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Cleco Corporation: Cleco Corp. Announces New Director Elected to Board

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^{Published in Stocks and Investing on Wednesday, July 1st 2009 at 5:43 GMT, Last Modified on 2009-07-01 05:44:28 by Market Wire}  

PINEVILLE, LA--(Marketwire - July 1, 2009) - Cleco Corp. (NYSE: [ CNL ]) announced today the election of Peter Scott to its board of directors effective July 1, 2009. Scott, who is 59, is the retired executive vice president and chief financial officer of Progress Energy, Inc. (NYSE: [ PGN ]) based in Raleigh, N.C. He also retired as president and chief executive officer of Progress Energy Service Company effective Sept. 1, 2008.

Prior to joining Progress Energy in 2000, Scott was president of Scott, Madden & Associates, Inc., a management consulting firm.

"Peter's finance, audit and corporate governance experience from his years at Progress Energy will benefit our board as we complete the construction of our Rodemacher Unit 3 project, maximize cash flow and earnings from our Cleco Midstream Resources subsidiary, and implement our growth strategy," Cleco President and CEO Mike Madison said. "We're very pleased Peter is joining our board."

Scott earned his bachelor's and master's degrees in business administration from the University of North Carolina at Chapel Hill.

Among his industry, professional and civic experiences are memberships on the boards of Research Triangle Institute International headquartered in Research Triangle Park, N.C.; Kenan-Flagler Business School for the University of North Carolina at Chapel Hill and St. Mary's School in Raleigh, N.C.

Scott will be a Class II director whose term of office will expire at Cleco's 2011 annual meeting of shareholders.

Cleco Corp. is a regional energy company headquartered in Pineville, La. It operates a regulated electric utility company that serves 276,000 customers across Louisiana. Cleco also operates a wholesale energy business with approximately 1,350 megawatts of name plate generating capacity. For more information about Cleco, visit [ www.cleco.com ].