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NRG Names CEO, President
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NRG Energy, Inc.('NRG' or the 'Company') today announced the appointment of Lawrence Coben as President and Chief Executive Officer.
Coben has been serving as NRG's Interim Chief Executive Officer since November 20, 2023. Coben was appointed Chair of the NRG Board of Directors in 2017 and will continue as Chair of the Board as part of his new role.
From 2003 to 2017, Coben was Chairman and Chief Executive Officer of various affiliates of Tremisis Energy. Coben also served on the Board of Directors of SAESA, a Chilean utility, from 2008 to 2010, the Board of Prisma Energy from 2003 to 2006, and the advisory board of Morgan Stanley Infrastructure II, L.P. from 2014 to 2016.
In an 8-K, NRG reported that, an Employment Agreement with Coben entitles Coben to an annual base salary of $1,450,000. For each annual period thereafter, the Board will determine
whether to increase Coben’s annual base salary.
The Employment Agreement provides that Coben is eligible to receive an annual bonus at a target amount equal to 125% of base salary, which will be prorated for 2024, based on achievement of criteria determined by the Board
More specifics on compensation to Coben is available in NRG's 8-K filed on August 1
NRG further reported in the 8-K that, pursuant to the Cooperation Agreement with Elliott Management entered into in November 2023, Anne Schaumburg, most recently Lead Independent
Director, and Paul Hobby will resign from the Board effective September 30, 2024.
The size of the Board will be reduced to eleven members
following their resignation.
In connection with the appointment of Coben as Chief Executive Officer, Antonio Carrillo was appointed to serve as
Lead Independent Director effective August 1, 2024.
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August 1, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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