Dynegy CEO, CFO Quit After Icahn Deal Fails

Feb 22 2011 | 11:24am ET

In the wake of their failed deal to be acquired by hedge fund Icahn Enterprises, the top managers of energy company Dynegy have resigned.

Bruce Williamson, the company's chairman and CEO, and Holli Nichols, its CFO, will resign on March 11, they said yesterday. The departures follow the resounding rejection of Icahn's $665 million bid for Dynegy, which attracted the support of less than 5% of shares outstanding.

Icahn's bid for Dynegy has expired, although the hedge fund could have continued extending it until September. The firm, which had previously helped short-circuit a deal for Dynegy by the Blackstone Group alongside hedge fund Seneca Capital, found its own bid sunk by Seneca's strenuous opposition.

Dynegy said a further shakeup is likely, with some members of its board likely to leave at its annual meeting.

"While all current directors intend to remain fully engaged in their duties through the 2011 Dynegy annual meeting, we expect the new members of the board to take the lead in defining the future composition of the board and in selecting a new chief executive officer," newly-named interim Chairman Patricia Hammick said.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of