Texas power producer Dynegy Inc., which is working to avoid filing for bankruptcy court protection, named former NRG Energy officer Robert C. Flexon as its new president and CEO, The Associated Press reports. NRG has power plants in Connecticut.
Flexon, 52, will take the helm of the debt-saddled company on July 11, the day after he leaves Valley Forge, Pa.-based utility operator UGI Corp. as chief financial officer.
Houston-based Dynegy sells electricity to grids and utilities in the Midwest, Northeast and West. In April, the company hired financial and legal advisers to help it restructure its debt or sell assets as to avoid filing for bankruptcy protection.
The company has been hurt by lower power prices over the last two years.
Flexon, UGI Corp.’s finance chief since February, served two stints as CFO of NRG Energy Inc., first from 2004 to 2008 and then from February 2009 until November 2009. He was NRG’s chief operating officer from March 2008 to February 2009.
