Centrus Energy on Monday announced that Chief Executive Daniel Poneman will step down from leadership of the uranium broker and enrichment technology developer at the first of the year.
He will be succeeded by Orano USA President and Chief Executive Amir Vexler on January 1.
Poneman joined Centrus in March 2015 and over eight years returned the company to profitability, Centrus said in a statement. Prior to joining Centrus Energy, he served as Deputy Secretary of Energy from 2009 to 2014. He also served as acting secretary of energy following the resignation of Secretary Steven Chu in April 2013 until his successor, Ernest Moniz was confirmed by the Senate in May of that year.
In October, Centrus inaugurated the first new U.S.-owned uranium enrichment plant to begin production in nearly 70 years and made its first delivery of high-assay, low-enriched uranium (HALEU) to the Department of Energy earlier this month.
“This transition comes at a time of strength for Centrus.,” said Mikel Williams, chairman of the Centrus board of directors. “On behalf of the board and our shareholders, I want to thank Dan for his outstanding leadership over the past eight years. The selection of Amir Vexler to succeed Dan next year reflects the culmination of our thorough succession planning process. Amir has a demonstrated track record of success as a CEO and a leader of nuclear fuel operations and is well-qualified to lead our continued growth and development in the years ahead.”
Centrus delivered 20 kilograms of HALEU to DOE in early November, fulfilling its initial obligation under a contract to make the material for a new generation of nuclear reactors.
Vexler, 50, will shepherd Centrus through the second phase of Centrus’ contract to produce HALEU for DOE that, with options, is worth up to $1 billion over 10 years. If the 20-kilogram test batch of HALEU passes muster with DOE, the agency would put Centrus on the hook to produce 900 kilograms of HALEU at its American Centrifuge Plant in Piketon, Ohio, by December 2024 in the second phase of the two-year contract’s base period.
Vexler is expected to serve as a Centrus employee from Dec. 4 until his appointment as chief executive officer on Jan. 1, according to a company filing with the Securities and Exchange Commission. His annual base salary will be $810,000, with potential annual bonuses of up to 125% of that amount, according to the filing.
“From the moment I arrived in Washington as a summer intern in 1975, I became deeply interested in the promise of nuclear energy and the importance of America’s global nuclear leadership – a cause that has been the focus of my professional life ever since,” Poneman said. “These past eight years have represented the culmination of that effort to restore America’s domestic uranium enrichment capability and leadership on the world stage. I am proud of the extraordinary work our dedicated team has done to strengthen our national security and build a domestic supply chain to fuel a new generation of advanced reactors around the world. I look forward to continuing to support the Company and its success going forward.”
Vexler has served as president and chief executive of Orano USA since 2021, overseeing that company’s U.S. sales of nuclear fuel, decommissioning services, used nuclear fuel management, and medical isotopes. He previously spent 20 years at General Electric, where he served in several leadership positions, including chief executive officer, chairman of the board, and chief operating officer of Global Nuclear Fuels, a joint venture of GE and Hitachi based in Wilmington, North Carolina.
“I am thrilled to be joining Centrus at a pivotal time for the company and the industry,” Vexler said. “With production of high-assay low-enriched uranium beginning at the company’s plant in Ohio, Centrus is in prime position to help fuel the future of nuclear energy. Centrus has tremendous growth potential and a critical role to play in meeting America’s energy security and national security needs.”
