John Rowe (Exelon)
John William Rowe | |
|---|---|
| Born | 1945 Dodgeville, Wisconsin, U.S. |
| Died | Error: Need valid birth date (second date): year, month, day Naples, Florida, U.S. |
| Occupation(s) | Lawyer, energy industry executive |
| Known for | Chairman and CEO of Exelon Corporation |
John William Rowe (1945 – September 24, 2022) was a prominent American lawyer and energy industry leader who held the positions of chairman and CEO at Exelon Corporation, a Chicago-based utility holding company recognized for having the largest market capitalization within the electric utility sector.
Early life and education
Rowe was born in 1945 in Dodgeville, Wisconsin and grew up on a nearby farm. He completed his undergraduate studies in history at the University of Wisconsin in 1967 and earned his Juris Doctor from the University of Wisconsin Law School in 1970. During his time in law school, he was inducted into Phi Beta Kappa as well as the Order of the Coif.
Career
Starting his professional journey in 1970, Rowe worked as an associate at Isham Lincoln & Beale, becoming a partner by 1977. His legal practice included representing Commonwealth Edison and acting as counsel for the bankruptcy trustee of Milwaukee Road. Between 1980 and 1984, he served as in-house legal counsel for Conrail.
Rowe transitioned into energy management by assuming the role of CEO at Central Maine Power in 1984, followed by leading New England Electric System as CEO beginning in 1989. In 1998, he returned to Chicago to become CEO of Unicom Corp, the parent company of Commonwealth Edison (ComEd), which was struggling with inefficient nuclear plants and infrastructure challenges. He spearheaded initiatives to modernize facilities, restructure leadership, and decrease dependence on coal by divesting fossil fuel holdings.
Following the 2000 merger of ComEd with PECO Energy Company, Rowe became CEO of the newly formed Exelon. Under his guidance, Exelon became the first energy corporation to join the U.S. Climate Action Partnership. He earned recognition from Institutional Investor as the top electric utilities CEO in the United States for both 2008 and 2009. Additionally, Rowe contributed to President Obama’s Blue Ribbon Commission on America's Nuclear Future, providing expertise on nuclear waste policy and technological advancements.
A strong advocate for carbon emissions regulation through cap and trade mechanisms, Rowe led Exelon’s departure from the United States Chamber of Commerce due to its opposition to such environmental policies. He managed Exelon’s $8 billion acquisition of Constellation Energy Group in 2008 and retired four years after completing this significant merger.
Compensation
In 2009, while serving as Exelon's CEO, Rowe's total compensation amounted to $12,036,882. This package included a base salary of $1,468,077, a cash bonus totaling $1,573,825, stock awards valued at $6,341,383, and options worth $2,236,650.
Philanthropy
Together with his family, Rowe founded the Rowe Family Charitable Trust which supports endowed academic chairs at institutions such as the Illinois Institute of Technology and University of Wisconsin. The trust also funds positions at organizations including the Morgridge Institute and Field Museum. By 2011, it had contributed $4 million to establish Chicago's Rowe-Clark Math and Science Academy. The family further provided support to Pope John Paul II Catholic School and co-founded Rowe Elementary School. In 2010, Rowe co-chaired the American Academy of Arts and Sciences’ Commission on the Humanities and Social Sciences that released The Heart of the Matter report in 2013.
Personal life
Rowe was married to Jeanne and together they had a son named William. Their residences included homes in Naples, Florida, and Chicago. He died at his home in Naples on September 24, 2022.
Awards and recognition
- Named among Institutional Investor's Best CEOs in America (2008, 2009)
- Elected Fellow of the American Academy of Arts and Sciences (2009)
- Honored with the Edison Electric Institute Distinguished Leadership Award (2009)
- Recipient of the Chicago Council on Global Affairs Global Leadership Award (2009)
- Awarded the Daniel H. Burnham Award for Business and Civic Leadership by the Chicagoland Chamber of Commerce (2008)
- Inducted into the Junior Achievement Chicago Business Hall of Fame (2008)
- Presented with the Lyman Gage Award for Outstanding Civic Leadership by the Civic Federation of Chicago (2008)
- Recognized with the Corporate Leadership Award from the National Latino Education Institute (2008)
- Honored with the Humanitarian Award from the Illinois Holocaust Museum (2008)
- Selected as Executive of the Year by the University of Arizona (2007)
- Received the Union League of Philadelphia Founder's Award for Business Leadership (2005)
- Awarded the Civic Leadership Award by the American Jewish Committee (2004)
- Earned the Corporate Visionary Award from El Valor (2003)
- Named Citizen of the Year by the City Club of Chicago (2002)
- Honored with the World of Difference Award from the Anti-Defamation League (2000)
Rowe was granted honorary doctorates from multiple institutions including University of Wisconsin, Illinois Institute of Technology, DePaul University, Drexel University, University of Massachusetts Dartmouth, Bryant College, and Thomas College. Additionally, he received Wisconsin's Distinguished Alumni Award in 2003.