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Posted 24 May, 2023

FIRSTENERGY CORP appointed Mr. Tierney as new CEO

NYSE:FE appointed new Chief Executive Officer Mr. Tierney in a 8-K filed on 24 May, 2023.


  As previously disclosed, on March 22, 2023, the Board appointed Mr. Tierney, 55, to the position of President and Chief Executive Officer of the Company, effective as of June 1, 2023.  

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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, 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
$22.2B
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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 May 24, 2023, Jesse A. Lynn, a member of the Board of Directors (the "Board") of FirstEnergy Corp. (the "Company"), provided notice to the Company that he would not stand for re-election as a member of the Board at the Company's 2023 annual meeting of shareholders (the "Annual Meeting"). Mr. Lynn's service as a member of the Board ended upon the completion of the Annual Meeting. Mr. Lynn's decision not to stand for re-election is due to his desire to reduce his number of board commitments and is not due to any disagreements with the Company's operations, policies or procedures.


Also, on May 24, 2023, at the recommendation of the Corporate Governance, Corporate Responsibility and Political Oversight Committee, the Board appointed Mr. Brian X. Tierney as a director of the Company, effective June 1, 2023. Mr. Tierney has been appointed to serve for a term expiring at the Company's 2024 Annual Meeting of Shareholders and until his successor shall have been elected. Mr. Tierney will not receive any additional compensation in his role as a director of the Company. 


As previously disclosed, on March 22, 2023, the Board appointed Mr. Tierney, 55, to the position of President and Chief Executive Officer of the Company, effective as of June 1, 2023. Mr. Tierney served as Senior Managing Director and Global Head of Infrastructure Operations and Asset Management at Blackstone Inc. ("Blackstone") where he led the team that partners with executives of Blackstone Infrastructure's portfolio companies to create and accelerate value. Prior to joining Blackstone in July 2021, Mr. Tierney spent 23 years with American Electric Power Company Inc. ("AEP"), having served most recently as the Executive Vice President of Strategy in 2021. In that role he had responsibility for AEP's corporate strategy as well as its operational and performance management function. From 2009 to 2020, he served as the Executive Vice President and Chief Financial Officer of AEP. In that role, in addition to traditional finance and accounting activities, he was also responsible for strategy, procurement, supply chain, and fleet operations. 


As previously disclosed, the Company expects to enter into a Director and Officer Indemnification Agreement with Mr. Tierney prior to June 1, 2023, substantially in the form of the Director and Officer Indemnification Agreement previously filed with the SEC on May 16, 2018 as Exhibit 10.1 to the Company's Current Report on Form 8-K, which is incorporated herein by reference.