For the second time in six months,
is touting a new CFO.
The troubled energy company said Monday that it has tapped Nick Caruso, a 30-year veteran of Shell Oil, to serve as executive vice president and head of its financial division. Caruso fills a vacuum created in late August when Dynegy eliminated its CFO position and spread financial oversight across three executives.
Bruce Williamson, recently hired away from
to become Dynegy's turnaround CEO, hopes to see Caruso restore investor confidence in a financial division weakened by accounting scandals and bankruptcy fears. Caruso retired last year as the CFO of Shell, where Williamson worked as well before joining Duke.
"Nick's previous experience as a corporate CFO and strong knowledge in all facets of finance will be invaluable to our company as we continue to emphasize transparency and accuracy in our financial reporting, comply with the new regulatory and disclosure requirements and work closely with all of our stakeholders to create the new Dynegy," Williamson said.
Dynegy investors, accustomed to musical chairs in the executive suite, shrugged off news of Caruso's arrival. The stock barely budged Monday morning, tacking on a single penny to hit $1.18.
Dynegy's financial division has been in a state of flux since longtime CFO Rob Doty followed ex-CEO Chuck Watson out the door under a cloud last summer. Louis Dorey, the former president of Dynegy's now-defunct energy trading unit, held the CFO title barely two months -- from June to August -- before his responsibilities were suddenly diluted. At the time of his promotion, Dynegy had declared that Dorey possessed the "unique combination of commercial and financial knowledge and experience" necessary to map out the company's future.
Today, Dorey's own future with the company appears uncertain. When introducing its new CFO, Dynegy simply stated that Dorey will assume a "transitional role" through the end of the year.
Dynegy also announced the departure of two other executives. Hugh Tarpley, executive vice president of corporate development, and Margaret Nollen, senior vice president of investor relations, are leaving to "pursue other interests."
Meanwhile, two finance executives have been promoted. Robert Ray is the new vice president and treasurer, and Katie Pipkin has been elevated to senior director of investor relations.