May 22, 2024

Speaking at the company’s 2024 Annual Meeting of Shareholders, FirstEnergy President and Chief Executive Officer Brian Tierney said FirstEnergy has become a stronger and more resilient company with a foundation of integrity and a very bright future.

“We have a strong foundation, clear focus and robust strategy to deliver long-term value to our shareholders, customers, communities and employees,” he said.

Brian said FirstEnergy is building on our progress with the goal of becoming one of the nation’s premier electric companies. To realize that goal, the company is executing on a business model encompassing four components: investing, operating, recovering costs and financing.

“This business model creates a Virtuous Cycle that will help improve reliability, grow rate base, engage employees, improve returns and maintain a strong balance sheet,” he said.

Brian discussed the interconnection between each component of the cycle and the company’s recent progress in each of these areas, including its customer-focused, $26 billion grid modernization plan, Energize365. He also highlighted a new operating structure that better supports execution at the local level, where it can make a positive difference for customers, recent regulatory milestones and significant improvements to the company’s balance sheet that support growth, enabled recent increases in dividend payments for investors and led to upgrades to investment-grade credit ratings by the major rating agencies.

“Our goal is to continue impacting each phase of the cycle in a positive way to build on our momentum and benefit all of our stakeholders,” Brian said. “Together with our unwavering commitment to ethics and integrity, performance excellence and continuous improvement, we are confident that strong execution of the virtuous business cycle model will help us achieve our strategic objectives and deliver value.”

Brian said FirstEnergy’s commitment to responsible business, grounded in strong governance, is at the heart of its business model and woven through each step of the Virtuous Cycle.

“We’re committed to supporting our customers and employees and demonstrating stewardship of the environment and our communities,” he said. “Responsible business is good business that helps us refine and execute our strategies, and it’s a hallmark of excellent companies.”

Brian’s presentation and remarks are available here.