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Posted 08 March, 2021

FIRSTENERGY CORP appointed Mr. Steven E. Strah as new CEO

NYSE:FE appointed new Chief Executive Officer Mr. Steven E. Strah in a 8-K filed on 08 March, 2021.


  On March 7, 2021, the Board of Directors (the "Board") of FirstEnergy Corp. ("FirstEnergy" or the "Company") appointed Mr. Steven E. Strah to the position of Chief Executive Officer of FirstEnergy, effective as of March 8, 2021.  

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Overview of FIRSTENERGY CORP
Companies on the Energy Service • Electric Utilities
FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Corporate or Other. The Regulated Distribution segment distributes electricity through FirstEnergy's utility operating companies, serving various customers. The Regulated Transmission segment transmits electricity through transmission facilities owned and operated by FirstEnergy's utilities. The Corporate or Other segment reflects corporate support and other costs not charged or attributable to the utilities or transmission companies. The company was founded in 1996 and is headquartered in Akron, OH.
Market Cap
$21.4B
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FIRSTENERGY CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On March 7, 2021, the Board of Directors (the "Board") of FirstEnergy Corp. ("FirstEnergy" or the "Company") appointed Mr. Steven E. Strah to the position of Chief Executive Officer of FirstEnergy, effective as of March 8, 2021. Mr. Strah has served as Acting Chief Executive Officer of the Company since October 29, 2020, and will continue to serve as President of the Company, a position he has held since May 2020. On March 7, 2021, at the recommendation of the Corporate Governance and Corporate Responsibility Committee, the Board also elected Mr. Strah as a Director of the Company, effective as of March 8, 2021, increasing the size of the Board from 11 to 12 members. Mr. Strah has been elected to the Board to serve for a term expiring at the Company's 2021 Annual Meeting of Shareholders and until his successor shall have been elected. 


Mr. Strah, age 57, previously served as Senior Vice President and Chief Financial Officer of the Company from 2018 to 2020, Senior Vice President and President of FirstEnergy Utilities from 2015 to 2018, and President at various FirstEnergy subsidiaries from 2001 to 2014.


Also on March 7, 2021, at the recommendation of the Compensation Committee of the Board, the Board approved the following compensation package for Mr. Strah in connection with his new positions, effective as of March 8, 2021, subject to applicable tax withholding:


-Annual base salary rate of $1,100,000;

-An increase in his short-term incentive award target opportunity from 100% to 115% of base salary, with such opportunity for 2021 prorated for the length of the performance period served in his prior and new capacities; and

-An increase in his long-term incentive award target opportunity from 375% to 450% of base salary. 


Mr. Strah will be subject to the Company's share ownership guidelines, under which his target share ownership will be 700% of his annual base salary. 


As previously disclosed, Mr. Kenneth A. Strah, brother of Mr. Steven E. Strah, serves as Director of Customer Contact Centers for the Company and its subsidiaries. Mr. Kenneth A. Strah has been employed by the Company since 1980. From January 1, 2020 through the date of this Current Report on Form 8-K (approximately 14 months), Mr. Kenneth A. Strah received compensation in the aggregate amount of approximately $383,000.