Talen Energy names insider Terry Nutt CEO, expands share repurchase program through 2028 (updated)

Talen Energy

29/09/2026 21:28

Add appointment and repurchase details throughout
Sept 29 (Reuters) - Talen Energy TLN.O said on Tuesday it named President Terry Nutt as its next chief executive officer, effective January 1, and expanded its share repurchase authorization through 2028.
Nutt will succeed Mac McFarland, who will remain CEO and a board member through the end of 2026 and serve as a senior advisor until his retirement in March 2027.
The leadership transition comes as Talen seeks to capitalize on growing electricity demand from data centers and artificial intelligence while returning cash to shareholders through a major share repurchase program.
Nutt, who has served as Talen's president since December and previously as chief financial officer, will join the board when he assumes the top role.
The independent power producer increased the remaining capacity under its share repurchase program to $3 billion through December 31, 2028, and entered into $1.5 billion of accelerated share repurchase agreements.
The repurchases are expected to retire more than 10% of Talen's outstanding shares by the end of the first quarter of 2027.
The company said it would primarily fund the accelerated repurchases through the monetization of future capacity revenue from PJM, the largest US power grid operator.
Talen forecast about $4 billion of adjusted free cash flow from the second half of 2026 through the end of 2028.

 (Reporting by Varun Sahay in Bengaluru; Editing by Maju Samuel)
 ((Varun.Sahay@thomsonreuters.com;))