NRG Energy Inc. Announces Leadership Change and Board Expansion

Published: Nov. 20, 2023 at 7:20 a.m. ET

Shares of NRG Energy Inc. (NRG) surged 0.9% in premarket trading on Monday, reaching a new record high. The company disclosed that Chief Executive Officer Mauricio Gutierrez has departed the firm after eight years at the helm and a total of 19 years with the company. This move comes as part of a cooperation agreement between NRG Energy and activist investor Elliott Investment Management, which includes the addition of four independent directors to NRG Energy's board.

Elliott Investment Management has been vocal about its desire to see Gutierrez removed as CEO and has consistently questioned his ability to retain the support of key investors. With this leadership change, NRG Energy aims to address these concerns and foster a new era of growth and stability.

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