PECO CEO replaced following rate hike backlash

PECO’s CEO is out after sharp criticism over a proposal to increase rates. David Vahos is being replaced by interim CEO Mike Innocenzo, who is currently the COO of PECO’s parent company, Exelon. PECO is now looking for its third boss in as many years. Last week, the electric and natural gas provider withdrew its request to increase rates after Gov. Josh Shapiro called the proposal “pure greed” from a company that made a record profit last year. Vahos will stay on with Exelon as a special adviser to its CEO.