FirstEnergy CEO to step down with immediate effect

Cleveland (WJW) — first energy has announced that it is making several leadership changes. This will take effect immediately.

Stephen E. Stora stepped down as the company’s president and CEO on Thursday. first release of energy.

According to FirstEnergy, Strah does not receive any severance pay or severance pay, but is eligible for certain severance payments. SEC report.

“On behalf of the Board of Directors, we would like to thank Steve for his many years of service and contributions to FirstEnergy, and wish him every success in his next chapter.” Seek to identify visionary leaders who will continue to drive strong performance across the business while continuing to foster an environment of uncompromising integrity and shared responsibility in which to operate. As of now, we are fortunate to have a leader with John’s skills and experience to fill the role on an interim basis to ensure the company continues to maintain strong momentum.”

John W. Somerhalder II, 66, became interim president and chief executive officer on Friday and will continue to serve as chairman of the board.

“I look forward to working with our management team and dedicated FirstEnergy employees to continue delivering exceptional value to our customers and shareholders,” said Somerhalder. “With the continued support of our Board of Directors, we welcome the opportunity to lead the company during this transition period, positioning the business for long-term stability and success, and to become a more resilient, forward-looking company. oversees the ongoing execution of its strategies.”

Somerhalder’s base salary starts at $1,250,000, according to the company. From there, he targets 125% of Somerhalder’s annual base salary and participates in the company’s short-term incentive program with a maximum value equal to 200% of his target bonus.

As of July 2021, the Akron-based company will: Suspended Prosecution Settlement A bribery case demanding the company pay a $230 million fine.

The company covertly funded a $60 million bribe scheme to win legislation for a $1 billion bailout for two nuclear plants when legislation passed in July 2019. has been denounced by the authorities as

Strah acknowledged that the company’s conduct in the bribery scheme was “wrong and unacceptable.”