RELATED WIKI ARTICLES
Back to NRG
NRG Energy, Inc. Plans for CFO Transition

NRG Energy, Inc. (NYSE: NRG) announced that Chief Financial Officer, Robert C. Flexon, is leaving NRG, effective November 2, to assume the position of President and Chief Executive Officer of Foster Wheeler USA Corporation, a subsidiary of Foster Wheeler AG, on November 16. Flexon has served on the Foster Wheeler AG Board of Directors since 2006. NRG’s Board of Directors has named Gerald Luterman interim Chief Financial Officer (CFO) while the Company conducts an internal and external search for a new CFO. Luterman, who currently sits on the NRG Board of Directors and its Audit Committee, served for eight years as CFO of KeySpan Corporation, one of the largest gas distribution and integrated energy companies in the U.S., until it was acquired in 2007 by National Grid.

“Bob has been, quite simply, pivotal to the success of NRG since we began through his careful stewardship of the NRG balance sheet and his relentless focus on achieving operating and financial excellence at NRG. A leader across the organization, a mentor to many, and a cherished colleague within our senior management team, personally and professionally, it has been my immense honor to work side-by-side with Bob for the past six years,” said David Crane, NRG Chief Executive Officer. “An organization cannot fail to feel the impact of the loss of a talented executive like Bob, but we are nonetheless extremely fortunate to have a seasoned, deep and highly disciplined financial team and an exceptionally knowledgeable and experienced interim CFO in Gerry Luterman.”

Prior to KeySpan, Luterman served as Senior Vice President and CFO with Arrow Electronics, and also has held senior-level financial positions with American Express, Emerson Electric and Booz-Allen & Hamilton. He is a director of Conti Group, AWP and Lutheran Medical Center. Born and raised in Montreal, Mr. Luterman qualified as a Canadian Chartered Accountant. He graduated from McGill University in Montreal, earning a Bachelor of Commerce degree, and received a Master of Business Administration from the Harvard Business School.

NRG expects Mr. Luterman to serve as the CFO of NRG through the successful conclusion of the search process for a permanent replacement which is expected to last at least through the announcement of the Company’s full year 2009 financial results anticipated to be released in late February 2010.

About NRG

NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country’s largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company’s power plants provide more than 24,000 megawatts of generation capacity—enough to supply more than 20 million homes. NRG’s retail business, Reliant Energy, serves more than 1.6 million residential, business, commercial and industrial customers in Texas. A past recipient of the energy industry’s highest honors—Platts Industry Leadership and Energy Company of the Year awards, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.

(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
Back to NRG
Wikinvest © 2006, 2007, 2008, 2009. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki