Constellation Energy Group's board of directors on Friday elected Samuel Minzberg to fill a seat slated for its French partner.
Minzberg is replacing Daniel Camus, chief financial officer of French EDF Group, which is the Baltimore company's largest shareholder and a partner in a nuclear development venture between the two companies. No reason was given for Camus' resignation.
Minzberg is a partner in the Montreal law firm of Davies Ward Phillips & Vineberg.
The two companies have been trying to develop nuclear projects in the U.S., most prominently at Calvert Cliffs in Southern Maryland. But the plans were thrown into doubt this month when Constellation pulled out of negotiations with Obama administration officials over a federal loan guarantee deemed crucial to the Calvert Cliffs project.
Constellation offered last week to sell its half-stake in the project to EDF, after the French company offered to buy out the Baltimore company's interest in their nuclear development venture and move the Calvert Cliffs project forward — provided that Constellation not force EDF into another deal.
EDF and Constellation are at odds over a provision that gives Constellation the option to sell some of its nonnuclear power plants to EDF for up to $2 billion. That so-called put option, which expires Dec. 31, was part of an EDF agreement that bailed Constellation out of a financial crisis two years ago.
EDF gained a seat on the board when the bailout deal closed.
Minzberg's compensation includes an annual cash retainer of $50,000, meeting fees of $1,500 for each board and committee meeting attended and a restricted stock award worth $85,000. The compensation will be pro-rated to reflect Minzberg's tenure.