PECO has announced the retirement of President and CEO Dave Velazquez, an Exelon veteran who has served more than 40 years across the energy industry.

Velazquez was named PECO’s President and CEO in February 2024, and he quickly became entrenched in the service area, building strong relationships with local businesses and community organizations and furthering PECO’s commitment to its customers. Velazquez will retire on July 1.

Seasoned Exelon leader David Vahos has been appointed the new President and CEO of PECO, effective June 1. He will also join Exelon’s Executive Committee.

Vahos, a graduate of Villanova University, brings more than 30 years of financial and operational leadership experience to his new role. He most recently served as Senior Vice President, Chief Financial Officer, and Treasurer of Exelon subsidiary Pepco Holdings. There, he led financial operations and regulatory strategy and supporting major operational initiatives for the company’s three utilities, including nearby Atlantic City Electric and Delmarva Power, as well as Pepco, which provides service to the District of Columbia and Maryland suburbs.

Vahos previously held the Chief Financial Officer and Treasurer role at Exelon sister company Baltimore Gas and Electric.

“David Velazquez has been an extraordinary leader for over four decades; he is also a dear friend,” said Mike Innocenzo, Exelon’s Executive Vice President and Chief Operating Officer. “His dedication and vision have been instrumental in shaping the broader energy landscape, bringing a focus on operational excellence and innovation, as well as the importance of being connected to the communities we serve. As we wish him well in his next chapter, we are thrilled to welcome David Vahos as the new President and CEO of PECO. David’s technical expertise, strategic vision, and inclusive leadership will ensure PECO will continue to innovate, thrive, and be a pillar of the Greater Philadelphia community.” 

“I am deeply honored to succeed David Velazquez, who has made a lasting impact not only at PECO but across the entire Exelon family of companies,” said Vahos. “I look forward to returning to the Philadelphia area, where I spent some formative years, and working closely with the more than 3,000 PECO employees to continue delivering the safe, reliable, and efficient service our customers expect — while also advancing our work to strengthen community partnerships and leading the transition to a cleaner energy future.”

In addition to his professional achievements, Vahos is actively involved in civic and nonprofit organizations focused on economic development, education, and workforce readiness. While in Maryland, he served on the boards of the YMCA and the University System of Maryland Foundation. Vahos is also a founding board member of the Association of Latino Professionals for America (ALPFA) Baltimore Chapter. He holds a bachelor’s degree in Accountancy from Villanova and a master’s degree in Business Administration from Johns Hopkins University.

Learn more about PECO and how it delivers energy to nearly 1.7 million electric customers and more than 553,700 natural gas customers in southeastern Pennsylvania.