FirstEnergy Corp. President and CEO Brian X. Tierney addressed shareholders at the company’s 2024 Annual Meeting, highlighting the company’s progress and plans for the future. Tierney emphasized that despite inheriting a challenging situation, FirstEnergy is now a stronger and more resilient company with a bright future ahead.
However, the company has faced significant challenges, including a $60 million bribery scheme involving two fired executives and a former top state utilities regulator. The indictments related to this scheme marked the largest corruption case in Ohio history, with former House Speaker Larry Householder and others facing criminal charges.
Tierney outlined a comprehensive business model focused on investing, operating, recovering costs, and financing to drive long-term value for shareholders, customers, and employees. He highlighted the company’s $26 billion grid modernization plan, Energize365, aimed at enhancing the company’s wires business.
Additionally, Tierney discussed the importance of responsible business practices, strong governance, and ethical conduct in achieving the company’s strategic objectives. FirstEnergy also announced preliminary voting results, with shareholders reelecting 10 directors and ratifying the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2024.
Overall, Tierney expressed confidence in FirstEnergy’s ability to execute its business model and deliver value to stakeholders, emphasizing the company’s commitment to ethics, integrity, and responsible business practices.