WGL Holdings, Inc. Announces Retirement of CFO Frederic M. Kline
Vincent L. Ammann, Jr. Named Successor
Public Company Information:
WASHINGTON--(BUSINESS WIRE)--WGL Holdings, Inc. (NYSE:WGL) announced today that Frederic M. Kline, vice president and chief financial officer, will resign his position effective Sept. 29, 2006, after more than 28 years with the company. His retirement will become effective on Feb. 1, 2007.
"Fred has been a dedicated and stalwart member of the WGL Holdings executive management team for many years. His accounting and financial expertise have helped to form some of our most vital business decisions over the years, and he will be missed," said Chairman and Chief Executive Officer James H. DeGraffenreidt, Jr.
Vincent L. Ammann, Jr., currently vice president for finance for WGL Holdings, will succeed Kline as vice president and chief financial officer on Sept. 30, 2006.
"Vince's strong leadership characteristics and proven track record of producing results will support a seamless succession from Fred's successful tenure. In his two years with the company, Vince has made valuable contributions that have helped to sustain WGL Holdings' ability to achieve excellence for customers, investors and employees," continued DeGraffenreidt.
Kline joined WGL Holdings in 1978 and held numerous positions of increasing responsibility in finance, including treasurer and controller. He became the company's vice president and chief financial officer in 1998.
Under his financial leadership and direction, the company established a culture of meticulous accuracy in financial reporting, transparency and technical proficiency. He was instrumental in maintaining the company's balance sheet strength, increasing its investment activity consistent with its risk profile and maintaining the corporate bond rating.
Kline also ushered the company through its compliance with the Sarbanes- Oxley Act of 2002.
A native of the suburbs of Rochester, N.Y., Kline received a bachelor's degree in business administration with honors from the University of Maryland at College Park. He began his career in the Washington, D.C., office of Arthur Anderson LLP, where he supervised audits of numerous companies, including telephone and gas utilities.
Ammann joined WGL Holdings in 2004 with extensive experience in utility accounting, finance and administration. During his tenure, he has worked closely with executive management on important strategic initiatives in financial and operational areas. In 2005, he was elected to the office of vice president.
Before joining WGL Holdings, Ammann spent nearly 15 years with Southern Connecticut Gas Company in senior leadership positions involved with the development, planning and implementation of critical corporate strategies. He has a bachelor's degree in business administration from the University of Michigan and a master's degree in business administration from the University of Connecticut.
Headquartered in Washington, D.C., WGL Holdings is the parent company of Washington Gas Light Company, a natural gas utility that serves over one million customers throughout metropolitan Washington, D.C., and the surroundings region. In addition, it holds a group of energy-related retail businesses that focus primarily on energy marketing and commercial heating, ventilating and air conditioning services. Additional information about WGL Holdings is available on its Web site. http://www.wglholdings.com.
WGL Holdings, Inc.