FirstEnergy Fires CEO Chuck Jones for Violating Company Policy and Code of Ethics as Two Plead Guilty in HB6 Case

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FirstEnergy Fires CEO Chuck Jones for Violating Company Policy and Code of Ethics as Two Plead Guilty in HB6 Case
FirstEnergy, a company which has been in the news here and there lately, announced today that CEO Chuck Jones and two other executives have been fired effective immediately for violating company policy and its code of ethics.

FirstEnergy, of course, is Company A in the ongoing federal racketeering case involving former Ohio House Speaker Larry Householder and others, two of whom pleaded guilty today, and Ohio's nuclear bailout bill.

From the company's Thursday-evening press release:

The Independent Review Committee of the Board of Directors of FirstEnergy Corp. (NYSE: FE) today announced a leadership transition, including the termination of the Company's Chief Executive Officer, Charles E. Jones, effective immediately. FirstEnergy today also announced the termination of two other executives: its Senior Vice President of Product Development, Marketing, and Branding; and its Senior Vice President of External Affairs, effective immediately.

During the course of the Company's previously disclosed internal review related to the government investigations, the Independent Review Committee of the Board determined that these executives violated certain FirstEnergy policies and its code of conduct.

Concurrently, Steven E. Strah, President of FirstEnergy, has been appointed Acting Chief Executive Officer, effective immediately. As part of this transition, Christopher D. Pappas, a current member of the Company's Board, has been named Executive Director. In this role, he remains an independent member of the Board and is not a part of the management team. He reports to Donald T. Misheff, who continues as Non-Executive Chairman of the Board.

Donald T. Misheff, Non-Executive Chairman, said, "We as a Board have strong confidence that this leadership transition and Steve's appointment as Acting CEO will position FirstEnergy to move forward with positive momentum and drive long-term shareholder value creation. I look forward to working with Chris in his role as Executive Director to oversee the management team's execution of FirstEnergy's strategic initiatives, engage with the Company's external stakeholders, and support the development of enhanced controls and governance policies and procedures."

It goes without saying, but the hope is that aforementioned shareholder growth is achieved without being implicated in a record-setting bribery case in the process.

Debates over a possible repeal of HB6 continue. Here's what's at stake as those decisions are made.

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