Allegheny Power 2013 Annual Report Download - page 10

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8
DEAR SHAREHOLDERS:
In 2013, your management team and employees made significant progress in strengthening the company’s financial position,
preserving its competitive business, and controlling costs.
As FirstEnergy repositions its business to achieve more sustainable growth, your Board of Directors continues to provide
management with guidance on creating long-term value for its shareholders, customers and communities.
Toward that end, the Board conducted a thorough review of the dividend and determined it was prudent to declare a new
quarterly dividend of $0.36 per share to more closely reflect the expected earnings from the company’s regulated businesses.
While this was a difficult decision, we believe this action provides shareholders with a strong dividend and presents the best
path forward for FirstEnergy.
In keeping with our policy, the Board will continue to review the dividend on a quarterly basis as the company moves forward
with its new strategic direction and pursues growth opportunities during the next several years. We also remain committed to
ensuring your company has the appropriate corporate governance practices and policies in place.
On a personal note, let me express my gratitude on behalf of your Board to Dr. Carol A. Cartwright, who is retiring from the Board
as of the 2014 Annual Meeting of Shareholders. We are thankful for the leadership and guidance Dr. Cartwright has provided
during her 22 years of distinguished service to FirstEnergy and its shareholders.
I welcome Luis A. Reyes, who was elected to the Board in September 2013. Luis is a well-respected and seasoned nuclear industry
veteran, with more than 36 years of experience in the field, including senior leadership positions at the U.S. Nuclear Regulatory Commission.
Your Board appreciates your ongoing trust and support. We look forward to representing your interests and working with your
management team to capitalize on the opportunities that lie ahead.
Sincerely,
George M. Smart, Chairman of the Board
FIRSTENERGY CORP.
EXECUTIVE OFFICERS*
Anthony J. Alexander
President and Chief Executive Officer
Leila L. Vespoli
Executive Vice President, Markets and Chief Legal Officer
Charles E. Jones
Executive Vice President and President,
FirstEnergy Utilities
James H. Lash
President, FirstEnergy Generation
James F. Pearson
Senior Vice President and Chief Financial Officer
Lynn M. Cavalier
Senior Vice President, Human Resources
Donald R. Schneider
President, FirstEnergy Solutions
Michael J. Dowling
Senior Vice President, External Affairs
Bennett L. Gaines
Senior Vice President, Corporate Services and
Chief Information Officer
K. Jon Taylor
Vice President, Controller and Chief Accounting Officer
* More detailed information on the principal occupation or
employment of each of our executive officers and the principal
business of any organization by which FirstEnergy Executive Officers
are employed may be found on page 159 of this report.
Paul T. Addison
Retired, formerly
Managing Director in the
Utilities Department of
Salomon Smith Barney
(CitiGroup).
Anthony J. Alexander
President and Chief
Executive Officer of
FirstEnergy Corp.
Michael J. Anderson
Chairman of the Board
and Chief Executive
Officer of The Andersons,
Inc. (diversified
agribusiness).
Dr. Carol A.
Cartwright
Retired, formerly
President of Bowling
Green State University.
Retired President of
Kent State University.
William T. Cottle
Retired, formerly
Chairman of the Board,
President and Chief
Executive Officer of
STP Nuclear Operating
Company.
Robert B. Heisler, Jr.
Retired, formerly Dean
of the College of Business
Administration and
Graduate School of
Management of Kent
State University. Retired
Chairman of the Board
of KeyBank N.A.
Julia L. Johnson
President of
NetCommunications, LLC
(regulatory and public
affairs firm).
Ted J. Kleisner
Retired, formerly
Chairman of the Board
and Chief Executive
Officer of Hershey
Entertainment & Resorts
Company.
Donald T. Misheff
Retired, formerly
Managing Partner of the
Northeast Ohio offices of
Ernst & Young LLP.
Ernest J. Novak, Jr.
Retired, formerly
Managing Partner of
the Cleveland office of
Ernst & Young LLP.
FIRSTENERGY BOARD OF DIRECTORS
Christopher D.
Pappas
President and Chief
Executive Officer of
Styron LLC (plastics, latex
and rubber producer).
Catherine A. Rein
Retired, formerly Senior
Executive Vice President
and Chief Administrative
Officer of MetLife, Inc.
Luis A. Reyes
Retired, formerly Regional
Administrator of the
U.S. Nuclear Regulatory
Commission.
George M. Smart
Non-executive Chairman
of the FirstEnergy Corp.
Board of Directors.
Retired, formerly
President of Sonoco-
Phoenix, Inc.
Wes M. Taylor
Retired, formerly
President of TXU
Generation.