years as an effective leader of the human resources and
administration function makes him uniquely qualified to help complete
the first phase of the organizational review now underway,” Welch said.
“Christine Ciccone has my personal thanks for her skilled oversight of
our external relations functions and her capable management of complex
issues before the government and other external stakeholders.”
Richard Rowland, corporate director of human resources, will become
USEC’s principal human resources executive effective April 2, reporting
directly to Welch. The information technology and corporate security
functions that previously reported to Wright will now report,
respectively, to the chief financial officer and the senior vice
president of uranium enrichment.
The government relations function previously directed by Ciccone will
now report to the general counsel and secretary. Corporate
communications will now report to the CEO.
USEC
Inc., a global energy company, is a leading supplier of enriched
uranium fuel and nuclear industry related services for commercial
nuclear power plants.
Forward Looking Statement
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 – that is,
statements related to future events. In this context, forward-looking
statements may address our expected future business and financial
performance, and often contain words such as “expects”, “anticipates”,
“intends”, “plans”, “believes”, “will” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For USEC, particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, but are not limited to: risks related to the ongoing transition
of our business and the impact of decisions we may make in the near term
on our business and prospects; the timing and impact of any actions
taken by the Company to reduce its cost structure and the Company’s
ability to achieve any anticipated cost reductions; and other risks and
uncertainties discussed in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K which is available
on our website at www.usec.com.
We do not undertake to update our forward-looking statements except as
required by law.
Source: USEC Inc.
USEC Inc.
Media: Paul Jacobson (301) 564-3399
Investors: Steve
Wingfield (301) 564-3354
