Entergy's Board of Directors Elects J. Wayne Leonard Chairman and CEO; Robert v.d. Luft Announces Retirement

NEW ORLEANS, July 17 /PRNewswire-FirstCall/ -- Entergy Corporation today announced that its Board of Directors has elected J. Wayne Leonard to the position of chairman and chief executive officer effective August 1, 2006 following the retirement of Robert v.d. Luft, Entergy's current non-executive chairman.

As provided under the company's corporate governance guidelines, the Board also initiated a process to name a lead independent director in the near future.

During 2005, Luft reached the mandatory retirement age for Board members to stand for re-election as specified in the guidelines; he continued to serve as chairman for the past three months at the request of the Board. Leonard, 55, currently holds the position of chief executive officer.

"The Board and the company are fortunate in having Wayne take on the dual role of chairman and CEO," said Luft.

"It has been an honor to work side-by-side with Bob over the last eight years," said Leonard. "Under the leadership of Bob and the Board, we implemented a new strategy that transformed Entergy into an industry leader, creating a legacy of businesses and assets that position the company well for the future. Throughout our successes and our challenges, Bob has been a steady hand -- disciplined and focused -- and he has been an inspirational leader and a mentor to me."

Luft, a retired senior vice president of DuPont who also served as chairman of the board of DuPont Dow Elastomers, president of DuPont Europe and chairman of DuPont International, was elected chairman of Entergy Corporation in mid-1998. He also fulfilled the role of acting chief executive officer until Leonard's appointment as chief executive officer became effective in early 1999. Shortly after Luft's appointment, the Board launched a turnaround strategy designed to increase shareholder value by narrowing the company's focus on fewer businesses that were aligned with its core competencies, by divesting underperforming businesses and by restoring the company's overall financial health.

The strategy produced tangible benefits for shareholders as evidenced by the company's financial performance and by the recognition the company received from various industry organizations. Entergy's equity market capitalization grew from less than $7 billion at the time Luft became chairman to more than $15 billion today, and the company's operational earnings nearly doubled from $2.22 per share in 1998 to $4.40 per share for the year ended December 31, 2005.

During Luft's chairmanship, Entergy was recognized by the Edison Electric Institute for having the top total shareholder return for five year periods ending September 30, 2003 and September 30, 2004. The company twice received EEI's highest honor, the Edison Award, in 2002 and 2005, and the company was named 2002 Power Company of the Year and 2003 Global Energy Company of the Year by Platt's/Business Week Global Energy Awards.

Leonard joined Entergy in 1998 as chief operating officer after 25 years at Cinergy Corporation and its predecessor Public Service of Indiana. He was appointed chief executive officer of Entergy Corporation effective January 1, 1999. Over the last seven years, Leonard successfully implemented the company's refocused strategy through a combination of operational excellence initiatives and portfolio management transactions that were consistent with a dynamic, market-based point of view. Leonard cultivated a renewed emphasis on the utility business that resulted in improved operating performance and more constructive regulatory relationships. He oversaw the growth of Entergy's competitive nuclear business-a business that transformed the company's nuclear operating expertise into a multi-billion Dollar portfolio of nuclear plants and operating contracts that contributed nearly $300 million to earnings in 2005.

Under Leonard's direction, Entergy formed a successful energy trading and gas pipeline venture-the subsidiaries of which were later sold to third parties in value-creating transactions. At the same time, the company established a reputation for protecting shareholder value by being the first mover to sell assets or exit businesses in markets with declining fundamentals.

During his tenure at Entergy, Leonard also has demonstrated industry leadership through articles published on competitive market structure alternatives as well as environmental and low income customer issues.

Leonard's achievements have been widely recognized. He was named CEO of the Year by Platt's Global Energy Awards in 2003, and was a finalist for the title in each year from 2001 through 2005. The National Fuel Funds Network gave Leonard the 2002 Sister Pat Kelley Award for Achievement on low income energy issues, and he was recognized by Institutional Investor as "Best CEO" among electric utilities in 2003. In 2004, he received Diversity Best Practices' CEO Diversity Leadership Award, and he has received numerous other awards and recognition for his business achievements and social contributions.

Leonard is a member of the Board of Directors of Tidewater, Inc. He earned a B.S. degree in accounting and political science in 1973 from Ball State University, an M.B.A. from Indiana University in 1987, and an honorary doctorate of law degree from Ball State University in 2004. He is a certified public accountant.

Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of more than $10 billion and approximately 14,000 employees.

Entergy's online address is http://www.entergy.com/.