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NRG hires former Medarex CFO

Mon, 03/29/2010 - 10:17am
The Associated Press

NRG Energy named a new first chief financial officer, the wholesale power company said Monday.

Christian S. Schade immediately becomes executive vice president and will take the CFO in early May.

Schade helped to oversee the integration of his former company, the biopharmaceutical concern Medarex, which was acquired by Bristol-Myers Squibb Co. for $2.4 billion last year.

NRG this month said will buy a 101-megawatt wind farm in Texas — its fourth in the state — as the power company builds up its wind portfolio. NRG CEO David Crane said that Schade will play a role in assimilating new acquisitions.

"Chris has a proven record of creating value at highly entrepreneurial and fast-growing companies, which will be highly valuable as NRG pursues our no- and low-carbon power-generation opportunities," Crane said.

Gerald Luterman, a director, had served as interim CFO. He will hold the position until May when the company is scheduled to release first-quarter earnings.

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