The CEO Power Forum: Not all utility CEOs are created equal...
Mayo A. Shattuck III
Chairman, President and CEO, Constellation Energy
"Goldman Sachs built the platform. They came from a world of conventional procedures and compliance, and an understanding of rule sets. Almost every other wholesale platform built in Houston and run by cowboys got out of control."
Public Utilities Fortnightly Almost four years ago, in late 2001, on the day you were named CEO, Constellation announced a very dramatic change in the company's strategy. Constellation decided to retain its holding company structure and halt its plan to split its regulated and unregulated businesses. As a result of this decision, Constellation terminated its once highly touted alliance with Goldman Sachs, buying the investment bank out of its interest of the company's joint trading operation for the extraordinary sum of $355 million. Why did Constellation change course so abruptly?