Mayo Shattuck Explains the MidAmerican Deal to Employees
An article from the Baltimore Business Journal entitled “Constellation Energy CEO Shattuck Makes Case for MidAmerican Deal to Employees” discusses how Mayo Shattuck, CEO of Baltimore-based Constellation Energy, is urging its employees to support the firm’s pending merger with MidAmerican Energy Holdings Company, an energy production and distribution firm owned by Warren Buffett’s Berkshire Hathaway.
Mayo Shattuck claims that the $4.7 billion-deal would be “in the best near- and long-term interest of Constellation Energy” as well as for the firm’s shareholders. With the $26.50 per-share offer and what with the economy going through difficult changes over the past months, Mayo Shattuck finds it “fair, reasonable and the best alternative for shareholders.” Moreover, Shattuck has faith in what MidAmerican can do, citing that the firm earlier invested $1 billion in Constellation Energy and that it struck some deals, providing Constellation Energy with up to $350 million worth of additional liquidity resources.
Mayo Shattuck III is the CEO and Chairman of Constellation Energy, a Fortune 125 Company involved in the production, trade, supply, and distribution of energy. Mayo Shattuck earned his BA from Williams College in 1972 while he got his MBA from Stanford University Graduate School of Business in 1980. In 2000, he received an honorary Doctor of Public Service degree from the University of Maryland, Baltimore County. From 1985 to 1991, he served as Managing Director of Alex. Brown & Sons; and from 1991 to 1997, he became the firm’s President and Chief Operating Officer and Director of Alex. Brown Inc., which merged with Bankers Trust in 1997. From 1997 to 1999, Shattuck served as Vice Chairman of Bankers Trust Corporation, which merged with Deutsche Bank in 1999; and from 1999 to 2001, he became Co-Chairman and Co-Chief Executive Officer of Deutsche Banc Alex. Brown. In February 2001, he was appointed Chairman of the Board of Deutsche Banc Alex. Brown where he left in October 2001 to serve as President and CEO of Constellation Energy Group. He also became the firm’s Chairman of the Board in July 2002.
Article source: Bizjournal.com
Official site of Constellation Energy.
Official portal for Warren Buffet’s Berkshire Hathaway investment group.
Conde Nast Portfolio.com profile of Mayo Shattuck.
Mayo Shattuck is a board member of the Walters Museum.
Mayo Shattuck will not take yearly bonus and takes full responsibility for Constellation Energy.
Mayo Shattuck’s wife Molly Shattuck is a mother of three and a professional cheerleader.