Getting to Know David Faranetta
Stream Energy, has announced the addition of their new Executive Vice President and Chief Financial Officer, David Faranetta. Faranetta’s new role will be to oversee the financial planning, reporting, accounting, tax, and treasury functions for Stream. The role will be especially important in light of continual growth by the company, which recently relocated to a newly renovated space in the Tollway Center in May to accommodate its growth due to expanding service offerings.
Faranetta brings with him a long history of executive leadership in the energy industry, having previously served as both the Senior Vice President and Chief Financial Officer of TXU Energy. Under Faranetta’s leadership, TXU implemented systems and processes for power and gas trading that helped support one of the financial industry’s largest natural gas hedging positions. During Faranetta’s leadership, TXU also achieved a customer satisfaction rate increase to 99% – 100%, a high employee morale and retention rate, and an increase of over $30 million in annual profit.
Faranetta also played a key role in the founding of electricity generator and wholesaler Luminant, where he served as Senior Vice President and Chief Financial Officer. During his time at Luminant, Faranetta handpicked a team of senior financial executives to lead over one hundred employees. These leaders were tasked with developing succession planning and promoting a workplace culture that resulted in high output while maintaining low employee attrition.
Under his leadership at Luminant, the company’s revenue increased by 6% and its costs decreased by more than 10%. Faranetta also served as a member of the employee 401K oversight committee, managing a fund with over 10,000 participants and assets totaling of over $1 billion.
As a longtime participant in Texas’s energy industry, Faranetta has long been familiar with Stream’s operations and history of innovation and high-profile success in the energy sector. “I’ve been watching Stream Energy for many years and am excited to finally be a part of this dynamic and fast-paced team,” Faranetta said. “I’m thrilled to join a team that will fuel our company’s growth and performance in the global energy industry.”
How CEO Larry Mondry Reacted
Stream Energy President and Chief Executive Officer, Larry Mondry, who also has a long track record of success in a variety of executive positions, expressed his excitement at the newest addition to Stream’s executive membership. “I’m extremely pleased to welcome David to our team,” said Mondry. “His long industry experience is of utmost value to our organization and his contributions are going to play a major role in shaping a bright future for Stream.”
Mondry, who took over as Stream’s president and CEO in 2016 after serving a variety of roles at both CompUSA and CSK Auto, has placed an emphasis on scaling Stream’s already sound infrastructure to new heights. In this area Faranetta’s track record of success in leadership will serve him well, with growth in geographical regions served, products offered, and customer and Associate count being at the forefront of Mondry’s priorities for the rapidly expanding company.
Faranetta holds a bachelor’s degree in economics from Moravian College in Bethlehem, Pennsylvania. He also holds a master of business administration from Lehigh University, whose college of business and economics has been recognized as one of the top business schools in the country.
The Clean Energy Company
Stream (formerly Stream Energy) is a leading direct selling company and provider of connected life services. Consistently ranked as a top 20 direct selling company, its innovative use of direct selling has had a profound impact on the energy industry since its founding in 2005. Currently offering energy services in Texas, Georgia, Pennsylvania, Maryland, New Jersey, Washington, D.C., New York, and Illinois, Stream Energy is now recognized as one of the largest direct selling companies in the global energy market with more than $8 billion in revenue since its inception. In recent years, Stream has extended its offerings to include Wireless, Protective, and Home Services. These additional services are intended to work seamlessly together to fit customers’ on-the-go lifestyles and are available nationwide.
The recipient of countless awards over the years, Stream has become a high profile company in the energy, tech, and home services sector. Known not only for its remarkable growth and quality of services, Stream Energy has also been singled out for its reliability and the level of trust it has earned from its customers. Market Strategies International recently recognized Stream Energy as one of the top 10 Most Trusted Retail Electric Providers in Texas in a survey of customers asked to score 52 retail electric providers.
Owing a large part of its success to its use of forward-thinking business tactics to provide for its customers’ life service needs, Stream is also known as a leading pioneer in the energy field.
A recent recognition of this was its presentation with the “2016 Most Innovative Marketer of the Year Award” by the Energy Marketing Conference. Stream’s strength in this area is attributable not only to the groundbreaking work done by its team of highly skilled employees but also to the remarkable effort put forth by its nationwide network of Associates, which made history recently by enrolling 30,000 new Associates in just five days.