David Campbell, chief executive officer of Energy Future Holdings Corp.’s Luminant unit, will resign at the end of the year.
Campbell, 44, will be replaced by Mac McFarland, who has been an executive vice president of Energy Future and executive vice president and chief commercial officer of Luminant since July 2008, the Dallas-based company said in an regulatory filing today.
Luminant, which is the biggest generation owner in Texas, has struggled amid a slump in natural gas and power prices. Energy Future has posted seven consecutive quarterly losses and its competitive unit, which includes Luminant, will face a “material restructuring” in the next 12 months, Moody’s Investors Service said in a research note on Dec. 5.
Campbell joined Energy Future in 2004. As of Dec. 31, 2011, he was due to receive $250,000 in a payout of deferred shares upon a voluntary departure, according to a Feb. 21 filing with the U.S. Securities and Exchange Commission. Campbell also received a $2.5 million retention bonus for staying at the company through Sept. 30, according to the filing.
Energy Future was sold to a group led by KKR & Co. and TPG Capital in 2007 in a $43.2 billion cash transaction in the largest leverage buyout.