- After about eight years in the position
- Praise and thanks for Sotos
- Craig Cornelius taking over
- Sotos said 92 words
(exechange) — Princeton, New Jersey, April 30, 2024 — Chris Sotos, chief executive of Clearway Energy, leaves his position. As announced by Clearway Energy Inc. in a news release and in a regulatory filing published on Tuesday, April 30, 2024, Christopher S. (Chris) Sotos leaves his post as chief executive officer at the renewable energy owner, after about eight years in the role, effective June 30, 2024.
Chris Sotos’s duties as CEO will be taken over by Craig Cornelius, previously Chief Executive Officer at Clearway Energy Group LLC, the sponsor of Clearway Energy, Inc.
“To pursue other opportunities”
The management change is explained as follows. Clearway Energy stated: “On April 30, 2024, Christopher S. Sotos informed Clearway Energy, Inc. (the “Company”) that, effective as of June 30, 2024 (the “Effective Date), he will move on from his position as President and Chief Executive Officer of the Company and resign from his role as a member of the Board of Directors (the “Board”) of the Company to pursue other opportunities.”
Precise information regarding Chris Sotos’s future plans was not immediately available.
“Not the result of any disagreement”
Clearway Energy stated, regarding the change: “Mr. Sotos’ resignation from the Board was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since April 2021
The announcement follows a decline in Clearway Energy Inc.’s share price of 19% since April 2021.
In the position of CEO since 2016
Chris Sotos became CEO of the Company in 2016.
Sotos has served as President and Chief Executive Officer of the Company since May 2016, and as a director since May 2013.
Sotos had also served in various positions at NRG Energy, Inc. (“NRG”), including most recently as Executive Vice President — Strategy and Mergers and Acquisitions from February 2016 through May 2016 and Senior Vice President — Strategy and Mergers and Acquisitions from November 2012 through February 2016.
In this role, he led NRG’s corporate strategy, mergers and acquisitions, strategic alliances and other special projects for NRG.
Previously, he served as NRG’s Senior Vice President and Treasurer from March 2008 to September 2012, where he was responsible for all treasury functions, including raising capital, valuation, debt administration and cash management.
Sotos also previously served as a director of FuelCell Energy, Inc. from September 2014 to April 2019.
92 words by Chris Sotos
In the release announcing his departure as CEO of Clearway Energy Inc., Chris Sotos received praise and thanks.
In the release announcing his departure as CEO, Chris Sotos said 92 words.
“I’ll miss my colleagues”
Chris Sotos stated: “I have been with CWEN and its predecessor entity since its inception in December 2012 and have been honored to serve as its CEO since 2016. While I’ll miss my colleagues, I’m comforted to know that I’m leaving behind a best-in-class team that can continue to build upon Clearway’s strong track record of value creation for its investors. I’ve worked with Craig for many years and know that CWEN will be in an excellent position under his leadership to continue to grow CWEN’s platform in a manner that is accretive to shareholders.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.