COVERING LOUISIANA— New Orleans- based Entergy Corp. chairman and CEO will retire next year, and his successor has been chosen.
Entergy is one of two Louisiana companies in the Fortune 500.
After 10 years as chairman and CEO, Entergy Corp. announced that Leo Denault, 62, will retire as the utility's CEO this year and as the board chairman next year. Denault will remain executive chairman of the board until his retirement in the first half of 2023.
Denault has been with the company for 23 years and has been CEO since 2013.
Spokesman Neal Kirby said in an email, Denault will remain executive chairman of the board "for a transition period not to extend beyond May 2023, or sooner as determined by the Entergy board of directors."
The board of directors elected Chief Financial Officer, Andrew Marsh, 50, to become CEO on November 1, 2022. Kimberly Fontan will succeed Marsh as executive vice president and chief financial officer.
Fontan has been senior vice president and chief accounting officer since 2019.
Entergy is No. 321 on this year’s Fortune 500, with $11.7 billion in revenues and $1.1 billion in profits, according to the magazine’s website. Lumen Technologies, a telecommunications company based in Monroe, is No. 179 with $19.7 billion in revenues and $2 billion in profits.
The utility provides power to 3 million customers through operating companies in Arkansas, Louisiana, Mississippi and Texas.