CEO Calvin Butler (appointed end-2022) and CFO Jeanne Jones have delivered consistent execution against guidance and capital plans, with system reliability ranked top quartile and ComEd top decile.
Governance improvements followed legacy issues at ComEd: in 2023 Exelon and ComEd settled SEC charges related to past political influence activities, and in 2025 former Illinois Speaker Madigan was convicted on multiple counts tied to the long-running corruption probe, while aspects of the 2023 “ComEd Four” case saw partial retrial orders.
We see management quality as solid with notable progress on compliance and stakeholder alignment, but factor these legacy risks modestly into our score.







