FirstEnergy director Andrew Teno resigns as Icahn holding fell below 1.5%

According to a regulatory filing, on December 8, 2023, Andrew Teno, a member of the Board of Directors of FirstEnergy Corp., tendered his resignation as a director of the company, effective immediately. Teno’s resignation was required by the terms of the previously-disclosed Director Appointment and Nomination Agreement, dated as of March 16, 2021, by and among the Company and the individual members of the Icahn Group (as defined therein), which was filed as Exhibit 10.1 to the company’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on March 16, 2021. Under the terms of the Agreement, Teno was required to submit his resignation once the Icahn Group and certain of its affiliates ceased to collectively beneficially own an aggregate Net Long Position in at least 1.5% of the total outstanding shares of common stock, 10c par value per share, of the company. On December 8, 2023, Teno advised the company that such condition had been met and submitted his resignation in accordance with the Agreement. Teno’s resignation is not due to any disagreements with the company’s operations, policies or practices.