David Crane was busy broadcasting plans to transform NRG from a conventional power producer to a new breed.
Mr. Crane had been investing in wind farms and buying small start-ups to help capture emerging markets all part of a bid, he wrote to shareholders.
If that indeed comes to pass, he will not be there to see it.
Mr. Crane stepped down as chief executive, Mauricio Gutierrez, who has been executive vice president and chief operating officer, will take his place.
The company’s stock tumbled, a decline that went largely unabated despite a reorganization and shift in strategy announced.
“He clearly had a vision for the power company of the future, and wanted NRG to be that company, and took real steps”. The move comes as utilities here and abroad struggle to cope with the changing economics, policies and technologies in bringing more renewables into the power mix.
At NRG, which operates a large fossil-fuel-based fleet that tends to produce steady dividends, Mr. Crane became a high-profile proponent of change, traveling extensively to gatherings with energy executives and clean-energy advocates.
NRG, he said, would be positioned to take advantage of the shift not only to renewable energy but also away from the traditional business.
Mr. Crane made a series of bets aimed at helping NRG make the transition to what he saw as a future where customers would have much more control
He bought companies and reorganized NRG into three units. NRG Business was for conventional wholesale energy enterprises, including coal, nuclear and gas power plants. NRG Renew was focused on developing renewable energy sources.
But, as a combination of low oil and gas prices and the threat of rising interest rates led to turbulence in the energy markets and skittishness among renewable energy investors.
The company said it would cut costs, reduce debt and spin off the green enterprises into a separate company on a tight leash. The new green company, which NRG could eventually take public, could attract investment from people interested in growth.
Now, how things go forward will be up to Mr. Gutierrez, who has been at the company in various roles. Mr. Crane will assist in the transition through the end of the year, NRG said.
For the industry in general, said Anda Ray, “it’s important to understand your stakeholders, your employees, your consumers and what is their appetite for the pace and scale of change.