IPL and DP&L Restructure as part of AES Global Strategic Transformation

February 5, 2018

INDIANAPOLIS, IN and DAYTON, OH - February 5, 2018 - Indianapolis Power & Light Company (IPL) and Dayton Power & Light (DP&L), both subsidiaries of The AES Corporation (NYSE: AES), today announced organizational and structural changes which will position both companies to operate more efficiently and continue to provide safe, reliable and affordable energy solutions for their customers.

These changes will occur as part of the reorganization announced earlier today by AES as the next step of its ongoing strategy to simplify its portfolio, optimize its cost structure, and reduce its carbon intensity.

AES will align their structure and reshape the workforce, resulting in the reduction of approximately 100 jobs in Indiana and 60 jobs in Ohio by the second quarter of this year.

As part of the new structure, Craig Jackson will assume the role of President and Chief Executive Officer for both IPL and DP&L on March 31. Jackson has served as CFO for IPL and DP&L for the past five years. In his new role, he will build on our longstanding record of service, including more than $2 billion in investments IPL and DPL have made in the region over the past five years.

Ken Zagzebski will assume the role of Executive Chairman of the Board of IPL and its holding company, IPALCO, as well as for DP&L and its holding company DPL Inc. He will also serve as the General Manager for the Southland construction project in California. Zagzebski joined AES in 2007 and his previous leadership of AES' United States businesses, including as U.S. Strategic Business Unit President and President of IPL, will help strengthen and enhance continuity across both utilities.

"While these changes are difficult, they will allow us to improve efficiency and continue modernizing our infrastructure while maintaining affordable electricity for our customers," said Zagzebski. "This transformation will enhance our performance, and support investments in new energy solutions that will make a positive economic contribution to both Indianapolis and Dayton."

 

About The AES Corporation

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 16 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world's changing power needs. Our 2016 revenues were $14 billion and we own and manage $36 billion in total assets. To learn more, please visit www.aes.com.Follow AES on Twitter @TheAESCorp.

 

Media Contact:

Brandi Davis-Handy
317-261-8423
Brandi.DavisHandy@aes.com