Firstenergy Corp 8-K, filed Jan 5, 2021
Firstenergy Corp (FE)
8-K
2021-01-05
For: 2021-01-05
View Original
Added on
April 10, 2026
About this 8-K
Firstenergy Corp filed this 8-K on January 5, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 5, 2021
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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Item 7.01 Regulation FD Disclosure
The Board of Directors of FirstEnergy Corp. (“FirstEnergy” or “the Company”) appointed Mr. Hyun Park to the position of Senior Vice President & Chief Legal Counsel, effective as of January 11, 2021. In this role, he will lead FirstEnergy’s Legal, Risk & Internal Audit departments and oversee the Company’s ethics and compliance program. On January 5, 2021, the Company issued a press release regarding Mr. Park’s appointment, which is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information set forth in and incorporated into this Item 7.01 of this Current Report on Form 8-K is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits | ||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management’s intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “forecast,” “target,” “will,” “intend,” “believe,” “project,” “estimate,” “plan” and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the results of our ongoing internal investigation and evaluation of our controls framework; the extent and duration of COVID-19 and the impacts to our business, operations and financial condition resulting from the outbreak of COVID-19 including, but not limited to, disruption of businesses in our territories, volatile capital and credit markets, legislative and regulatory actions, the effectiveness of our pandemic and business continuity plans, the precautionary measures we are taking on behalf of our customers, contractors and employees, our customers’ ability to make their utility payment and the potential for supply-chain disruptions; the risks and uncertainties associated with government investigations regarding Ohio House Bill 6 and related matters including potential adverse impacts on federal or state regulatory matters including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings; legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets; the ability to accomplish or realize anticipated benefits from strategic and financial goals, including, but not limited to, executing our transmission and distribution investment plans, controlling costs, improving our credit metrics, strengthening our balance sheet and growing earnings and maintaining financial flexibility; economic and weather conditions affecting future operating results, such as a recession, significant weather events and other natural disasters, and associated regulatory events or actions in response to such conditions; changes in assumptions regarding economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; changes in customers’ demand for power, including, but not limited to, the impact of climate change or energy efficiency and peak demand reduction mandates; changes in national and regional economic conditions affecting us and/or our major industrial and commercial customers or others with which we do business; the risks associated with cyber-attacks and other disruptions to our information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to environmental laws and regulations, including, but not limited to, those related to climate change; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts and other trust funds, or causing us to make contributions sooner, or in amounts that are larger, than currently anticipated; labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, or adverse tax audit results or rulings; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in our filings with the SEC, including but not limited to the most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors
emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy expressly disclaims any current intention to update or revise, except as required by law, any forward-looking statements contained herein as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
January 5, 2021
| FIRSTENERGY CORP. | |||||
| Registrant | |||||
| By: | /s/ Jason J. Lisowski | ||||
Jason J. Lisowski Vice President, Controller and Chief Accounting Officer | |||||
Exhibit 99.1
| FirstEnergy Corp. | For Release: January 5, 2021 | ||||||||||
| 76 South Main Street | |||||||||||
| Akron, Ohio 44308 | |||||||||||
www.firstenergycorp.com | |||||||||||
| News Media Contact: | Investor Contact: | ||||||||||
| Jennifer Young | Irene Prezelj | ||||||||||
| (216) 337-8789 | (330) 384-3859 | ||||||||||
FirstEnergy Names Hyun Park Senior Vice President & Chief Legal Officer
Brings extensive legal expertise and utility industry experience to FirstEnergy
Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today announced that Hyun Park has been appointed senior vice president & chief legal officer, effective January 11, 2021. In this role, he will lead FirstEnergy’s Legal, Risk & Internal Audit departments and oversee the company’s ethics and compliance program.
Park has extensive legal and energy sector expertise having served as general counsel of two publicly held utility companies and an independent power producer, as well as serving as a partner at a leading international law firm. His experience includes more than a decade as general counsel of PG&E Corporation, where he was responsible for all legal affairs, including corporate governance, SEC disclosure, litigation, transactions, and regulatory matters.
“Hyun’s significant experience in managing complex legal issues and addressing corporate challenges makes him the ideal leader for this role,” said Donald T. Misheff, non-executive chairman. “The Board looks forward to working with him and the rest of the management team as we continue to rebuild trust with our stakeholders, strengthen the company’s corporate governance, and position FirstEnergy for the future.”
“Hyun will bring his deep legal acumen and understanding of our industry to bear in supporting the efforts underway to evaluate and advance our ethics and compliance program,” said Steven E. Strah, acting chief executive officer and president. “This work is intended to ensure FirstEnergy has the right processes and culture in place as we continue to successfully execute our strategy and deliver value for all our stakeholders.”
“I’m pleased to join FirstEnergy at this time of change and share the company’s commitment to fostering trust and transparency at all levels,” Park said. “I look forward to working with the FirstEnergy team to accomplish this goal while furthering the company’s mission for the benefit of customers, communities, employees, and shareholders.”
Before joining FirstEnergy, Park was partner and general counsel of LimNexus LLP, where he advised clients on a wide variety of complex matters, including crisis management, litigation and corporate transactions. Prior to joining LimNexus in October 2019, he was Of Counsel at Latham & Watkins LLP.
From 2006 to 2017, Park served as senior vice president and general counsel for PG&E Corporation and its businesses, including its principal subsidiary, Pacific Gas and Electric Company. Prior to joining PG&E Corporation, he was vice president, general counsel and secretary of Allegheny Energy, Inc. and previously served as senior vice president, general counsel and secretary of Sithe Energies, Inc. He began his career at Latham & Watkins and became an equity partner there.
Park received his J.D. from Harvard Law School. In addition, he holds a graduate degree in economics from Oxford University and a bachelor's degree in economics from Columbia University. He is a member of the State Bar of California and serves on the Board of Directors of the San Francisco Marin Food Bank.
FirstEnergy is dedicated to safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.
(010521)