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Con Edison Media Relations
Richard D. Mulieri, Director
Telephone: (212) 460-4111

For Immediate Release: August 13, 1997

ROBERT P. STELBEN ELECTED VICE PRESIDENT, FINANCE

Con Edison announced today that Robert P. Stelben has been elected vice president, finance, effective August 18.

Stelben will become vice president and treasurer later this year, when the companyís vice president and controller, John F. Cioffi, will retire. At that time, Vice President and Treasurer Hyman Schoenblum will become vice president and controller.

"Stelbenís extensive financial experience outside of the utility industry will be a tremendous asset to Con Edison as we move rapidly into a deregulated utility marketplace," said Joan S. Freilich, the utilityís chief financial officer.

Before coming to Con Edison, Stelben was vice president and treasurer at Johnson & Higgins, an insurance brokerage, risk management and benefit consulting firm. Previously, he was vice president and treasurer at BTR Americas, Marsh & McLennan and Norton Simon, Inc. Earlier in his career, Stelben held financial positions at Avis, Inc., Eastern Airlines and Sperry Rand Corporation.

Stelben earned an MBA with a concentration in finance from St. Johnís University and a B.A. in economics from Manhattan College. He resides in Darien, Connecticut.

John Cioffiís retirement marks the end of a distinguished 37-year career with Con Edison. He has served in his current position since July of 1996 and previously held positions as treasurer and assistant vice president, general accounting.

"During his time with the company, John has earned the respect and admiration of all those with whom he has worked, in the Company, in the industry and in the financial community. His dedication to his job and loyalty to Con Edison, its customers and shareholders have played an important role in the companyís success," said Eugene R. McGrath, Con Edisonís chairman and chief executive officer.

Hyman Schoenblum was elected vice president and treasurer in March of this year. He joined Con Edison in 1971 and has held positions of increasing responsibility in its Finance and Corporate Planning departments.

Con Edison is one of the nation's largest investor-owned utilities, with nearly $7 billion in annual revenues and $14 billion in assets. The company provides electric, gas and steam service to three million customers in New York City and Westchester County, New York.




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