Shattuck graduated from the Noble and Greenough School in Dedham, Massachusetts and received a Bachelor of Arts from Williams College and an Master of Business Administration from Stanford University, where he graduated as an Arjay Miller Scholar.
Not much is known about Shattuck"s career before joining Alex. Brown & Sons at its San Francisco office, where he played a role in arranging funding for various high-tech clients and public offerings for companies such as Microsoft and America Online. By 1991 he became president and chief operating officer at Alex.
Brown, second to future Central Intelligence Agency Executive Director A. B. "Buzzy" Krongard.
In 1997, they helped engineer the company"s sale to Bankers Trust for $1.7 billion. After Bankers Trust was acquired by Deutsche Bank, Shattuck served as Chairman of the Board of Deutsche Bank Alex.
Brown and also served as heads of Investment Banking and Private Banking. Shattuck resigned on September 12, 2001 as head of Deutsche Bank Alex.
Brown. On October 26, 2001, Shattuck was appointed President and Chief Executive Officer of Constellation Energy Group, and was elected Chairman of the Board in July 2002.
While Shattuck was Chief Executive Officer of Constellation Energy, the price of electricity paid by residential customers in the service area of the CEG wholly owned company BGE increased 72% when the temporary electricity rate price caps, which had set the price of electricity below the market price and were instituted with the deregulation of the electric market in Maryland, ended. In 2008, the stock price of Constellation Energy dropped from a $107.97 high to a low of $13.00. Shattuck was paid $15.7 million in 2010.
Shattuck chaired the company’s board, the same board that set his pay.
After Exelon completed its acquisition of Constellation Energy, Shattuck assumed the new role of Executive Chairman reporting under Exelon Chief Executive Officer Christopher Crane. Shattuck retired from Exelon on February 28, 2013
In 1997, Mayo Shattuck was made trustee of the Seagram Company, Limited.
Shattuck has several other notable past and current affiliations, including directorships at Gap, Incorporated and Capital One, positions on several lobbying and policy advocacy organizations (including the Edison Electric Institute, the Nuclear Energy Institute and the Institute of Nuclear Power Operations), board memberships at several educational institutions (Johns Hopkins, Stanford and the University of Maryland) and at The Walters Art Museum in Baltimore.
The Maryland governor complained about Shattuck"s pay, as did the editorial page of The Baltimore Sun, members of the Maryland Legislature, and some of the largest Constellation shareholders, to no avail.
