May 25, 2023 | Editor: Henry Hofman
Activist investor pushes for leadership and strategy changes at NRG Energy
Activist investor Elliott Investment Management has disclosed a 13% stake in the US-based NRG Energy and called for leadership and operational changes at the company to remedy its “meaningful underperformance.” The investor urged NRG to add independent directors with experience in the power and energy sector to its board, noting that it has already identified five executives to guide the operational and strategic changes. Additionally, NRG should cut costs and review its home services strategy. Elliott criticized NRG’s acquisition of Vivint Smart Home Inc for USD 2.8 billion, which it called "the single worst deal in the power and utilities sector in the past decade." According to the investor, the execution of its proposed plan could create over USD 5 billion of shareholder value. This is not the first time Elliot has engaged with NRG. Specifically, in 2017, the two parties reached an agreement which resulted in the appointment of two new board members on NRG’s board and the announcement of a revised business plan which included asset divestitures and debt reduction.
Yahoo Finance | Reuters | NRG Energy
Rakuten to raise USD 2.4 billion in share issue
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Rakuten | Yahoo Finance | Financial Post |
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British American Tobacco (“BAT”)
appoints new CEO
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BAT | Yahoo Finance | This is Money | BBC | The Guardian
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Yahoo Finance | Business Times | Reuters
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Activist investor pushes for leadership and strategy changes at NRG Energy Activist investor Elliott Investment Management has disclosed a 13% stake in the US-based NRG Energy and called for leadership and operational changes at the company to remedy its “meaningful underperformance.” The investor urged NRG to add independent directors with experience in the power and energy sector to its board, noting that it has already identified five executives to guide the operational and strategic changes.