Elliott Recommends Urgent Management Changes At NRG Energy

(RTTNews) - Elliott Investment Management L.P., which manages funds that have an investment of approximately $1 billion representing a more than 13% economic interest in NRG Energy, Inc. (NRG), released a public letter calling for a process to select a new CEO and to make enhancements to the Board at NRG. Elliott believes there is a readily actionable path to create more than $5 billion of value at NRG; which will require management and Board changes.

Elliott urged the Board of NRG Energy to: immediately commence a search for a CEO from externally sourced candidates; work with Elliott to add highly qualified directors; and initiate a business review.

"NRG's CEO has lost the confidence of the core investor base, and the Board lacks the will to make the right decision for the company," Elliott stated.