Dynegy Inc. on Tuesday increased the combined brain trust and streamlined the responsibilities within its finance department, appointing three current senior officers to direct the company’s financial, accounting and strategic planning duties. The new organizational approach was approved by the company’s board of directors, and all three will report to interim CEO Dan Dienstbier.

“We believe this approach will be the most effective, practical and efficient way to plan for and execute our business strategy, comply with today’s regulatory requirements, meet new financial disclosure policies and procedures and manage our previously disclosed three-year re-audit,” said Dienstbier. “These officers have demonstrated a consistent and thorough command of the company’s financial, accounting and operating activities. Each is committed to working together to ensure that Dynegy develops and executes a solid strategy for our future and meets the highest standards of corporate governance.”

Current CFO Louis Dorey, who took over the top financial spot at Dynegy two months ago, assumes the role of executive vice president, finance. Dorey will focus on financing transactions, the treasury and managing relationships with lenders and credit rating agencies. Before his appointment to CFO, Dorey was responsible for the management of the company’s wholesale power and gas marketing and origination business, and additionally was executive vice president of strategy and planning for Dynegy Marketing and Trade. Dorey replaced long-time CFO Rob Doty, who resigned in June (see Daily GPI, June 25).

Dienstbier said the new structure also will provide Dorey with the scheduling flexibility necessary to deal with a serious illness in his family.

Hugh Tarpley, currently executive vice president, strategic investments, will lead the newly created corporate development department. His additional responsibilities will include business unit performance reviews, financial and strategic planning and investor relations. Tarpley, who joined Dynegy in 1997 as vice president, has led numerous projects, including the Destec acquisition and Dynegy-Illinova merger.

“Hugh’s expanded role underscores Dynegy’s focus on the future,” said Dienstbier. “Now that we have achieved a number of important milestones in our capital and liquidity plan and resolved several other outstanding issues, Dynegy is committed to positioning the company going forward as a competitor and provider of outstanding customer service in the energy merchant industry.”

Michael Mott, currently controller, also will serve as a senior vice president and chief accounting officer. Mott will add management of the tax department to his previous duties, which have included the development and application of accounting policies and procedures, the leadership and coordination of the organization’s financial and operational accounting functions, transaction support, and internal and external financial reporting. Mott has been with Dynegy since 1995 when he joined the company as director of financial reporting.

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