AKRON, Ohio, June 17, 2021 /PRNewswire/ -- FirstEnergy Corp.
(NYSE: FE) today announced that Michael
Montaque has been named vice president, Internal Audit,
effective July 12. In this role, he
will be responsible for developing and executing an audit plan that
reflects FirstEnergy's core values and behaviors; establishing
standards and implementing robust procedures to ensure that company
audits identify and prevent business risks; and providing
independent and objective assurance services regarding the
effectiveness and efficiency of the company's governance, risk
management, compliance, and control processes.
Montaque will assume the responsibilities for Internal Audit
formerly held by Kevin Burgess, who
retired in April after 21 years with the company. He will report to
the Audit Committee of the Board of Directors and Hyun Park, senior vice president and chief legal
officer. Montaque joins other new members of FirstEnergy's
leadership team that have been added in recent months, including
Park and Antonio Fernández, vice president and chief ethics and
compliance officer.
"We are thrilled to have a respected finance leader with deep
industry experience like Mike play a critical role in bolstering
our audit function and supporting our unwavering commitment to
integrity and ethical behavior," said Steven E. Strah, president and chief executive
officer. "The addition of Mike to our leadership team represents
another important step toward strengthening FirstEnergy's key
internal functions and restoring trust with the company's
stakeholders."
Montaque is a highly experienced finance professional, having
served in executive roles leading internal controls and risk
management functions for over 30 years, with a focus on the energy
and utility space. He most recently served as Chief Audit Executive
at Alliant Energy since 2012, where he oversaw the internal audit
and enterprise risk management functions and led culture
transformation initiatives for the finance organization.
During his extensive career, Montaque has held various audit and
controls positions at leading organizations across industries,
including Vice President of Financial Controls at Career Education
Corporation, Director of Internal Audit Services at Exelon
Corporation, and Vice President of Internal Audit at Washington
Mutual Bank. He started his career at PricewaterhouseCoopers
LLP.
Montaque graduated from Howard
University, earning a Bachelor of Business Administration
with a major in Accounting. He received his Master of Business
Administration and Finance from Northwestern
University, Kellogg School of Business. He holds various
professional certifications, including Certified Public Accountant
(CPA) and Certified Information Systems Auditor (CISA).
FirstEnergy is dedicated to integrity, safety, reliability and
operational excellence. Its 10 electric distribution companies form
one of the nation's largest investor-owned electric systems,
serving customers in Ohio,
Pennsylvania, New Jersey, West
Virginia, Maryland and
New York. The company's
transmission subsidiaries operate approximately 24,000 miles of
transmission lines that connect the Midwest and Mid-Atlantic
regions. Follow FirstEnergy online at www.firstenergycorp.com.
Follow FirstEnergy on Twitter: @FirstEnergyCorp.
Editor's Note: A professional photo of Michael
Montaque is available for download on Flickr.
Forward-Looking Statements: This news release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 based on
information currently available to management. Such statements are
subject to certain risks and uncertainties and readers are
cautioned not to place undue reliance on these forward-looking
statements. These statements include declarations regarding
management's intents, beliefs and current expectations. These
statements typically contain, but are not limited to, the terms
"anticipate," "potential," "expect," "forecast," "target," "will,"
"intend," "believe," "project," "estimate," "plan" and similar
words. Forward-looking statements involve estimates, assumptions,
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements, which may
include the following: the effectiveness of our ongoing discussions
with the U.S. Attorney's Office of the S.D. Ohio to resolve its investigation with respect
to us; the results of the internal investigation and evaluation of
our controls framework and remediation of our material weakness in
internal control over financial reporting; the risks and
uncertainties associated with government investigations regarding
Ohio House Bill 6 and related matters including potential adverse
impacts on federal or state regulatory matters including, but not
limited to, matters relating to rates; the potential of
non-compliance with debt covenants in our credit facilities due to
matters associated with the government investigations regarding
Ohio House Bill 6 and related matters; the risks and uncertainties
associated with litigation, arbitration, mediation and similar
proceedings; legislative and regulatory developments, including,
but not limited to, matters related to rates, compliance and
enforcement activity; the ability to accomplish or realize
anticipated benefits from strategic and financial goals, including,
but not limited to, maintaining financial flexibility, overcoming
current uncertainties and challenges associated with the ongoing
government investigations, executing our transmission and
distribution investment plans, greenhouse gas reduction goals,
controlling costs, improving our credit metrics, strengthening our
balance sheet and growing earnings; economic and weather conditions
affecting future operating results, such as a recession,
significant weather events and other natural disasters, and
associated regulatory events or actions in response to such
conditions; mitigating exposure for remedial activities associated
with retired and formerly owned electric generation assets; the
ability to access the public securities and other capital and
credit markets in accordance with our financial plans, the cost of
such capital and overall condition of the capital and credit
markets affecting us, including the increasing number of financial
institutions evaluating the impact of climate change on their
investment decisions; the extent and duration of COVID-19 and the
impacts to our business, operations and financial condition
resulting from the outbreak of COVID-19 including, but not limited
to, disruption of businesses in our territories, volatile capital
and credit markets, legislative and regulatory actions, including
the vaccine's efficacy and the effectiveness of its distribution;
the effectiveness of our pandemic and business continuity plans,
the precautionary measures we are taking on behalf of our
customers, contractors and employees, our customers' ability to
make their utility payment and the potential for supply-chain
disruptions; actions that may be taken by credit rating agencies
that could negatively affect either our access to or terms of
financing or our financial condition and liquidity; changes in
assumptions regarding economic conditions within our territories,
the reliability of our transmission and distribution system, or the
availability of capital or other resources supporting identified
transmission and distribution investment opportunities; changes in
customers' demand for power, including, but not limited to, the
impact of climate change or energy efficiency and peak demand
reduction mandates; changes in national and regional economic
conditions affecting us and/or our major industrial and commercial
customers or others with which we do business; the risks associated
with cyber-attacks and other disruptions to our information
technology system, which may compromise our operations, and data
security breaches of sensitive data, intellectual property and
proprietary or personally identifiable information; the ability to
comply with applicable reliability standards and energy efficiency
and peak demand reduction mandates; changes to environmental laws
and regulations, including, but not limited to, those related to
climate change; changing market conditions affecting the
measurement of certain liabilities and the value of assets held in
our pension trusts and other trust funds, or causing us to make
contributions sooner, or in amounts that are larger, than currently
anticipated; labor disruptions by our unionized workforce; changes
to significant accounting policies; any changes in tax laws or
regulations, or adverse tax audit results or rulings; and the risks
and other factors discussed from time to time in our SEC filings.
Dividends declared from time to time on FirstEnergy Corp.'s common
stock during any period may in the aggregate vary from prior
periods due to circumstances considered by FirstEnergy Corp.'s
Board of Directors at the time of the actual declarations. A
security rating is not a recommendation to buy or hold securities
and is subject to revision or withdrawal at any time by the
assigning rating agency. Each rating should be evaluated
independently of any other rating. These forward-looking statements
are also qualified by, and should be read together with, the
risk factors included in FirstEnergy Corp.'s filings with the SEC,
including but not limited to the most recent Annual Report on Form
10-K and any subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. The foregoing review of factors also should
not be construed as exhaustive. New factors emerge from time to
time, and it is not possible for management to predict all such
factors, nor assess the impact of any such factor on FirstEnergy
Corp.'s business or the extent to which any factor, or combination
of factors, may cause results to differ materially from those
contained in any forward-looking statements. FirstEnergy Corp.
expressly disclaims any obligation to update or revise, except as
required by law, any forward-looking statements contained herein or
in the information incorporated by reference as a result of new
information, future events or otherwise.
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SOURCE FirstEnergy Corp.