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Progress Energy Names New CEO for Carolinas Operation

Posted May 17, 2007

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— Lloyd Yates, 46, will become chief executive officer and president of Progress Energy Carolinas as of July 1, the company announced Thursday.

Yates, the highest ranking African-American executive in the firm, will replace Fred Day, who retires as CEO on July 1. Day has spent 39 years with the company. Yates joined Carolina Power & Light – now Progress – in 1998 as vice president for fossil generation.

Progress also promoted His current role is senior vice president for energy delivery, a post he has held since 2005. Yates is a graduate of the University of Pittsburgh. He received a Masters in business administration from St. Joseph’s University.

In another executive change, Progress named Paula Sims, 45, to replace E. Michael Williams as senior vice president for power operations. Williams is set to retire on July 1.

Sims is the highest ranking female executive at Progress. She joined the company in 1999. A graduate of Virginia Tech, Sims earned Master’s degrees from Boston University and the University of North Carolina at Chapel Hill.

"Our employees, customers and shareholders have benefited from the
vision and dedication of Fred and Mike for many years," said Progress Chairman and CEO Robert McGehee. "We thank them for their outstanding service and leadership through times of significant challenge and change for our industry and our company.

"They leave big shoes to fill in critical parts of our business. We are
fortunate to have capable leaders in Lloyd and Paula, who have consistently demonstrated that they are ready to guide these high-performing groups to new levels of achievement on behalf of our customers and shareholders,” he added.

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