Why NextEra Energy Stock Tumbled Today
Shares of NextEra Energy (NYSE: NEE) had declined more than 8% by 3:45 p.m. ET on Tuesday. Weighing on the utility's stock price was news of its management succession plan. That caused investors to overlook its strong fourth-quarter results and improved long-term outlook.
NextEra Energy announced a series of senior leadership appointments that will take effect on March 1. The company named John Ketchum as its CEO. The 19-year company veteran will replace longtime CEO Jim Robo, who will become executive chairman for a transition period. Ketchum previously served as chief financial officer (CFO) and the CEO of its energy resources segment.
The utility also named its current CFO as the new president of its energy resources segment while promoting that segment's vice president of business development to the CFO role. NextEra made these moves to pave the way for a new generation of leadership.
Source Fool.com
