dynegyfail

Dynegy Inc. cleaned house after a $665 million bid to acquire the company by Icahn Enterprises failed. It was the second failed takeover bid since last fall.

Bruce A. Williamson will resign as president and CEO, effective March 11. He also resigned as a director and Chairman of the Board, effective immediately. David Biegler, currently an independent Dynegy director, was named interim president and CEO. Patricia A. Hammick, previously lead director of Dynegy, will serve as Chairman of the Board.

Holli Nichols will resign as executive vice president and Chief Financial Officer, also effective March 11. Charles C. Cook, executive vice president, Commercial Operations and Market Analytics, was named interim CFO.

Dynegy said an insufficient number of shares were tendered in response to the Icahn Enterprises L.P. tender offer. It said in a release, "Recognizing the desire of the stockholders to pursue a different path, Dynegy’s five remaining directors do not intend to stand for reelection" at the company’s annual meeting in June.

Dynegy’s Board met with and offered a Seneca Capital nominee a position as a director of Dynegy. Dynegy also contacted Icahn Associates to discuss appointing an Icahn designee to the Board.

On Feb. 3 Dynegy announced plans to cut 135 jobs across all functional and geographic areas. The news release said labor and non-labor annual savings of some $50 million are expected to result from the cost cutting program. 

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