Following a second failed takeover bid of independent power producer, Dynegy, its top senior executives and entire board are bidding farewell.

Dynegy announced on Feb. 21 that president and CEO, Bruce Williamson, who has served in this role for the past eight  years, will be resigning, effective March 11. Williamson also will step down as board chairman, effective immediately. Additionally, Dynegy's five remaining directors said they do not intend to stand for reelection at the company's upcoming annual meeting, anticipated to be held in June.

Investor activist, Carl Icahn, agreed to buy the company for $665 million. That was more than the $605 million that the Blackstone offered Dynegy in October 2010. But activist fund, Seneca Capital, one of the company's largest shareholders, rejected both offers as inadequate.

Replacing Williamson as president and CEO  is David Biegler, currently an independent Dynegy director. Patricia Hammick, previously Lead Director of Dynegy, now serves as board chairman.

Additionally, effective March 11, Holli Nichols will resign as executive vice president and CFO to accept an opportunity at another company. Taking her place on an interim basis as CFO is Charles Cook, Dynegy's executive vice president, commercial operations and market analytics.

Stay tuned for more details on the Dynegy fiasco in a future edition of Compliance Week.