FirstEnergy Announces CEO Transition – QNT Press Release


President and Chief Executive Officer Steven E. Strah to Retire

John W. Somerhalder Appointed Interim President and Chief Executive Officer

Board to Initiate Search for Permanent Successor

AKRON, Ohio, Sept. 15, 2022 /PRNewswire/ — FirstEnergy Corp. (NYSE:FE) today announced that John W. Somerhalder IIchair of the FirstEnergy Board of Directors, has been named interim president and chief executive officer (CEO), effective September 16, 2022. Mr. Somerhalder’s appointment follows Steven E. Strah’s decision to retire as president and CEO of FirstEnergy and as a member of the Board of Directors.

Mr. Somerhalder will continue to serve as chair of the FirstEnergy Board and work closely with the company’s executive team. The FirstEnergy Board will commence a search of external candidates to identify a permanent CEO. The Board of Directors has completed its previously announced management review.

“I look forward to working with the company’s executive team and dedicated FirstEnergy employees to continue delivering exceptional value to our customers and shareholders,” said Mr. Somerhalder. “With the Board’s continued support, I welcome the opportunity to lead the company during this transition and oversee the continued execution of our strategy to become a more resilient and forward-looking company, positioning the business for long-term stability and success.”

“On behalf of the Board, I would like to thank Steve for his many contributions and years of service to FirstEnergy and wish him well in his next chapter,” said Lisa Winston Hickslead independent director of the FirstEnergy Board. “In our search, we will look to identify a visionary leader to continue driving strong performance across the business, while continuing to foster an environment of uncompromising integrity and shared responsibility to execute on the company’s strategic priorities . As we conduct this search for a permanent CEO, we are fortunate to have a leader of John’s caliber and experience to step into the role on an interim basis to ensure that the company continues building on its strong momentum.”

“We have been encouraged to see the company’s ongoing efforts to strengthen compliance, operational excellence and its balance sheet,” said Sean KlimczakBlackstone’s Global Head of Infrastructure and FirstEnergy director. “They serve as an important step in FirstEnergy’s path to delivering exceptional customer service and ensuring transparency with its partners. We are excited about the company’s growth potential and look forward to continuing our partnership as they build upon this momentum.”

“With the company’s operational momentum and portfolio of irreplaceable assets, we believe FirstEnergy is well-positioned to capitalize on long-term sustainable investments to meet customers’ needs while growing value for shareholders,” said Andrew Tenoportfolio manager of Icahn Capital LP and FirstEnergy director. “We look forward to continuing to support the company as it executes its transformation.”

“It has been a great honor to be part of the FirstEnergy family for more than 38 years,” Mr. Strah said. “I want to express my gratitude to the extremely dedicated employees, as well as our incredibly talented management team. I believe the future holds great opportunity for this organization.”

Financial Update

FirstEnergy’s outlook for 2022 continues to be strong, …

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