NextEra Names Robo to Succeed Hay as Chief Executive

NextEra Energy Inc. (NEE), owner of Florida’s largest electric utility, named James Robo, its current president and chief operating officer, to succeed retiring Lewis Hay as chief executive officer on July 1.

Hay, 56, will also step down as executive chairman at the end of 2013, the Juno Beach, Florida-based company said in a statement today. Hay, the CEO since June 2001, doubled NextEra’s generating capacity to 41,000 megawatts and made it the largest U.S. generator of wind and solar power.

Robo, 49, joined the company in March 2002 after working for General Electric Co. and a management consulting firm. He was named president of the electricity generation unit within a few months of joining and COO in 2006. Robo has a bachelor’s degree and a master’s in business administration from Harvard.

NextEra, the owner of Florida Power & Light, has more than doubled its share price since June 2001, compared with an 12 percent decline in the S&P 500 Utilities Index.

The announcement was made after the close of regular trading. NextEra fell 9 cents to $60.16.

To contact the reporter on this story: Julie Johnsson in Chicago at jjohnsson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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