Dive Brief:
- Former FirsrtEnergy CEO Anthony Alexander will step down from a recently-created executive chairman post, as well as retiring from his position on the company's board of directors.
- FirstEnergy announced Alexander's departure in advance of its earnings release this week, noting the company's results came in near the upper end of the most recent guidance range.
- The company reported 2014 operating (non-GAAP) earnings of $2.56 per basic share of common stock.
Dive Insight:
Anthony Alexander, who was FirstEnergy's longest-serving CEO, will retire from the company this year. He will conclude his role as executive chairman on April 30, after 43 years with the company. He also will leave FirstEnergy's board effective May 1.
The Plain Dealer notes that Alexander's departure comes just four months after he took the on the executive chairman title. George Smart, currently the company's lead independent director, will return to his prior role as chairman of the FirstEnergy board of directors, effective May 1.
"Tony's passion for FirstEnergy was always apparent, whether talking with governors and other senior political leaders, Wall Street analysts and shareholders, or company employees in a utility line shop or power plant floor," Smart said,
Alexander began his career in 1972 within the tax department of Ohio Edison and helped facilitate the 1997 merger with Centerior Energy that formed FirstEnergy. He was elected executive vice president and general counsel of the new organization.
According to Smart, he "helped propel the company to the forefront of the energy industry."
FirstEnergy said its fourth quarter 2014 operating (non-GAAP) earnings were 80 cents per basic share of common stock.
"In 2014, we successfully launched our Energizing the Future transmission investment program, and laid the groundwork to support continued investment in our regulated businesses," said Charles Jones, FirstEnergy president and CEO. "This year, we will continue to execute these regulated growth plans, and lay the path for future growth and success that can benefit our customers, employees and shareholders."
