P: So in a way he was your proteg6?

M: No, he was one of three vice-presidents that, when I reorganized the company
 toward the end of my first year in the company, I made an executive
 vice-president. We had three executive vice-presidents who were in the
 running, along with some other people inside and outside the company. But
 when the time came for the board to select a person who would be president
 when I became chairman, and presumably would be my successor, that board
 of directors committee selected him.

P: Was sixty-five the compulsory retirement here, or was this your own choosing?

M: I chose to make it that. When I came in there was no compulsory retirement
 at all. In fact, when I joined the company there were three officers of the
 company, or former officers, who were seventy or older, and a number of
 board members were in their seventies.

P: Concerning the holding company, which came into being in 1984, only one
 of its holdings is Florida Power and Light Company. What else is part of
 it?

M: We acquired a general personal lines insurance company called Colonial
 Penn Group which specialized in selling insurance to older people. This is
 a fairly large company. A significant part of its business is in Florida, but it
 is also heavily represented in California and Arizona.

P: Is this the insurance company that works with AARP [American Association
 of Retired Persons]?

M: It worked with AARP at one time.

P: How large a company is Colonial Penn? Is it very big? In other words, is
 it another Prudential or Aetna?

M: As many insurance companies go, it is small, but as many other companies
 go, it is large. It has a portfolio of about $2 billion.

P: So it is not a "mom and pop" operation at all.

M: That is right.

P: Where is its corporate headquarters?

M: Philadelphia.

P: Do you hold a position on its board?


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