- After almost eight years in the position
- Praise for Gutierrez
- Larry Coben taking over temporarily
- Search for a successor
(exechange) — Houston, Texas, November 20, 2023 — Mauricio Gutierrez, chief executive of NRG, leaves his position. As announced by NRG Energy Inc. in a news release on Monday, November 20, 2023, Mauricio Gutierrez leaves his post as chief executive officer at the power company, after almost eight years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
NRG will undertake a search for a successor.
Mauricio Gutierrez’s duties as CEO will be taken over temporarily by Lawrence S. (Larry) Coben, most recently Chair of the Board of Directors at NRG Energy Inc., as Interim Chief Executive Officer.
“Renewed focus on best-in-class operations and returns-driven capital allocation”
NRG did not give an explicit reason for Mauricio Gutierrez’s departure from the CEO post. Elliott Partner John Pike and Portfolio Manager Bobby Xu stated: “We invested in NRG because we believed that a renewed focus on best-in-class operations and returns-driven capital allocation would strengthen NRG and enable it to deliver significant upside for shareholders. The changes announced today, including the addition of four new Board members with strong operational backgrounds, represent a key milestone toward this end. We look forward to continuing our dialogue with the Company as it works to execute on this opportunity.”
Precise information regarding Mauricio Gutierrez’s future plans was not immediately available.
NRG said: “Lawrence Coben, Ph.D., Chair of the NRG Board of Directors, has been appointed Interim President and Chief Executive Officer and that Mauricio Gutierrez, NRG’s President and Chief Executive Officer, has departed the Company and resigned from the Board.”
Share price increase since November 2018
The announcement follows an increase in NRG Energy Inc.’s share price of 30% since November 2018.
In the position of CEO since 2015
Mauricio Gutierrez became CEO of the Company in 2015.
His bio reads as follows:
- President and CEO (December 2015 to present) and Director (January 2016 to present), NRG Energy Inc.
- Executive Vice President and Chief Operating Officer, NRG Energy Inc. (July 2010 to December 2015)
- Executive Vice President — Commercial Operations, NRG Energy Inc. (January 2009 to July 2010)
- Senior Vice President — Commercial Operations, NRG Energy Inc. (March 2008 to January 2009)
- Interim President and Chief Executive Officer, Clearway Energy Inc. (formerly NRG Yield, Inc.) (December 2015 to May 2016)
- Executive Vice President and Chief Operating Officer, Clearway Energy Inc. (December 2012 to December 2015)
Other Public Company Boards
- Chipotle Mexican Grill, Inc. (March 2021 to present)
Former Public Company Boards
- Clearway Energy Inc. (January 2016 to August 2018).
No statement by Mauricio Gutierrez
In the release announcing his departure as CEO of NRG Energy Inc., Mauricio Gutierrez received praise.
The announcement of his departure as CEO does not include a statement by Mauricio Gutierrez.
Push-out Score for Mauricio Gutierrez’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Mauricio Gutierrez was pushed out or felt pressure to leave his position.
exechange reached out to NRG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2023 ($).