Interim CFO R. Russell Davis will continue in his role as chief accounting officer (CAO) and assume the company’s investor relations responsibilities as vice president of investor relations and CAO. Davis has served as interim CFO since May 31, 2008.
The board of directors approved Olagues’ appointment following Cleco’s annual meeting of shareholders Friday, April 24, 2009.
Olagues has been serving as SVP of Midstream since joining Cleco in July 2007.
In the short time Darren has been with Cleco, he has helped us capitalize on our wholesale generation assets and further mitigate our risks in that market, said Michael Madison, Cleco’s president and chief executive officer. In his new position, Darren will manage all of Cleco’s financial operations. I am confident Darren’s business management skills and financial experience will benefit us as we successfully continue to implement our growth strategy and manage the financial risks associated with our growth plans.
Before joining Cleco, Olagues was vice president of asset management and development for Exelon Power. Prior to that, he served as Exelon’s director of corporate development and as SVP and CFO at Sithe Energies. A certified public accountant, Olagues also worked for PricewaterhouseCoopers, where he was senior manager of audit. Olagues, 38, graduated from Tulane University in 1992 with a bachelor’s degree in management.
