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Elliott Investment Management is in talks with potential candidates to replace NRG Energy (NYSE:NRG) CEO Mauricio Gutierrez and other top executives, The Wall Street Journal reported late Wednesday.
In response, an NRG (NRG) spokesperson said “the board fully supports NRG’s CEO Mauricio Gutierrez and management team and the strategy they are executing to drive substantial shareholder value.”
Elliott disclosed last month it had taken a $1B stake in the company, a ~13% stake, and said in a public letter it aimed to refresh NRG’s (NRG) board, cut costs and implement a strategic review of the company’s Vivint home services unit; the letter called the acquisition of Vivint “the single worst deal in the power and utilities sector during the past decade.”
Gutierrez became NRG’s (NRG) CEO in 2015 after serving as COO; he joined the company in 2004.
The company said earlier this month that Alberto Fornaro was departing as CFO, succeeded by Bruce Chung, who had served as head of strategy and M&A since 2016.
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