Entergy CEO to Retire Next Year (Yes, the One Who Got a $4 Million Raise)
After 10 years as chairman and CEO of New Orleans-based Entergy Corporation, Leo Denault has announced he will retire next year, and his successor has already been chosen.
The 62-year-old will retire as the utility company's CEO this year and as the board chairman next year. Denault will remain as executive chairman of the board until his retirement in the first half of 2023.
Entergy is one of two Louisiana companies in the Fortune 500.
Denault has been with the company for 23 years and has been the CEO since 2013.
Entergy's board of directors has elected Chief Financial Officer, Andrew Marsh, 50, to become CEO on November 1, 2022. Kimberly Fontan will then succeed Marsh as executive vice president and chief financial officer.
You may recall earlier this year Denault and his hefty compensation made headlines as he was given a $4 million raise, while Entergy customers were forced to pay a "Storm Restoration Charge" to recover damages from multiple hurricanes that hit Louisiana.
In 2021, Denault made over $12.8 in total compensation, according to salary.com. (This includes salary, bonuses, stock options, and stock.)
Entergy is No. 321 on this year's Fortune 500, with $11.7 billion in revenues and $1.1 billion in profits.
Lumen Technologies out of Monroe is the other Louisiana company on the Fortune 500 list. The telecommunications company is No. 179 with $19.7 billion in revenues and $2 billion in profits.
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