Local Digest

Casteen to join Altria board after leaving University of Virginia

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Tuesday, February 23, 2010

CORPORATE GOVERNANCE

U-Va. president to join Altria board

Altria Group, the parent company of the cigarette maker Philip Morris, said University of Virginia President John T. Casteen III has been elected to the company's board of directors.

The move increases the size of the Richmond company's board to 10 directors.

The 66-year-old Casteen is leaving office Aug. 1 after 20 years as the school's president. He is set to become president emeritus of the Charlottesville school.

Casteen serves as a director at Sage Publications, Jefferson Science Associates and the Virginia University Research Partnership.

-- Associated Press

EARNINGS

Constellation Energy swings back to profit

Constellation Energy Group said it returned to profit in the fourth quarter, bolstered by the sale of half of its nuclear energy business.

For the quarter ended Dec. 31, the Baltimore utility company reported net income of $4.42 billion, compared with a net loss of $1.41 billion a year earlier. The sale of 49.9 percent of its nuclear unit netted $4.5 billion. Revenue fell to $3.4 billion from $4.85 billion last year.


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