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NRG Energy Names New Board Members To, "Strengthen Customer Focus"

New Members Include Former Execs From Sprint, Citi & Capital One Customer-Facing Businesses, As NRG Makes Turn to More Customer-Focused Business

March 7, 2018

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Reporting by Paul Ring • ring@energychoicematters.com

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NRG Energy announced changes to its Board of Directors, including the immediate retirement of Walt Young, Evan Silverstein and Barry Smitherman and the appointment of two new independent directors: Matthew Carter and Heather Cox.

Following these changes, the Board size will be reduced to 12 directors.

"We are very pleased to welcome these two new independent directors to the Board, at a time when NRG is evolving its business to a more customer-focused approach. Their expertise and perspectives will serve NRG well going forward," said Larry Coben, NRG Board Chairman.

Matthew Carter served as President and Chief Executive Officer and a director of Inteliquent, Inc., a publicly-traded provider of voice telecommunications services, from June 2015 until February 2017 when Inteliquent, Inc. was acquired. Carter previously served as President of the Sprint Enterprise Solutions business unit of Sprint Corporation, a publicly-traded telecommunications company, from September 2013 until January 2015 and, prior to that, as President, Sprint Global Wholesale & Emerging Solutions at Sprint Nextel Corporation. Carter has significant marketing, technology and operational experience in customer-focused businesses.

Heather Cox has most recently served as Executive Vice President, Chief Technology & Digital Officer of United Services Automobile Association, Inc. Previously, Cox served as Chief Executive Officer, Head of Citi FinTech of Citigroup, Inc. from November 2015 to October 2016, and as Chief Client Experience, Digital and Marketing Officer, Global Consumer Bank of Citigroup, Inc. from April 2014 to November 2015. Prior to that, Cox served at Capital One Financial Corporation for six years, most recently as Executive Vice President, US Card Operations, Capital One from August 2011 to August 2014. Cox also served in various managerial and executive roles at E*Trade Financial for approximately ten years. NRG said that Cox is able to provide the Board with significant insight based on digital and technology transformation, innovation, machine learning, artificial intelligence, and data and analytics experience.

As part of its pivot to greater consumer focus for both large and small customers, NRG said that it, "continues on its three-year, three-part Transformation Plan aimed at reducing costs, optimizing the company’s portfolio, and improving its capital structure."

According to retiring NRG Board member Barry Smitherman, "As NRG evolves, this is an ideal time to refresh the Board and underscores the confidence in management and Board of Directors to guide the company through the execution of the Transformation Plan and beyond."

Smitherman will continue his involvement with NRG as a consultant to the company on a variety of government and regulatory matters.

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