Houston. June 24, 2011. Dynegy’s Board of Directors appointed Robert C. Flexon, currently a Dynegy independent director, as President and Chief Executive Officer, effective July 11, 2011. Flexon will replace E. Hunter Harrison, who has served as interim President and Chief Executive Officer since April 2011. Harrison will be resuming his role as an independent director and will serve as non-executive chairman of Dynegy’s Board of Directors.
“Bob’s industry knowledge, financial acumen and broad experience in operations will provide the company with the leadership needed for the successful rebuilding and restructuring of our Company,” said Harrison. In addition to his role as President and Chief Executive Officer, Flexon will continue to serve on the Company’s Board of Directors.
“Dynegy’s portfolio of assets combined with its experienced workforce provides the foundation from which we can reestablish the Company as an energy industry leader,” said Flexon. “The restructuring plan that the Company is developing will, when finalized, serve as a platform for improving the Company’s financial condition and performance and will serve as a solid beginning in this effort. I’m excited to lead and be part of the Dynegy organization where the focus will be creating value for its stockholders.”
Flexon, 52, has served as the Chief Financial Officer of UGI Corporation, a distributor and marketer of energy products and related services, since February 2011. He was the Chief Executive Officer of Foster Wheeler AG from June 2010 until October 2010 and the President and Chief Executive Officer of Foster Wheeler USA from November 2009 until May 2010. Prior to joining Foster Wheeler, Flexon was Executive Vice President and Chief Financial Officer of NRG Energy, Inc. from February 2009 until November 2009. He previously served as Executive Vice President and Chief Operating Officer of NRG Energy from March 2008 until February 2009 and as its Executive Vice President and Chief Financial Officer from 2004 to 2008. Prior to joining NRG Energy, Flexon held various key executive positions with Hercules, Inc. and Atlantic Richfield Company.
Kevin T. Howell has been named Executive Vice President and Chief Operating Officer of the Company, effective July 5, 2011, and that Clint C. Freeland has been named Dynegy’s Executive Vice President and Chief Financial Officer, effective July 5, 2011.
Both Howell and Freeland will serve on the Company’s executive management team and report to Robert C. Flexon, who was recently named as Dynegy’s President and Chief Executive Officer.
As Executive Vice President and Chief Operating Officer, Howell will manage the Company’s 11,600 megawatt fleet, which currently consists of power generation assets in the Midwest, West and Northeast. As Executive Vice President and Chief Financial Officer, Freeland will be responsible for Dynegy’s financial affairs, including finance and accounting, treasury, tax and banking and credit agency relationships.
“I have had the opportunity to work with both Kevin and Clint over the past years, and their industry knowledge, proven abilities in executive leadership roles and their team-oriented style will be invaluable to Dynegy,” said Flexon. “Kevin’s impressive commercial and operating skills combined with Clint’s experience in financial structuring and his knowledge in all facets of finance will greatly benefit Dynegy at this important juncture as we embark on building a new future for the Company.”
Howell, 53, retired in August 2010 from NRG Energy, where he had served as President of NRG Texas and Reliant Energy since August 2008. Prior to that he was NRG Energy’s Executive Vice President and Chief Administrative Officer from January 2008 to August 2008 and Executive Vice President, Commercial Operations from August 2005 to January 2008. Before joining NRG Energy, Howell served in a variety of operating and commercial positions with several domestic and international energy companies.
Freeland, 42, has served as NRG Energy’s Senior Vice President, Strategy & Financial Structure since February 2009, where he developed a venture capital partnership investment fund to invest in emerging energy company technologies. He was NRG Energy’s Senior Vice President and Chief Financial Officer from February 2008 to February 2009 and its Vice President and Treasurer from April 2006 to February 2008. Prior to joining NRG Energy, Freeland held various key financial roles within the energy sector.
Through its subsidiaries, Dynegy Inc. produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 11,600 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil.