Summary
FirstEnergy Corp. (FE) announced a significant leadership transition on December 16, 2014, effective January 1, 2015. Charles E. Jones was appointed President and Chief Executive Officer, succeeding Anthony J. Alexander, who will transition to Executive Chairman of the Board. This planned succession is intended to ensure continuity, with Mr. Jones continuing to report to Mr. Alexander in his new role. Mr. Jones brings extensive experience within the company, having held various leadership positions since 1978, most recently as executive vice president and president of FirstEnergy Utilities. In addition to the CEO change, the Board of Directors also approved an increase in its size from fourteen to fifteen members, with Mr. Jones being elected as a director concurrently with his CEO appointment. George M. Smart will assume the role of Lead Independent Director, facilitating the transition. The company also noted that Mr. Jones' compensation will remain unchanged for the time being, and his officer indemnification agreement will be updated to a management director agreement. The filing does not indicate any related party transactions or disqualifications concerning Mr. Jones.
Key Highlights
- 1Charles E. Jones appointed President and CEO, effective January 1, 2015.
- 2Anthony J. Alexander transitions to Executive Chairman of the Board.
- 3George M. Smart appointed Lead Independent Director, effective January 1, 2015.
- 4Board size increased from 14 to 15 members, with Mr. Jones elected as a director.
- 5Mr. Jones has a long career with FirstEnergy and its predecessors, starting in 1978.
- 6No family relationships or reportable related party transactions exist between Mr. Jones and the company.
- 7Mr. Jones' current compensation remains unchanged, with a change in indemnification agreement.