ACES President & CEO David J. Tudor Submits Resignation; ACES Senior Vice President & COO Michael T. Steffes to Serve as Acting President & CEO

David J. Tudor, President and CEO of ACES, notified the Board of Managers in a letter on May 10 that he is resigning his position to pursue another job opportunity that will allow him to relocate back to his home state of Texas.

ACES Board Chairman, Clifton Karnei announced today that Michael T. Steffes has been named the Acting President and CEO of ACES effective immediately.  Mike has been with ACES for 13 years and most recently served as the Senior Vice President and Chief Operating Officer for the company.  Mike’s appointment allows the company to continue to provide high quality services to its Members and Customers, and to pursue its extensive business plan initiatives without any disruption.  Mike will assume the position of Acting President and CEO effective immediately.

Chairman Karnei stated, “We wish David well with his new opportunity.  He is leaving at a time when the company is in excellent operational and financial condition due to his leadership.  We are also very fortunate to have someone as capable as Mike Steffes to take over for David.  Mike knows ACES’ culture, strategies, business processes, control environment, and commercial operations extremely well, so the company is in good hands.”

Mike Steffes commented, “David Tudor has been a wonderful leader, role model, and mentor to numerous ACES employees since he became the CEO in 1999.  His industry knowledge, innovation, vision, and attitude have helped grow ACES into a national energy organization.  I look forward to continuing his methods and approaches to make ACES even better – what he would want.”

“ACES is a leader in the energy industry with strong and capable management and employees.  I leave this organization with confidence that it will continue to be successful because of the business methodology and unique services it provides on a national scale, and because of the first-class management team that will continue what we have begun.  I am truly fortunate to have been selected to lead the company 14 years ago” said David Tudor.

About ACES

ACES transacts several billion dollars annually on behalf of its Clients, who operate in nearly every wholesale electric market region of the US and have a collective portfolio of approximately 47,000 MW of both load and resources. Providing services “as agent,” ACES represents its Clients in the marketplace, working to manage energy risk. Because ACES does not buy or sell energy on its own behalf, it avoids conflicts of interest and ensures consistent and complete alignment with the best interests of the organizations it serves.