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NRG Announces Cooperation Agreement with Elliott Management and Bluescape Energy Partners
NRG Names Lawrence Coben as Chairman of the Board;
NRG Forms Business Review Committee; and
Pursuant to the terms of the cooperation agreements,
In addition, NRG has formed a five-person ad hoc committee of the Board
– the Business Review Committee (the “Committee”). The Committee will
work closely with NRG’s Board, Chief Executive Officer
1. Operational and cost excellence initiatives
2. Potential portfolio and/or asset de-consolidations, dispositions and optimization
3. Capital structure and allocation
4. Broader strategic initiatives
The Committee will be chaired by Wilder and will have four other
members: Smitherman, Gutierrez,
“Over the past year, NRG has made strides in streamlining our business, reducing costs, strengthening our balance sheet, selling non-core assets and exiting unprofitable business lines. We remain committed to building on that progress and I look forward to the contributions of our new directors and the new committee as we take further steps to improve performance and build shareholder value,” said Gutierrez. “I personally want to express my deep appreciation to Howard and Ed for their dedicated service to the Company and its stakeholders.”
“John and Barry bring broad experience across all areas of our business and we look forward to benefiting from their expertise and participation in the boardroom. We welcome them to the NRG Board,” said Coben. “I also want to thank Howard and Ed for their stewardship through their time on the Board.”
“We have tremendous confidence in Mauricio and his management team, and I look forward to working together with his team and the Board on a comprehensive high-performance plan for the benefit of all NRG stakeholders,” said Wilder. “I believe the Committee is the ideal way to take a fresh approach and conduct a comprehensive, fact-based performance assessment. I pledge to my fellow shareholders that the Business Review Committee will leave no stone unturned in our review. I believe a focus on a relentless execution of this plan will have the long-term benefit of furthering NRG as the preeminent integrated power company.”
“I want to thank Mauricio and his team for the collaborative,
constructive approach they have taken in reaching today’s agreement,”
said
Pursuant to the cooperation agreements, Elliott and Bluescape have each
agreed to customary standstill, voting, and other provisions. The full
cooperation agreement between NRG and Elliott and the full cooperation
agreement between NRG and Bluescape will be filed on a Form 8-K with the
About
Larry Coben has been a director of NRG since
About
About
About NRG
NRG is the leading integrated power company in the U.S., built on the strength of the nation’s largest and most diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 200 company, NRG creates value through best in class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers, large and small, we continually innovate, embrace and implement sustainable solutions for producing and managing energy. We aim to be pioneers in developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost 3 million residential and commercial customers throughout the country.
About Elliott
About Bluescape
Bluescape, founded in 2007, is a private investment firm focused on value-oriented investments in the upstream oil and gas and power industries. Bluescape employs a unique approach and long-term perspective, helping position companies for growth and value creation by providing capital and strategic oversight with its multi-disciplined team of executive-level managers, operators, strategic consultants, and restructuring advisors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170213005541/en/
Source:
NRG Energy, Inc.
Media:
Marijke Shugrue, 609.524.5262
or
Investors:
Kevin
L. Cole, CFA, 609.524.4526
Lindsey Puchyr, 609.524.4527