HOUSTON, Aug. 22 /PRNewswire-FirstCall/ -- The board of directors of
Reliant Energy, Inc. (NYSE: RRI) today announced the election of Evan J.
Silverstein to the board.
"Evan's extensive industry knowledge and his success as the former head
of a major investment fund in the utility and merchant power sector will
bring a unique and important perspective to our board," said Joel Staff,
Reliant Energy's chairman and chief executive officer. "It is a pleasure to
welcome such a high caliber individual to our board."
"I am excited about the opportunity to join the Reliant Energy board
and look forward to working with my fellow board members to focus on
long-term value creation for our shareholders," said Silverstein.
Silverstein was recommended to Reliant Energy by Jennison Associates
LLC, one of the company's institutional shareholders. "Evan has established
himself as one of the best recognized and most astute investors in the
industry," said Shaun Hong, managing director of Jennison. "We're pleased
to endorse Silverstein and are confident that he will effectively represent
the interests of institutional shareholders such as ourselves by bringing a
unique perspective to the board."
Silverstein's election fulfills a commitment made by Reliant Energy to
name a substantial institutional shareholder representative to the board
and is in line with the board's intention to add two new directors before
the end of the year.
Silverstein retired in 2005 from his position as general partner and
portfolio manager at SILCAP LLC, a market-neutral hedge fund that
principally invests in utilities and energy companies. Prior to this, he
served as portfolio manager specializing in utilities and energy companies
for the Bass Brothers Companies and as senior equity utility analyst for
L.F. Rothschild, Unterberg & Towbin. He began his career in 1975 when he
accepted a position at Drexel Burnham Lambert.
Silverstein holds a Bachelor of Science degree in accounting from
Brooklyn College. Management and industry experts have consistently sought
his insight. He has given numerous speeches and has testified before
Congress on a variety of energy-related issues.
Reliant Energy, Inc., based in Houston, Texas, provides electricity and
energy services to retail and wholesale customers in the United States. In
Texas, the company provides service to approximately 1.9 million retail
electricity customers, including residential, small business and
commercial, industrial, governmental and institutional customers. Reliant
also serves commercial, industrial, governmental and institutional
customers in the PJM (Pennsylvania, New Jersey and Maryland) market. The
company is one of the largest independent power producers in the nation
with approximately 16,000 megawatts of power generation capacity across the
United States. These strategically located generating assets utilize
natural gas, fuel oil and coal. For more information, visit
http://www.reliant.com/corporate.
SOURCE Reliant Energy, Inc.
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Related links:
http://www.reliant.com/corporate
CONTACT:
Pat Hammond, media, +1-713-497-7723, or
Dennis Barber, investors, +1-713-497-3042, both of Reliant
Energy, Inc.
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