Dynegy chairman Harrison to resign in December as company restructures debt; board member Thomas Elward, 63, will replace him

Tracy McDonald

NEW YORK , December 2, 2011 (press release) – Dynegy Inc. said Friday that its chairman will step down in December.

The Houston power company didn't provide a reason why E. Hunter Harrison will resign.

Harrison, 67, will be replaced by Thomas Elward, 63, a Dynegy board member, who will be elevated to non-executive board chairman.

Dynegy's losses more than tripled in the most recent quarter, and one of its subsidiaries has filed for bankruptcy protection as part of a plan to restructure its mounting debts.

Harrison was appointed to the board in March. He was briefly tapped as interim president and CEO in April. In June, he was replaced by Robert Flexon as the top executive and was named non-executive chairman of the board. His resignation is effective Dec. 16.

The company said in a statement that Elward's "experience in the power generation industry will be constructive as Dynegy seeks to return to normal operations after an extended period of corporate reorganization activities."

Dynegy shares slipped 2 cents to $2.92 in morning trading Friday.

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