Why NextEra Energy Stock Tumbled 16% in January

Shares of NextEra Energy (NYSE: NEE) stumbled out of the gates in 2022, plunging 16.3% in January, according to data provided by S&P Global Market Intelligence. That sell-off wiped away nearly $30 billion of the utility's market value. While the stock market correction last month played a role, the primary factor weighing on the clean energy-focused company was its decision to hand over the reins to a new generation of leadership. 

NextEra Energy named John Ketchum its president and CEO, succeeding longtime CEO Jim Robo. Robo will become executive chairman for a transition period before retiring. Ketchum is a 19-year NextEra veteran, currently serving as the CEO of its energy resources segment. He also served as the company's CFO and the CFO of its utility, Florida Power and Light (FPL), and its publicly traded partnership, NextEra Energy Partners (NYSE: NEP). 

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Source Fool.com