News Release > Entergy Implements Leadership Succession Plan
Entergy Implements Leadership Succession Plan
Chairman and CEO Wayne Leonard announces he will retire on Jan. 31, 2013; Executive Vice President and CFO Leo Denault will become Chairman and CEO
Andrew Marsh, currently Vice President, System Planning, will become Executive Vice President and CFO
Richard Smith, Entergy Wholesale Commodities President, also to retire in January 2013; William Mohl, currently Chairman, President and CEO of Entergy Louisiana and Entergy Gulf States Louisiana, named as Smith's successor
NEW ORLEANS – Entergy Corporation (NYSE: ETR) today announced that J. Wayne Leonard, 61, the company's chairman and chief executive officer, has informed the board of directors of his decision to retire on Jan. 31, 2013. Leo Denault, 52, currently executive vice president and chief financial officer, has been elected to succeed Leonard as chairman and CEO at that time. Leonard is the longest serving CEO in company history beginning with his election in October 1998. Andrew Marsh, 40, currently vice president, system planning, will succeed Denault as executive vice president and CFO.
Also retiring in January is Entergy Wholesale Commodities President Richard Smith, 60, who joined Entergy in 1999. William Mohl, 52, currently chairman, president and CEO of Entergy Louisiana and Entergy Gulf States Louisiana, will succeed Smith and relocate to the Northeast.
Said Leonard, "We have worked hard to build value for all stakeholders and adapt to a changing marketplace. I am proud of our track record overall and confident that our team is focused on the right things to ensure that we meet and ultimately exceed the expectations of our shareholders, customers and all stakeholders. The board's constant focus on developing the next generation of leadership is, of course, key to achieving Entergy's broader goals. I believe we have the most bench strength in our industry and an extraordinarily strong senior management team that has been tested time and time again. They are more than ready to lead this company into the future. Over the next several months, we will all be focused on a seamless transition as we increase the momentum on our value-creation initiatives."
Leonard continued, "Having worked closely alongside Leo for almost 25 years, since his early days at PSI Energy and then through the merger that formed Cinergy, I know he is absolutely the right person to lead the team. I have seen firsthand his strategic vision and leadership, financial acumen and in-depth knowledge of the business, and he has more than proven himself in challenging environments.
"And, in Drew Marsh, who will become CFO, we have a leader who is extremely well-versed in all aspects of our business, including corporate finance and strategic and system planning. He is not only extremely intelligent but also well-respected throughout the company, serving as the "go-to guy" on tough assignments with proven practical knowledge to add value. He has been groomed for this role for a long time, and has the skills and experiences that will support and complement those of the leadership team."
Leonard concluded, "I would be remiss without expressing special recognition for my longtime friend and colleague Rick Smith, who joined me at Entergy from Cinergy, and who has also announced his plans to retire at the end of January. We are all grateful for his enormous leadership and dedication over 13 years. Always focused on results, Rick has led with integrity and passion and he will be missed by many – both inside and outside the company.
"At the same time, Rick and I are both pleased that Bill Mohl has agreed to step into Rick's current role. Bill will be moving to the Northeast, and neither Rick nor I can think of a leader more perfectly suited to dealing with the challenges and opportunities ahead. He knows the generation business very well and will expertly apply that knowledge to our EWC business."
In previous capacities, Smith served as Entergy's group president of utility operations from 2002 to 2007 and chief operating officer from 2007 to 2010 before assuming his current position as president of Entergy Wholesale Commodities business in 2010.
Said Gary Edwards, presiding director, "While Wayne will continue to serve as chairman and CEO for several months, the entire board expresses its strong, unanimous and deep gratitude to him for his years of dedication and service. Wayne has had an outstanding career, working tirelessly on behalf of so many and winning the respect of all, and we salute him for his numerous accomplishments. His bold vision, his willingness to take a stand and speak out on issues important to the company, its stakeholders and our industry, and his unbridled focus on principles-based leadership and 'doing the right thing,' are unmistakable hallmarks of his tenure with Entergy."
Leonard became CEO and joined the board effective Jan. 1, 1999 and assumed the additional role of chairman in 2006. Leonard's many recognitions include a record 11 straight years as a finalist for CEO of the Year in the annual Platts Global Energy Awards competition and being ranked as one of the top CEOs in the power industry for seven consecutive years by Institutional Investor magazine. Leonard was named top CEO in 2004 and 2010 and a member of the magazine's "2010 All-America Executive Team." In addition, he has been recognized with various awards from low income and environmental advocacy groups including the National Wildlife Federation Achievement Award for commitment to Gulf Coast restoration and addressing climate change and the first ever Community Action Partnership's Corporate Champion Award for low income efforts.
Edwards continued, "The board has every confidence that Leo's experience, deep knowledge of the business and proven leadership capabilities make him the ideal person to build on the solid foundation he inherits from Wayne to lead the company into the future. He has been the visionary leader behind a number of important strategic initiatives for the company and is superbly prepared for his new role. We look forward to working closely with him for years to come."
Denault joined Entergy in 1999 as vice president, corporate development. In 2002, he assumed responsibility for the areas of strategic planning, the office of the chief risk officer, and strategic pricing and transmission services. He became executive vice president and chief financial officer in February 2004. During his tenure of financial leadership as CFO, the company delivered the highest operational earnings per share and highest operating cash flow in company history in 2011 and 2010, respectively, and he was named to Institutional Investor magazine's "2010 All-America Executive Team" and was ranked as the best CFO in the power industry in 2010 and 2009. Denault has a bachelor's degree in economics and accounting from Ball State University in Muncie, Indiana, and a master's degree in business administration from Indiana University.
"I am honored to be elected to this position, grateful to the board for the confidence it has placed in me, and humbled to follow in Wayne's footsteps," said Denault. "He has been an outstanding mentor to me and the whole team. Our team is strong, our future is bright, and I look forward to working with the board and our talented executive team to build on our strong foundation, continue to align with and support the interests of our customers, employees and communities and deliver long-term, sustainable growth for our shareholders."
Andrew (Drew) Marsh joined Entergy in 1998 and held multiple corporate planning roles before being transferred to Entergy-Koch, LP as vice president, strategic planning where he coordinated multiple acquisition processes for pipeline and generating assets. With Entergy's decision to exit the partnership, Marsh was a key member of the transaction team for the sales of both Entergy-Koch Trading and Gulf South Pipeline, the two principal businesses of the partnership. Returning to Entergy, Marsh served in a series of financial planning and strategy roles, including vice president, planning and financial communications, where he reported to the CFO and was responsible for strategic planning, financial planning, the investment approval process, financial communications and commercial analytics. In his current role as vice president, system planning, he oversees a large organization with responsibility for executing commercial operations for the Entergy utility operating companies. In this role, he led the negotiation and/or identification of approximately $3.8 billion for acquisitions, new construction investment and long-term power purchase agreements through the process for request for proposals for utility supply-side resources and also directed the execution of other commercial transactions estimated at approximately $7.8 billion (all board-approved transactions and in nominal dollars). Marsh holds a master's degree in management from Kellogg Graduate School of Management at Northwestern University and a bachelor of science degree, mechanical engineering, from the University of Notre Dame where he played for the Fighting Irish football team.
William (Bill) Mohl began his career at Public Service Company of Colorado, now an affiliate of Xcel Energy, before moving to Koch Industries where he held a number of leadership roles in various gas and power businesses. He joined Entergy in 2002 and was responsible for the procurement of all fuel and generation resources and in 2007 became vice president, system planning. He became chairman, president and CEO of Entergy Louisiana and Entergy Gulf States Louisiana in June 2010, with responsibilities for the Louisiana utilities' electric and gas distribution systems, customer service, economic development, regulatory and governmental affairs. He has a bachelor's degree in business administration and finance and a master's degree in business administration from Regis University in Denver. In his new role, Mohl will relocate to New York State and will be headquartered in the company's White Plains, N.Y. office.
Marsh's and Mohl's successors will be named at a later date.
Other Continuing Members of the Office of the Chief Executive are:
- Rod West, executive vice president and chief administrative officer, with responsibility for the office of general counsel, human resources and administration, federal regulatory and governmental affairs, public policy and corporate communications organizations.
- Theo Bunting, group president, utility operations, with responsibility for the utility businesses in Arkansas, Louisiana, Mississippi, New Orleans and Texas.
- Mark Savoff, executive vice president and chief operating officer, with responsibility for nuclear operations, the business operations of fossil generation, transmission operations, system safety and environment, supply chain, system planning, and performance management.
West, Bunting and Savoff will report directly to Denault when he assumes the chairman and CEO role, as will Marsh and Mohl.
- Marcus Brown, senior vice president and general counsel, responsible for all legal, ethics and compliance matters affecting Entergy Corporation and its subsidiaries. Brown reports to West.
- Renae Conley, executive vice president, human resources and administration and the company's chief diversity and inclusion officer. Conley reports to West.
- John Herron, president and CEO of nuclear operations and chief nuclear officer reporting to Savoff.
Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including more than 10,000 megawatts of nuclear power, making it one of the nation's leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $11 billion and approximately 15,000 employees.
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