Akron-based FirstEnergy Corp., the parent company of several Pennsylvania utilities including West Penn Power, has been rocked by a few personnel shake-ups already as the company tries to rehabilitate its image in the wake of a bribery scandal.
This week brought another wave of changes at the top when the company announced it will add two seats to its board of directors and install two employees from Icahn Capital to the new positions.
The board seats given to Icahn — an investment firm run by legendary activist investor Carl Icahn, who signaled to FirstEnergy in February that he intended to take a substantial stake in the firm during this period of tumult — won’t have voting rights until regulatory approvals are secured.
FirstEnergy is being investigated as part of a $60 million bribery scandal to secure nuclear subsidies in Ohio. The scheme led to the arrest of former Ohio House Speaker Larry Householder and four others. At FirstEnergy, it led to the firing of its CEO Chuck Jones and two other executives.
Last week, Steven Strah, who had been acting CEO, was named to the position permanently.
Anya Litvak: alitvak@post-gazette.com
First Published: March 18, 2021, 10:15 a.m.
