PECO Names Unionville Resident Dave Velazquez Its Next CEO; Mike Innocenzo Promoted to COO of Exelon


PECO Dave Velazquez
Image via PECO.
Dave Velazquez.
PECO logo

PECO has named Dave Velazquez its next President and Chief Executive Officer, as Mike Innocenzo has been promoted to Executive Vice President and Chief Operating Officer at PECO’s parent company, Exelon.

Both appointments are effective April 1, 2024. Velazquez has more than 40 years of utility and energy industry experience and has been part of Exelon’s executive leadership team since the company’s merger with Pepco Holdings in 2016. He currently serves as EVP of Utility Operations and Technology for Exelon. Prior to his role at Exelon, Velazquez, a Unionville resident, was President and CEO of Pepco Holdings, which includes Atlantic City Electric, Delmarva Power, and Pepco, three energy companies serving customers in New Jersey, Delaware, Maryland, and Washington, D.C.  

“It is both a privilege and an honor to have the opportunity to lead a company with more than 140 years of rich history in the region and in our industry,” said Velazquez. “I am excited to build on the outstanding work done by Mike and PECO’s leadership team and committed employees to further position PECO and Exelon as the leader in the energy transformation. PECO’s customers can expect my commitment to delivering a premier experience for them across every aspect of the service we provide.”

In his new role as Exelon’s COO, Innocenzo will oversee the operations of the company’s six industry-leading transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco — serving more than 10 million customers. Innocenzo will also assume the chairmanship of each of the Exelon operating company boards of directors at PECO, BGE, ComEd, and Pepco Holdings.

Innocenzo spent 36 years at PECO in a range of roles of increasing responsibility prior to assuming the President and CEO role in 2018. Known broadly across the Philadelphia region for his leadership and citizenship, Innocenzo currently serves as the Chair of the Board of the Greater Philadelphia Chamber of Commerce, a position he will hold throughout his current term.   

“It has been a pleasure to serve the Philadelphia region as I’ve grown my career over the past 36 years at PECO, which is part of the fabric that makes this city and region so strong,” said Innocenzo. “I look forward to taking on this new opportunity with the same passion, commitment and drive that helped make PECO a consistent leader in our industry. I look forward to working with Dave and the entire PECO team in my new capacity as we continue to build on our success.”  

“We are pleased to have Mike Innocenzo, who has spent his career delivering operational excellence at PECO, bring his expertise to overseeing operations across Exelon,” said Calvin Butler, Exelon’s President and CEO. “Mike will build on the top-tier performance levels our customers have come to expect. Similarly, we have a high caliber, respected industry leader in Dave Velazquez, with experience leading utilities, to continue PECO’s advance toward best-in-class service. Both leaders are a testament to the depth of experience at Exelon.” 

Learn more about PECO, Pennsylvania’s largest electric and natural gas utility, which delivers power to nearly 1.7 million electric customers and more than 545,000 natural gas customers in southeastern Pennsylvania.

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