Great Plains Energy Announces Successful Completion of Leadership Transition

  Great Plains Energy Announces Successful Completion of Leadership Transition

    Terry Bassham Appointed Board Chairman and Ann Murtlow Named Director

Business Wire

KANSAS CITY, Mo. -- February 14, 2013

Great Plains Energy Incorporated (NYSE: GXP) and Kansas City Power & Light
Company (KCP&L) today announced that Michael J. Chesser has notified the Great
Plains Energy Board of Directors of his decision not to stand for reelection
as chairman of the board at the company’s annual shareholders meeting this
May. In February 2012, Chesser announced his retirement as chief executive
officer of Great Plains Energy but retained his position as board chairman in
order to ensure a smooth leadership transition.

The board has selected Terry Bassham, Great Plains Energy’s president and
chief executive officer, to succeed Chesser as chairman of the board,
effective immediately following the company’s annual shareholders meeting on
May 7, 2013. Bassham has served as a member of the board and president since
May 2011. He has been the chief executive officer of Great Plains Energy and
KCP&L since June 2012.

"Terry is a strong chief executive who understands the electric utility
industry," said Chesser. "He and his leadership team are taking this company
in the right direction. It is the right time for me to step down as chairman."

The board also reappointed Robert West as lead director. Combining the roles
of chairman and chief executive officer focuses the accountability and
responsibility for achieving the company’s objectives, while maintaining a
lead director provides the independent members of the board with effective
board leadership, as well as oversight and monitoring of the company and its
management.

“The board is grateful to Mike for the decade of service he has given Great
Plains Energy. We thank him for his vision and leadership,” commented lead
director, Robert West. “Terry is a key member of the company's leadership team
and the board is confident in his ability to lead Great Plains Energy in its
efforts to provide long-term reliability for shareholders and customers.”

In addition, the board appointed Ann D. Murtlow, former president and chief
executive officer of Indianapolis Power and Light (IPL), to serve as director
on the Great Plains Energy Board. Murtlow will stand for election at the
annual shareholders meeting in May.

“We are very pleased to announce Ann’s appointment to the board,” said
Chesser. “She brings exceptional knowledge and electric utility experience to
the position. Under Ann’s leadership, IPL saw improved reliability, customer
satisfaction and financial performance. We are proud to welcome Ann to the
Great Plains Energy and KCP&L family.”

Murtlow served as president and chief executive officer of IPL from 2002 until
2011. During Murtlow’s tenure, IPL was a vertically integrated electric
utility, owned by AES Corporation, with nearly 500,000 retail customers and
more than 1,400 employees. In 2010, Electric Light and Power magazine named
Murtlow the large utility chief executive officer of the year.

Prior to her position at IPL, Murtlow was an officer for the global power
company AES Corporation, where she led business development and operations in
Northern and Central European nations. Murtlow began her career with major
power company contractor, Bechtel Corporation, as a design engineer.

“I am excited and honored to join the Board of Directors of Great Plains
Energy,” remarked Murtlow. “I have a special affinity for the important role
electric utilities play in their communities and for the value proposition
they provide to investors. I look forward to working with Terry and the rest
of the board to provide long-term earnings growth for shareholders and
affordable, reliable energy for customers.”

Murtlow resides in Indianapolis, where she is the principal in her consulting
firm, AM Consulting. She graduated from Lehigh University with a bachelor’s
degree in chemical engineering. She has also been named a Board Leadership
Fellow by the National Association of Corporate Directors and served as a
board member of the Federal Reserve Bank of Chicago from 2007 to 2012.

ABOUT GREAT PLAINS ENERGY

Headquartered in Kansas City, Mo., Great Plains Energy Incorporated (NYSE:
GXP) is the holding company of Kansas City Power & Light Company and KCP&L
Greater Missouri Operations Company, two of the leading regulated providers of
electricity in the Midwest. Kansas City Power & Light Company and KCP&L
Greater Missouri Operations Company use KCP&L as a brand name. More
information about the companies is available on the Internet at:
www.greatplainsenergy.com or www.kcpl.com.

Forward-Looking Statements:

Statements made in this release that are not based on historical facts are
forward-looking, may involve risks and uncertainties, and are intended to be
as of the date when made. Forward-looking statements include, but are not
limited to, the outcome of regulatory proceedings, cost estimates of capital
projects and other matters affecting future operations. In connection with the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, Great Plains Energy and KCP&L are providing a number of important
factors that could cause actual results to differ materially from the provided
forward-looking information. These important factors include: future economic
conditions in regional, national and international markets and their effects
on sales, prices and costs, including but not limited to possible further
deterioration in economic conditions and the timing and extent of economic
recovery; prices and availability of electricity in regional and national
wholesale markets; market perception of the energy industry, Great Plains
Energy and KCP&L changes in business strategy, operations or development
plans; effects of current or proposed state and federal legislative and
regulatory actions or developments, including, but not limited to,
deregulation, re-regulation and restructuring of the electric utility
industry; decisions of regulators regarding rates the Companies can charge for
electricity; adverse changes in applicable laws, regulations, rules,
principles or practices governing tax, accounting and environmental matters
including, but not limited to, air and water quality; financial market
conditions and performance including, but not limited to, changes in interest
rates and credit spreads and in availability and cost of capital and the
effects on nuclear decommissioning trust and pension plan assets and costs;
impairments of long-lived assets or goodwill; credit ratings; inflation rates;
effectiveness of risk management policies and procedures and the ability of
counterparties to satisfy their contractual commitments; impact of terrorist
acts, including but not limited to cyber terrorism; ability to carry out
marketing and sales plans; weather conditions including, but not limited to,
weather-related damage and their effects on sales, prices and costs; cost,
availability, quality and deliverability of fuel; the inherent uncertainties
in estimating the effects of weather, economic conditions and other factors on
customer consumption and financial results; ability to achieve generation
goals and the occurrence and duration of planned and unplanned generation
outages; delays in the anticipated in-service dates and cost increases of
generation, transmission, distribution or other projects; the inherent risks
associated with the ownership and operation of a nuclear facility including,
but not limited to, environmental, health, safety, regulatory and financial
risks; workforce risks, including, but not limited to, increased costs of
retirement, health care and other benefits; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to
predict all factors. Other risk factors are detailed from time to time in
Great Plains Energy’s and KCP&L’s quarterly reports on Form 10-Q and annual
report on Form 10-K filed with the Securities and Exchange Commission. Each
forward-looking statement speaks only as of the date of the particular
statement. Great Plains Energy and KCP&L undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Contact:

Great Plains Energy
Investors:
Tony Carreño, 816-654-1763
Director, Investor Relations
anthony.carreno@kcpl.com
or
Media:
Katie McDonald, 816-556-2365
Director, Corporate Communications
katie.mcdonald@kcpl.com
 
Press spacebar to pause and continue. Press esc to stop.