NRG Energy has announced that its president and CEO, Mauricio Gutierrez, has left the company and resigned from the board of directors. In addition, pursuant to a cooperation agreement with Elliott Investment Management, four new independent directors will be joining the board.
Planned CEO Departure
The departure of CEO Mauricio Gutierrez comes as no surprise, as it was previously reported that Elliott Investment Management was seeking to remove Gutierrez and other members of management. Gutierrez had been serving as NRG’s president and CEO since December 2015 and as a director since January 2016.
Cooperation Agreement with Elliott Investment Management
Elliott Investment Management returned in May after several years off and has been welcomed by investors. NRG’s shares have rallied over 50% in 2023, largely due to the news of Elliott’s involvement.
Interim CEO Appointment and Comprehensive Review
NRG’s board has initiated a search for a permanent CEO, but in the interim, Chair Lawrence Coben will be stepping into the roles of president and CEO. The company has also announced that it will be conducting a comprehensive review of its operations and cost structure to identify opportunities for increased efficiency and improved capital return to shareholders.
Forward Focus and Financial Guidance
NRG remains committed to its financial guidance for 2023 and 2024. The company aims to further enhance its capital return to shareholders through its comprehensive review and operational improvements.
NRG stock is showing a slight increase of 0.9% in premarket trading, reaching $48.50.