Dynegy replaces top executives as they fail again to secure a sale

DYNEGY’S top management have announced their resignations after failing to sell the company for the second time in a year.

The power company terminated its $665m (£413m) deal to sell itself to Carl Icahn because the billionaire investor was unable to convince shareholders to agree to the $5.50-a-share cash bid on the table.

Bruce Williamson will resign as president and chief executive, effective 11 March. Williamson has also resigned as a director and chairman of the board, effective immediately.

David Biegler, currently an independent Dynegy director, has been appointed interim president and chief executive. Patricia Hammick, previously lead director of Dynegy, now serves as chairman, the company said.