- Push-out Score determined
- After about six years in the position
- Praise and thanks for Morgan
- Jim Burke taking over
- Morgan spoke at length and said 171 words
(exechange) — Irving, Texas, March 21, 2022 — Curt Morgan, chief executive of Vistra, leaves. As announced by Vistra Corp. in a news release and in a regulatory filing published on Monday, March 21, 2022, Curtis A. (Curt) Morgan leaves his post as chief executive officer at the retail electricity and power generation company, after about six years in the role, effective August 1, 2022.
Curt Morgan’s duties as CEO will be taken over by James A. (Jim) Burke, currently President and Chief Financial Officer at Vistra Corp.
Vistra anticipates it will name Burke’s replacement as CFO prior to August 1, 2022.
“Formal succession planning process”
Curt Morgan’s departure from the CEO post is explained as follows. Vistra said: “The transition from Mr. Morgan to Mr. Burke is a product of the company’s formal succession planning process.”
Precise information regarding Curt Morgan’s future plans was not immediately available.
Vistra said: “Vistra’s current CEO and board member, Curt Morgan, has been at the helm since late 2016 and will stay on as CEO through the summer for a transition period.”
Vistra further said: “On March 19, 2022, Curtis A. Morgan, currently the Chief Executive Officer and a member of the board of directors (the “Board”) of Vistra Corp. (the “Company”), notified the Company of his intention to transition from the Company effective August 1, 2022 (the “Effective Date”). Mr. Morgan will continue to serve as the Company’s Chief Executive Officer until his departure and will seek re-election to the Company’s Board at the 2022 annual meeting of stockholders and, if elected, will serve in such capacity until his transition from the Company on the Effective Date.”
“Not the result of any dispute or disagreement”
“Mr. Morgan’s decision to transition from the Company is part of a coordinated succession plan with the Board and is not the result of any dispute or disagreement with the Company,” Vistra said.
Share price increase since March 2017
The announcement follows an increase in Vistra Corp.’s share price of 37% since March 2017.
In the position of CEO since 2016
Curt Morgan became CEO of the Company in 2016.
Morgan has served as the CEO of the Company since October 2016, and previously held the role as President of the Company until December 2020.
During his 35-year career, Morgan has held leadership responsibilities in nearly every major U.S. power market.
From 2015 until joining the Company, he served as an Operating Partner with Energy Capital Partners, a private equity firm focused on investing in North American energy infrastructure.
Morgan previously served as the President and CEO of both EquiPower Resources Corp. and FirstLight Power Enterprises.
Morgan has also held various leadership roles at NRG Energy, Mirant Corporation, Reliant Energy and Amoco Corporation.
In addition to his executive experience, Morgan previously served on the public board of directors of Summit Midstream Partners, LP and is the chair of the board of directors of the Electric Power Supply Association, the competitive power generation industry organization, is a member of the Business Roundtable and World50 organizations, and serves on the board of Comp-U-Dopt.
A licensed certified public accountant, Morgan received a bachelor’s degree in accounting from Western Illinois University and a Master of Business Administration in finance and economics from the University of Chicago.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Curt Morgan’s move on a scale of 0 to 10.
exechange reached out to Vistra and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 13.2022 ($).