Just Energy Group Inc. made top-level executive changes and reconstituted its board, following the closing of its recapitalization plan to de-risk its business.

The energy retailer named Michael Carter as CFO, succeeding Jim Brown who will assume the role of chief commercial officer. Carter was previously CFO of Vistra Corp. subsidiary TXU Energy, according to a Sept. 28 news release.

Just Energy also appointed Scott Fordham as COO. Fordham joined the company as senior vice president for finance and chief accounting officer in early 2020.

"With our focus now firmly on building a stronger, more efficient Just Energy, having talented leaders with extensive industry experience and the ability to drive consistent performance is crucial to our future success," Just Energy President and CEO R. Scott Gahn said.

The company implemented a recapitalization plan to reduce debt and increase liquidity. The plan included the consolidation of the energy retailer's common shares on a 1-for-33 basis, the exchange of convertible debentures to new common shares and subordinated notes, and extension of maturity of credit facilities.

As part of its broader plan, Just Energy reconstituted its seven-member board with five new members, namely James Bell, Anthony Horton, Steven Murray, Stephen Schaefer and Marcie Zlotnik. The two incumbent directors are Gahn and Dallas Ross.