Entergy Corp. /zigman2/quotes/208005291/composite ETR -0.29% said Wednesday that Chief Executive Leo Denault will retire in 2023, after 10 years in the role and 23 years at the company. The electric power generation company's stock was still inactive in premarket trading. The company said Andrew Marsh, who has been chief financial officer since 2013, will succeed Denault as CEO, effective Nov. 1. After Marsh becomes CEO, Denault will continue as executive chairman until he retires. "When I think about Entergy's forward momentum and some of the milestones we've recently achieved, like the creation of our first-ever chief customer officer and the successful completion of our planned, multi-year strategy to exit the merchant power generation business, I realized this would be a logical time and a natural transition point for me in my career," Denault said. The stock has gained 8.5% year to date, while the SPDR Utilities Select Sector ETF /zigman2/quotes/206645117/composite XLU -0.05% has advanced 8.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.08% has lost 9.7%.