Cameco Responds to Leadership Shift: Westinghouse President and CEO Steps Down

Saskatoon, Saskatchewan, Canada, January 9, 2025

Cameco (TSX: CCO; NYSE: CCJ) recognizes the committed efforts and guidance of Patrick Fragman throughout his time as President and CEO of Westinghouse Electric Company. Today, Patrick made known his decision to step down from his role at Westinghouse, effective March 31, 2025, to dedicate more time to his family in Europe. Patrick has been at the helm of Westinghouse since 2019.

“Westinghouse is a trailblazer in the nuclear energy sector and is seen as a frontrunner in nuclear innovation and plant services,” stated Tim Gitzel, president and CEO of Cameco. “We express our gratitude to Patrick for his guidance and wish him and his family the best for the future.”

With immediate effect, Westinghouse’s previous President of Operating Plant Services, Dan Sumner, has been designated deputy CEO. Commencing April 1, 2025, he will act as interim president and CEO until a successor is appointed.

A search process is currently in progress, and Westinghouse’s board will select a new president and CEO. As co-owners of Westinghouse, Cameco and Brookfield each maintain three positions on the board.

Profile
Cameco stands as one of the largest global suppliers of the uranium fuel necessary to power a clean-air future. Our strong position is founded on our controlling ownership of the world’s largest high-grade reserves and cost-effective operations, alongside significant investments throughout the nuclear fuel cycle, which includes ownership stakes in Westinghouse Electric Company and Global Laser Enrichment. Utilities worldwide depend on Cameco for global nuclear fuel solutions that generate safe, dependable, and carbon-free nuclear energy. Our shares are traded on the Toronto and New York stock exchanges. Our headquarters is located in Saskatoon, Saskatchewan, Canada.

In this press release, terms such as we, us, our, the Company, and Cameco refer to Cameco Corporation and its subsidiaries unless specified otherwise.

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Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com

Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com