Morning Briefing - November 10, 2020
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November 10, 2020

FirstEnergy Lawyers Leave Company Week after CEO Terminated

By ExchangeMonitor

More top FirstEnergy executives are leaving the company, according to a Monday filing with the Securities and Exchange Commission, including its top lawyer.

FirstEnergy’s Senior Vice President and Chief Legal Officer Robert Reffner was “separated” from the company Nov. 8, according to an 8-K filing, along with Ebony Yeboah-Amankwah, vice president, general counsel and chief ethics officer.

The 8K filing dropped just over a week after the Oct. 29 firings of then-FirstEnergy CEO Charles Jones, who the company replaced with Steve Strah. According to the filing, Strah will receive compensation of $950,000 per year. The company is the target of multiple corruption probes related to an alleged pay-to-play bailout for financially troubled nuclear power plants in Ohio.

The now-ex FirstEnergy lawyers started their new positions amid a flurry of management changes at the company this spring. In a single week, FirstEnergy appointed a new president, senior vice president and chief financial officer, corporate secretary, vice president of utility operations and vice president of customer service, among others. 

Reffner had worked at FirstEnergy since 2007. He had been general counsel, until the company appointed him chief legal officer in May 2020. In a corresponding move, Yeboah-Amankwah replaced him as general counsel. 

Meanwhile, FirstEnergy has delayed filing the 10-Q statement about its 2020 third-quarter earnings amid ongoing investigations of the company by the SEC and the Justice Department. Those proceedings are costing the company time and money, making it infeasible to complete the filing on time, FirstEnergy said.

In an SEC filing about the delay, FirstEnergy said the 10-Q would probably be about five days late. It was due Nov. 9.

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