Marce Fuller, CEO of Atlanta-based Mirant Corp., is resigning from the bankrupt energy supplier in exchange for $3.4 million in severance pay plus a promised 2004 short-term incentive payment of $850,000, according to a regulatory filing with the Securities and Exchange Commission on Thursday. The agreement calls for Fuller to work as a consultant on Mirant’s bankruptcy case after she leaves.

The filing, which outlines Fuller’s separation agreement terms, does not say when she will step down. It says she will leave on a “mutually agreed” upon date, and will step down from her seat on the board of directors.

The company filed for bankruptcy in Forth Worth, TX, on July 14, 2003. It has yet to file a reorganization plan. Last month, some of Mirant’s shareholders asked the bankruptcy court to order the energy supplier to hold a meeting to oust its board of directors. Investors accused the company of pressing a business plan as part of its reorganization that understates projected revenues. Mirant has said it is proceeding as quickly as possible.

Fuller was appointed Southern Energy Inc.’s (renamed Mirant) president and CEO in 1999 (see Daily GPI, July 21, 1999). Before that, she served as president and CEO of Southern Company Energy Marketing. Under her guidance, Mirant emerged as a competitive energy provider with an extensive portfolio of power generation assets, and risk management and marketing operations. Mirant owns or controls more than 17,000 MW of generating capacity throughout the United States, the Caribbean, and the Philippines. Before joining Mirant, Fuller worked in various positions at Southern Company and General Electric Co.

©Copyright 2005 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.