NRG Energy CEO Steps Down after Stock Slide

NRG Energy Inc on Thursday said its chief executive of 12 years, David Crane, would step down immediately after investors grew impatient with his costly, long-term plan to transform the power plant owner into a renewable energy pioneer.

 

Mauricio Gutierrez, NRG's chief operating officer, will replace Crane as president and CEO.

 

Crane's departure comes as NRG's stock has been pushed down this year to levels not seen since 2004.

 

During Crane's tenure, NRG expanded aggressively into new, renewable energy businesses like wind farms, rooftop solar installations and electric vehicle charging, turning a traditional gas and coal power plant company into a more costly and complex business.

 

In September, the company said it would cut $150 million in costs and form a new company, dubbed GreenCo, for some of its renewable assets. That strategy failed to reassure investors, however, who have since sent NRG's stock down 40 percent.

 

NRG shares were up 9 cents, or 0.8 percent, at $10.87 in midday trade on the New York Stock Exchange.