- Push-out Score determined
- After less than two years in the position
- Thanks and good wishes for Strah
- John Somerhalder taking over temporarily
- Search for a successor
- Strah kept it short and said 47 words
(exechange) — Akron, Ohio, September 15, 2022 — Steve Strah, chief executive of FirstEnergy, leaves. As announced by FirstEnergy Corp. in a news release and in a regulatory filing published on Thursday, September 15, 2022, Steven E. (Steve) Strah leaves his post as chief executive officer at the electric utility, after less than two years in the role, effective September 16, 2022.
FirstEnergy will undertake a search for a successor.
Steve Strah’s duties as CEO will be taken over temporarily by John W. Somerhalder, currently chair of the Board of Directors at FirstEnergy Corp., as interim president and chief executive officer.
“To become a more resilient and forward-looking company”
FirstEnergy did not give an explicit reason for Steve Strah’s departure from the CEO post. Somerhalder said: “With the Board’s continued support, I welcome the opportunity to lead the company during this transition and oversee the continued execution of our strategy to become a more resilient and forward-looking company, positioning the business for long-term stability and success.”
Precise information regarding Steve Strah’s future plans was not immediately available.
“Retire”
FirstEnergy said: “Mr. Somerhalder’s appointment follows Steven E. Strah’s decision to retire as president and CEO of FirstEnergy and as a member of the Board of Directors.”
Share price increase since October 2020
The announcement follows an increase in FirstEnergy Corp.’s share price of 44% since October 2020. October 2020 is the month in which Strah’s tenure as CEO began.
In the position of CEO since 2020
Steve Strah became CEO of the Company in 2020.
His bio reads as follows:
POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
President, CEO and director of the Company since March 2021.
He was President and Acting CEO (from October 2020 to March 2021), and President (since May 2020).
He also served as Senior Vice President and Chief Financial Officer of the Company (from 2018 to 2020), and Senior Vice President and President of FirstEnergy Utilities (from 2015 to 2018).
KEY ATTRIBUTES, EXPERIENCE AND SKILLS:
Strah received his Bachelor of Science degree in business administration from Baldwin Wallace University.
His extensive career began in 1984 at The Illuminating Company, now a subsidiary of the Company, and continued at FirstEnergy Corp.
He has held numerous executive leadership positions at the Company including President at various FirstEnergy subsidiaries.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Strah’s move 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 38.2022 ($).