Talen Names Terry Nutt Chief Executive Officer and Announces $1.5 Billion Accelerated Share Repurchase

Stephen Schaefer, Chairman of the Board of Talen

“Terry is the right leader to be Talen’s next CEO”

Terry Nutt, President and incoming CEO of Talen

“I am honored to succeed Mac and grateful for his leadership and mentorship”

Terry Nutt, President and incoming CEO of Talen

“As I prepare to lead Talen, my priorities are clear: maintain safe and reliable operations, execute Talen’s flywheel strategy and allocate capital with discipline.”

Terry Nutt, President and incoming CEO of Talen

“Today’s ASRs reflect that approach by reducing our share count at what we believe is an attractive free cash flow yield, while preserving liquidity and strategic flexibility.”

Mac McFarland, CEO of Talen

“It has been a privilege to work alongside Talen’s employees to build a company grounded in operational excellence and a relentless focus on creating value for our shareholders”

Mac McFarland, CEO of Talen

“Terry knows our company, our people, our markets and our opportunities, and he is the right person to lead this team forward.”

Jonathan Krautmann, Partner at Rubric Capital Management

“During Mac’s tenure, Talen built an exceptional record of disciplined execution and value creation, and we thank him for the foundation he has laid.”

Jonathan Krautmann, Partner at Rubric Capital Management

“We congratulate Terry on his appointment as CEO. We have full confidence in his leadership and strongly support him and the entire Talen team as they build on the Company’s momentum and continue to create value for all shareholders.”

Andrew Gilbert, Partner at Energy Capital Partners

“As a significant shareholder of Talen, Energy Capital Partners is proud of what the Company has accomplished and excited about its future”

Andrew Gilbert, Partner at Energy Capital Partners

“We congratulate Terry on his appointment and are confident he is the right leader to build on this foundation and guide Talen through its next phase of growth and value creation.”

Cole Muller, Chief Financial Officer of Talen

“Talen’s strong balance sheet, durable cash flow outlook and disciplined capital allocation framework provide us with the flexibility to return substantial capital to shareholders while maintaining our financial strength,”

Cole Muller, Chief Financial Officer of Talen

“This accelerated repurchase reflects our confidence in Talen and the strength of our future cash flows and allows us to acquire a meaningful number of shares at what we believe are highly attractive free cash flow yields.”