NRG Energy, Inc.: Plans for CFO Transition
NRG Energy, Inc. Plans for CFO Transition
Date: 10/20/2009 5:18:00 PM
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PRINCETON, N.J.-- Oct. 20, 2009-- NRG Energy, Inc. 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.
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.
Source: NRG Energy, Inc.
NRG Energy, Inc.Media:
Meredith Moore, 609-524-4522
Lori Neuman, 609-524-4525
David Knox, 713-795-6106 or Investors: Nahla Azmy, 609-524-4526
David Klein, 609-524-4527
Erin Gilli, 609-524-4528