UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | February 18, 2009 |
NRG Energy, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 001-15891 | 41-1724239 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
211 Carnegie Center, Princeton, New Jersey | 08540 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 609-524-4500 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 18, 2009, NRG Energy, Inc. (the "Company") announced certain changes to its management team. As part of these changes, Robert Flexon will return to his prior role as the Company’s Chief Financial Officer and John Ragan will serve as the Company’s Chief Operating Officer. A copy of the press release is filed as Exhibit 99.1 to this report on Form 8-K and is hereby incorporated by reference.
Mr. Flexon, 50, served as the Company’s Chief Financial Officer from March 2004 to March 2008, at which point he assumed the role of Chief Operating Officer. Prior to joining the Company, from June 2000 to March 2004, Mr. Flexon was Vice President, Corporate Development & Work Process and Vice President, Business Analysis and Controller of Hercules, Inc.
John Ragan, 49, served as the Company’s Executive Vice President and Regional President, Northeast since December 2006. Prior to joining the Company, Mr. Ragan was Vice President of Trading, Transmission, and Operat
ions at FPL Energy in 2006 and also served as Vice President of Business Management for FPL Energy’s Northeast Region from August 2005 through July 2006. Prior to this, Mr. Ragan served as General Manager – Containerboard and Packaging for Georgia Pacific Corporation from October 2004 through July 2005. Prior to this, Mr. Ragan served in increasing roles of responsibility for Mirant Corporation from 1996 through 2004, serving as Senior VP and Chief Executive Officer of Mirant Corporation’s International Group from August 2003 to July 2004. As Chief Operating Officer, Mr. Ragan’s 2009 base salary will be $480,000.
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 - Press Release dated February 18, 2009
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NRG Energy, Inc. | ||||
February 19, 2009 | By: |
/s/ Michael R. Bramnick
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Name: Michael R. Bramnick | ||||
Title: Sr. Vice Pres. & General Counsel |
Exhibit Index
Exhibit No. | Description | |
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99.1
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Press Release, dated February 18, 2009 |
Exhibit 99.1
NRG Energy, Inc. Realigns Senior Management to Capitalize on
2009 Opportunities
PRINCETON, NJ; February 18, 2009NRG Energy, Inc. (NYSE: NRG) announced the following changes in the assignments of its management team. Robert Flexon will return to his prior role as Chief Financial Officer and John Ragan, currently President of NRGs Northeast Region, will assume the position of Chief Operating Officer. J. Andrew Murphy will move from being NRGs General Counsel to heading up the Northeast Region and Michael Bramnick, currently Deputy General Counsel and Chief Compliance Officer, has been named Senior Vice President and General Counsel. Clint Freeland, currently NRGs CFO, will move to NRGs Strategy, Mergers & Acquisitions Group, where he will best be able to deploy his substantial experience and considerable talent for financial structuring for the benefit of NRGs shareholders.
We were very successful in 2008 operationally in terms of financial results, plant operating performance, safety record, and environmental results, said David Crane, President and CEO, NRG Energy. As we enter 2009, we are well aware that we face increased industry, market and external challenges and to achieve NRGs maximum potential, we need to have our people in the positions where each individuals skills and experience can be best deployed to meet the challenges and capitalize on the opportunities that currently present themselves.
Robert Flexon returns to his previous role as CFO, a position he held from 2004-2008, and will oversee all aspects of NRGs financial organization including Accounting, Treasury, Tax, Risk and Credit Management. For the past year, Flexon served as the Companys first COO, leading NRGs Plant and Commercial Operations groups to record performance.
John Ragan succeeds Flexon as COO, overseeing NRGs Plant Operations (including FORNRG, the Companys revenue optimization program), Commercial Operations, Engineering, Procurement and Construction and Environmental Business. Ragan joined NRG in 2006 as Regional President, Northeast. Under his direction, NRG has completed a successful RepoweringNRG effort at the Companys Cos Cob plant and has several projects underway at the Devon, Middletown and Montville plants. He has more than 20 years of experience in the energy industry, working in all areas of the business including trading, transmission and operations, both domestic and international.
In his new role as Regional President, Drew Murphy will lead NRGs Northeast Region, representing more than 7,000 megawatts of electricity in Connecticut, Delaware, Maryland, Massachusetts and New York. Since Murphy first joined NRG in 2006 as General Counsel, he has played a central role in key aspects of NRGs business, particularly transaction, project development and financing, as well as a vast scope of energy and regulatory issues. Prior to NRG, Murphy headed Hunton & Williams energy practice where he represented issuers, developers, investors and lenders in a wide variety of energy projects and structured financings.
As General Counsel, Michael Bramnick will advise and support NRG on all legal matters relevant to the Company in terms of compliance, governance and general business operations. Bramnick has nearly 20 years experience dealing with litigation, corporate and regulatory matters, most recently serving as NRGs Deputy General Counsel and Chief Compliance Officer. He joined the Company in 2004 after having worked at several public companies and a law firm.
About NRG
NRG Energy, Inc., a Fortune 500 company, owns and operates one of the countrys largest and most
diverse power generation portfolios. NRGs 50 plants provide approximately 24,000 megawatts of
generation capacityenough to power nearly 20 million homes. In November 2007, NRG won two of the
industrys highest honorsPlatts Industry Leadership and Energy Company of the Year awards.
Headquartered in Princeton, NJ, NRG is a member of the U.S. Climate Action Partnership (USCAP), a
group of business and environmental organizations calling for mandatory legislation to reduce
greenhouse gas emissions. More information is available at www.nrgenergy.com.
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This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as will, expect, believe, and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause NRGs actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRGs future results included in NRGs filings with the Securities and Exchange Commission at www.sec.gov.
Contacts:
Media:
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Investors: | |
Meredith Moore Nahla Azmy 609.524.4522 609.524.4526 |
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Lori Neuman Dave Klein 609.524.4525 |
609.524.4527 |
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Dave Knox Erin Gilli 713.795.6106 (Texas and Louisiana) |
609.524.4528 |