Mayo A. Shattuck III
Mayo A. Shattuck III (b. 1954 in Massachusetts) is an American businessman, and currently the Executive Chairman of Exelon.
Shattuck graduated from the Noble and Greenough School and received his Bachelor of Arts degree from Williams College and his Masters in Business Administration degree from Stanford University, where he graduated as an Arjay Miller Scholar. He has also received an honorary Doctor of Public Service degree from the University of Maryland, Baltimore County.
Not much else is known about Shattuck's career before joining Alex. Brown & Sons at its San Francisco office, where he played a role in arranging funding for various high-tech clients, and public offerings for companies as Microsoft and America Online. By 1991 he became president and chief operating officer at Alex. Brown, second to future Central Intelligence Agency Executive Director A. B. "Buzzy" Krongard.
In 1997, they helped engineer the company's sale to Bankers Trust for $1.7 billion; after Bankers Trust in turn was acquired by Deutsche Bank he served as Chairman of the Board of Deutsche Bank Alex. Brown and, also serving as heads of Investment Banking and Private Banking. Shattuck resigned on September 12, 2001 as head of the Deutsche Bank Alex. Brown.
By October 26, he was appointed President and CEO of Constellation Energy Group, and was elected Chairman of the Board in July 2002.
While Shattuck was CEO of Constellation Energy, the price of electricity paid by residential customers in the service area of the CEG wholly owned company BGE increased 72% when the temporary electricity rate price caps, which had set the price of electricity below the market price, that were instituted with the deregulation of the electric market in Maryland ended. In 2008, the stock price of Constellation Energy dropped from a $107.97 high to a low $13.00. Mayo Shattuck III was paid in 2010: $15.7 million. The Maryland governor has complained about Mayo Shattuck III’s pay, as have the editorial page of the Baltimore Sun, members of the Maryland Legislature, and some of the largest Constellation shareholders, but to no avail. Mayo Shattuck III also chairs the company’s board, the same board that sets his pay, whose members make a minimum of $195,000 a year in cash and stock for nominal work.
After Exelon completed its acquisition of Constellation Energy, Shattuck would resume a new role of Executive Chairman reporting under Exelon CEO, Christopher Crane.
In 1997, Mayo Shattuck was made trustee of the Seagram Company, Ltd.
Shattuck has several other notable past and current affiliations, including directorships at Gap, Inc and Capital One, positions on several lobbying and policy advocacy organizations (including the Edison Electric Institute, the Nuclear Energy Institute and the Institute of Nuclear Power Operations), board memerships at several educational institutions (Johns Hopkins, Stanford and the University of Maryland), and at The Walters Art Museum.
Shattuck is married to Molly Shattuck, a former Baltimore Ravens cheerleader.
- "Chief Steps Down At Alex. Brown". The New York Times (The New York Times Company). 2001-09-15. Retrieved 2008-01-14.
- "TAKE-TOM-AND-HOLD-MAYO". Boston Globe.
- SEC Info - Shattuck Mayo A III - 3 - Capital One Financial Corp - For 10/31/03 - EX-24
- Personal website
- Rosenwald, Michael S. Contrarian Shattuck Took Constellation To the Top, Washington Post, 9 January 2006.
- Mayo A. Shattuck III at NNDB