Dynegy Will Exit Marketing And Trading Business
Wednesday October 16, 9:09 am ET
HOUSTON -(Dow Jones)- Dynegy Inc. (NYSE:DYN - News) launched a restructuring plan designed to improve operational efficiencies and performance across its businesses, and said it will exit the marketing and trading business in the U.S., Canada and Europe, resulting job cuts.
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In connection with the plan, President, Chief Operating Officer and Director Steven Bergstrom will resign and withdraw his name as a candidate for chief executive.
In a press release Wednesday, the energy company said the restructuring and exit from the marketing and trading businesses will result in a "significant' work force reduction, with the exact timing, areas affected and number of employees affected to be disclosed in the near future.
Dynegy said it will adopt a decentralized business structure with a streamlined corporate center and operating units in power generation, natural gas liquids, regulated energy delivery and communications.
"The objective of the restructuring is to maximize the potential and profitability of our existing operating divisions by requiring each business unit to develop its own strategy while being responsible for its performance and delivering value to our stakeholders," said Chairman and interim Chief Executive Dan Dienstbier. |
