Potter Anderson Advises NRG Energy in Board Restructuring
NRG Energy Inc., the largest U.S. independent power producer, has agreed to appoint two directors pursuant to a cooperation agreement with activist investor Elliott Associates and private equity firm Bluescape Energy Partners. John Wilder, Bluescape Energy's executive chairman, and Barry Smitherman, former chair of the Public Utility Commission of Texas, have been appointed to the board. Current NRG directors Howard Cosgrove and Edward Muller will step down.
As part of the agreement, NRG has set up a five-member ad hoc committee to comprehensively review and make specific recommendations to the board in key areas including operations and cost excellence initiatives, potential portfolio and/or asset de-consolidations, dispositions and broader strategic initiatives.
The Potter Anderson team is led by partners Michael B. Tumas and Roxanne L. Houtman.