USEC Inc. (Form: 8-K)  

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   January 20, 2006

USEC Inc.
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(Exact name of registrant as specified in its charter)

     
Delaware 1-14287 52-2107911
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
2 Democracy Center, 6903 Rockledge Drive, Bethesda, Maryland   20817
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(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   (301) 564-3200

Not Applicable
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Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On January 20, 2006, Ellen C. Wolf informed USEC Inc. (the "Company") that she will resign as Senior Vice President and Chief Financial Officer of the Company, effective late February, 2006. Ms. Wolf has accepted a similar position with her former employer, American Water Inc. The Company plans to conduct a search for Ms. Wolf’s replacement, considering both internal and external candidates.

John C. Barpoulis, age 41, will be appointed interim Chief Financial Officer, effective upon Ms. Wolf’s departure. Mr. Barpoulis joined the Company as Vice President and Treasurer in March 2005. Prior to joining the Company, Mr. Barpoulis was Vice President and Treasurer of National Energy & Gas Transmission, Inc., formerly a subsidiary of PG&E Corp., since 2003, and Vice President and Assistant Treasurer since 2000.

A copy of the Company’s press release announcing Ms. Wolf’s departure is attached hereto as Exhibit 99.1.





Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number--Description

99.1--Press release, dated January 24, 2006, issued by USEC Inc. announcing departure of Ellen Wolf.






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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    USEC Inc.
          
January 24, 2006   By:   /s/ Ellen C. Wolf
       
        Name: Ellen C. Wolf
        Title: Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)


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Exhibit Index


     
Exhibit No.   Description

 
99.1
  Press release, dated January 24, 2006, issued by USEC Inc. announcing departure of Ellen Wolf
EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE:
January 24, 2006

USEC Executive Tapped for American Water CFO Post

BETHESDA, Md. – Ellen Wolf, USEC senior vice president and chief financial officer, has accepted a similar position with a former employer and will leave USEC Inc. (NYSE: USU) in late February.

Wolf announced today that she will return to American Water Inc. in Voorhees, N.J. to facilitate that company’s potential sale or initial public offering as part of its divestiture from RWE. The German utility company announced in November that it plans to sell its water assets to focus on its energy business. Wolf will also join American Water’s board of directors.

“The opportunity to return to American Water to lead its financial team during this exciting period was a chance I could not pass up. My family still resides in New Jersey, so it is also an opportunity to return home,” Wolf said. “We are in the midst of closing our financial books for 2005, and I expect to remain with USEC until our results are filed in late February.”

John Barpoulis, vice president of Finance and treasurer, will serve as the interim chief financial officer while the Company conducts a search for a permanent replacement for Wolf, considering both internal and external candidates. Prior to joining USEC in March 2005, Barpoulis served as vice president and treasurer of National Energy & Gas Transmission, Inc., formerly a subsidiary of PG&E Corp.

“Ellen brought increased structure to our accounting and a widely respected insistence on the highest corporate ethics,” said John K. Welch, USEC president and chief executive officer. “She has shown strong leadership in greatly strengthening the company’s financial staff and improving controls required under Sarbanes-Oxley. We will miss her counsel and acumen but understand her desire to take advantage of this new opportunity with American Water. We wish her well.”

“I have been impressed with the strength and depth of USEC’s finance team and I am pleased that we have someone of John Barpoulis’ caliber and experience available to step into this position while we conduct our search. I am confident that our finance group will continue its excellence under John’s direction,” Welch said.

USEC Inc., a global energy company, is the world’s leading supplier of enriched uranium fuel for commercial nuclear power plants.

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Contacts:
 
Media:
Investors:
  Elizabeth Stuckle (301) 564-3399
Steven Wingfield (301) 564-3354