E. Hunter Harrison, 66, was named as a director in March backed by Seneca Capital, one of Dynegy's biggest shareholders, which has been jockeying for more control over the company.
Harrison will replace director David Biegler, an independent director who was serving as interim CEO and president after Bruce Williamson left the roles in March under pressure from Seneca.
Williamson left in a shakeup after billionaire investor Carl Icahn's $665 million bid for the company -- opposed by Seneca, which thought the bid too low -- expired in February. Icahn has a nearly 15 percent stake in the company while Seneca holds a 9 percent stake, according to Fact Set.
Harrison was formerly president and CEO of the Canadian National Railway company.
Dynegy has been hurt by lower power prices over the last two years. It owns power plants that burn natural gas, coal and oil. It sells electric energy and related services to grids and utilities in the Midwest, the Northeast and the West.
Its shares rose a penny to $5.74 in morning trading Monday.
(Copyright ©2011 by The Associated Press. All Rights Reserved.)
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