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

Q&A: Pantheon’s McCrary Says Private Equity Market ‘Robust’

Dec 17 2014 | 8:32am ET

Dennis McCrary is a partner at Pantheon, a private equity firm with $32.2 billion...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.