Talen Energy names insider Terry Nutt CEO, expands share repurchase program through 2028
TLN•Talen Energy named President Terry Nutt its next CEO, effective January 1, and expanded its share repurchase authorization to $3 billion through 2028. It also entered into $1.5 billion in accelerated repurchase agreements, which are expected to retire more than 10% of outstanding shares by the end of the first quarter of 2027.
1. CEO transition
Talen said Terry Nutt will become CEO on January 1, succeeding Mac McFarland. McFarland will remain CEO and a board member through the end of 2026, then serve as a senior adviser until his retirement in March 2027. Nutt, the company's president since December and a former CFO, will join the board when he takes the role.
2. Share repurchases
The company increased the remaining capacity under its share repurchase program to $3 billion through December 31, 2028, and entered into $1.5 billion in accelerated share repurchase agreements. The repurchases are expected to retire more than 10% of Talen's outstanding shares by the end of the first quarter of 2027. Talen said it would primarily fund the accelerated repurchases by monetizing future capacity revenue from PJM.
3. Cash flow forecast
Talen forecast about $4 billion in adjusted free cash flow from the second half of 2026 through the end of 2028. The leadership transition comes as the company seeks to capitalize on growing electricity demand from data centers and artificial intelligence while returning cash to shareholders.
