FirstEnergy Solutions Names Board of Directors for Reorganized Company, Former Reliant President Among Directors
July 30, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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FirstEnergy Solutions Corp. ("FES" or "Company") has named the members of its Board of Directors (the "Board") for the reorganized company ("New Holdco") and their roles will become effective once the Debtors' successfully emerge from the Chapter 11 process.
FES said that it and its subsidiaries and FirstEnergy Nuclear Operating Company ("FENOC") remain on track to conclude the Chapter 11 proceedings in the fourth quarter of 2019 and emerge as a fully integrated independent power producer, "with a significantly strengthened business."
The New Holdco Board of Directors will be led by Executive Chairman John Kiani. The company said that Kiani has been a critical part of the Company's operational and financial improvement efforts in all business areas, in addition to key negotiations during the Chapter 11 process.
Joining Mr. Kiani on the new Board of Directors are:
John W. Judge, President and CEO of FES. Mr. Judge was named to his current role in February 2019. He has more than 25 years of management and leadership experience in the telecom and energy industries, most recently served as Chief Risk Officer of FirstEnergy Corp.
Stephen E. Burnazian, Executive Vice President of FES, Corporate Development. Mr. Burnazian was appointed to his current role in March 2019. He previously served as Senior Vice President with Avenue Capital Group, where he focused on principal investments in the merchant power, infrastructure and utility industries.
Douglas G. Johnston, CFA, Managing Director and Senior Research Analyst at Nuveen. Mr. Johnston specializes in corporate-backed industrial development in the energy, utility, building materials, metals and commodities sectors and serves as Nuveen's lead analyst covering FES.
Jennifer R. Kneale, Chief Financial Officer of Targa Resources Corp. Ms. Kneale is the senior finance executive at Targa Resources where she is responsible for the key financial, accounting and risk management functions. At Targa, she has worked on a number of M&A transactions, including both the acquisition of and divestiture of assets, and the formation of capital raising joint ventures with private equity and strategic partners. Prior to joining Targa, she worked in private equity, structured commodities transactions, asset management and investment banking.
John W. Pitesa, Senior Nuclear Energy Executive. Mr. Pitesa is a veteran of the nuclear energy industry with 40 years of experience. Mr. Pitesa served as Chief Nuclear Officer for Duke Energy, where he led the company's industry leading nuclear organization with ownership and operation of six nuclear plants.
Kevin T. Howell, Chairman of the Board for Atlantic Power Corp. Mr. Howell previously served as Chief Operating Officer at Dynegy Inc. during the company's restructuring in 2011 and oversaw plant and commercial operations and environmental, health and safety. Prior to joining Dynegy, Mr. Howell served as President of NRG Texas and Reliant Energy, in addition to senior roles at Dominion Resources and Duke Energy. Mr. Howell also serves as a director for TexGen LLC and Homer City Holdings, LLC.
John C. Blickle, Independent Director for FES. Mr. Blickle has been an independent director of FES since November 2016 and has provided thoughtful guidance for the business and oversight of the restructuring process. Mr. Blickle currently serves as president of Rubber City Arches, a franchisee of numerous McDonald's restaurants in Northeast Ohio.
The U.S. Bankruptcy Court is scheduled to consider confirmation of the Company's Plan of Reorganization on August 20 and August 21, 2019. "The schedule allows FES and FENOC to remain on track to emerge from the Chapter 11 process late in 2019. The transactions contemplated under the Plan are subject to a variety of conditions, including the entry of an order of the Bankruptcy Court confirming the Plan and the satisfaction of other conditions to the effectiveness of the Plan, including all regulatory approvals," FES said