- Push-out Score determined
- After about six years in the position
- Steve Strah taking over in the interim
(exechange) — Akron, Ohio, October 30, 2020 — Chuck Jones, chief executive of FirstEnergy, leaves. As announced by FirstEnergy Corp. in a news release published on Thursday, October 29, 2020 and in a regulatory filing published on Friday, October 30, 2020, Charles E. (Chuck) Jones leaves his post as chief executive officer of the electric utility after about six years in the role, effective immediately.
Chuck Jones’s duties as CEO will be taken over in the interim by Steven E. (Steve) Strah, most recently President of FirstEnergy Corp., as Acting Chief Executive Officer.
Chuck Jones’s move forms part of a management shake-up also involving the positions of Senior Vice President of Product Development, Marketing, and Branding; and Senior Vice President of External Affairs.
“Violated certain FirstEnergy policies and its code of conduct”
The management change is explained as follows. FirstEnergy said: “During the course of the Company’s previously disclosed internal review related to the government investigations, the Independent Review Committee of the Board determined that these executives violated certain FirstEnergy policies and its code of conduct.”
Precise information regarding Chuck Jones’s future plans was not immediately available.
FirstEnergy said: “The Independent Review Committee of the Board of Directors of FirstEnergy Corp. (NYSE: FE) today announced a leadership transition, including the termination of the Company’s Chief Executive Officer, Charles E. Jones, effective immediately.”
FirstEnergy further said: “Mr. Strah’s appointment immediately follows the determination by the Committee to terminate the Company’s Chief Executive Officer, Charles E. Jones, together with two other executives: Dennis M. Chack, Senior Vice President of Product Development, Marketing, and Branding; and Michael J. Dowling, Senior Vice President of External Affairs. Each of the terminations were effective October 29, 2020. Mr. Jones also resigned from the Board, effective October 29, 2020.”
Share price decline since January 2020
The announcement follows a decline in FirstEnergy Corp.’s share price of 33% since January 2020.
Chaired by Donald T. Misheff
Donald T. Misheff serves as FirstEnergy Corp.’s Chairman.
He has served as Non-executive Chairman of the Board since May 2018.
In the position of CEO since 2015
Chuck Jones became CEO of the Company in 2015.
He served as President, CEO and director of the Company since 2015.
He was Executive Vice President and President, FirstEnergy Utilities throughout 2014, Senior Vice President and President, FirstEnergy Utilities from 2010 to 2011, and also served as President of the Company’s utility subsidiaries from 2010 through 2014.
He also served as a director of many other subsidiaries of the Company, and served as a director and executive officer of FirstEnergy Solutions Corp. (“FES”) and certain of its subsidiaries from 2015 to 2016.
From 2015 to 2017, Jones was chief executive officer of FirstEnergy Nuclear Operating Company (“FENOC”). FES, its subsidiaries and FENOC filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in March 2018.
Jones received an undergraduate degree in electrical engineering from The University of Akron.
He also attended the United States Naval Academy and was a member of the Institute of Electrical and Electronics Engineers.
He completed the Reactor Technology Course for Utility Executives at the Massachusetts Institute of Technology and the Public Utility Executive Program at the University of Michigan.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to FirstEnergy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).