BETHESDA, Md. – USEC Inc. (NYSE:USU) today took initial steps in its previously announced process to change its organizational structure in order to better align its management team and workforce with the Company’s future business environment. Two senior vice presidents will leave the company in the near term, and changes will occur to the reporting structures of several headquarters functions.
Lance Wright, senior vice president of human resources and administration, will turn over duties for that position effective April 2 to focus until his retirement in May on the organizational structure review effort now under way. Christine Ciccone, senior vice president of external relations, is leaving the company effective April 13.
USEC announced last month that in early 2012 an internal review of its organizational structure began, and the Company had engaged a management consulting firm to support this review. Among the goals of the review are reduced costs, a consolidation of functions to align with future operations, clear lines of responsibility and fewer layers of management.
“USEC is taking the necessary steps to evolve from our legacy operations to position the Company to reduce costs and improve our competitive profile,” said John Welch, president and chief executive officer. “In this year of transition, we will become a company with a cost structure and staff that is in alignment with the work we have before us. As the company gets smaller, we need to consolidate functions and streamline activities while remaining focused on delivering quality products to our customers.
“Lance Wright’s years as an effective leader of the human resources and administration function makes him uniquely qualified to help complete the first phase of the organizational review now underway,” Welch said. “Christine Ciccone has my personal thanks for her skilled oversight of our external relations functions and her capable management of complex issues before the government and other external stakeholders.”
Richard Rowland, corporate director of human resources, will become USEC’s principal human resources executive effective April 2, reporting directly to Welch. The information technology and corporate security functions that previously reported to Wright will now report, respectively, to the chief financial officer and the senior vice president of uranium enrichment.
The government relations function previously directed by Ciccone will now report to the general counsel and secretary. Corporate communications will now report to the CEO.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel and nuclear industry related services for commercial nuclear power plants.
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 – that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will” and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For USEC, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: risks related to the ongoing transition of our business and the impact of decisions we may make in the near term on our business and prospects; the timing and impact of any actions taken by the Company to reduce its cost structure and the Company’s ability to achieve any anticipated cost reductions; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K which is available on our website at www.usec.com. We do not undertake to update our forward-looking statements except as required by law.
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Investors: Steve Wingfield (301) 564-3354