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FirstEnergy CEO Steven Strah To Retire; Names John Somerhalder Interim CEO

FirstEnergy Corp. (FE) said that Steven Strah will retire as president and chief executive officer of the company and as a member of the Board of Directors.

John Somerhalder II, chair of the FirstEnergy Board of Directors, has been named interim president and chief executive officer, effective September 16, 2022.

The company noted that Somerhalder will continue to serve as chair of the company 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.

FirstEnergy said its outlook for 2022 continues to be strong, and the company expects results in the upper half of the guidance range provided to the investment community on its second quarter earnings call in July.

In addition, the company continues to be focused on accelerating its balance sheet improvement efforts in order to achieve credit metrics consistent with those of premier utilities. The company expects to achieve this through organic growth in operating cash flow, as well as an additional, earnings per share-accretive transaction involving a minority interest in a transmission or distribution asset.

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