FirstEnergy CEO Steven Strah retires; Board Chair Somerhalder named interim CEO; 2022 outlook reaffirmed

FIRSTENERGY CORP

CEO Steven E. Strah retired effective Sep 16, 2022; Board Chair John W. Somerhalder II appointed interim President and CEO.
Board will search for permanent CEO externally; Somerhalder compensation includes $1.25M salary, 125% STI target, $600K/month in shares.
Strah receives no severance; eligible for standard retirement benefits including pension, deferred comp, and prorated incentive awards.
2022 earnings guidance reaffirmed; expects results in upper half of range; balance sheet improvement via organic cash flow and minority asset sale.
Board completed management review previously announced in connection with derivative litigation settlement.

item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Steven E. Strah

President and Chief Executive Officer

FE · FIRSTENERGY CORP

Effective: 2022-09-16
Successor: John W. Somerhalder II
Filed: September 15, 2022, 7:59 PM ET

the decision by Steven E. Strah on September 15, 2022 to retire as the President and Chief Executive Officer of the Company, effective as of September 16, 2022

Appointed (interim)

John W. Somerhalder II

Interim President and Chief Executive Officer

FE · FIRSTENERGY CORP

Effective: 2022-09-16
Filed: September 15, 2022, 7:59 PM ET

the Board of Directors (the “Board”) of the Company has appointed Mr. John W. Somerhalder II to serve as Interim President and Chief Executive Officer of the Company, effective as of September 16, 2022

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Steven E. Strah retired as President and Chief Executive Officer at FIRSTENERGY CORP.

Action: retired
Role: President and Chief Executive Officer

Exact text from the filing

the decision by Steven E. Strah on September 15, 2022 to retire as the President and Chief Executive Officer of the Company, effective as of September 16, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John W. Somerhalder II was appointed as Interim President and Chief Executive Officer at FIRSTENERGY CORP.

Action: appointed
Role: Interim President and Chief Executive Officer

Exact text from the filing

the Board of Directors (the “Board”) of the Company has appointed Mr. John W. Somerhalder II to serve as Interim President and Chief Executive Officer of the Company, effective as of September 16, 2022

View on SEC.gov

FIRSTENERGY CORP filing history →

Source: SEC EDGAR

accession 0001031296-22-000061

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