8-KLeadership ChangesExhibits & Filings

ATMOS ENERGY CORP 8-K Report, Executive Changes (Jan 19, 2017)

Filed January 19, 2017For Securities:ATO

Summary

This 8-K filing announces significant executive management changes at Atmos Energy Corporation, effective February 1, 2017. Notably, the Senior Vice President, General Counsel and Corporate Secretary, Louis P. Gregory, and the Senior Vice President and Chief Financial Officer, Bret J. Eckert, are retiring. Both executives have entered into separation agreements, with Mr. Gregory receiving $2.2 million and Mr. Eckert receiving $2.6 million, along with continued benefits as outlined in their respective agreements. Concurrently, Atmos Energy has appointed Christopher T. Forsythe as the new Senior Vice President and CFO. Mr. Forsythe, previously the Vice President and Controller, will receive an annual base salary of $375,000 and will be eligible for the company's standard incentive and benefit plans for senior officers. He will also enter into a change-in-control severance agreement, detailing potential severance payments and benefits in the event of specific termination scenarios following a change in control.

Key Highlights

  • 1Departure of Senior Vice President, General Counsel and Corporate Secretary, Louis P. Gregory, effective February 1, 2017.
  • 2Louis P. Gregory will receive a separation payment of $2,200,000.
  • 3Departure of Senior Vice President and Chief Financial Officer, Bret J. Eckert, effective February 1, 2017.
  • 4Bret J. Eckert will receive a separation payment of $2,600,000.
  • 5Christopher T. Forsythe appointed as the new Senior Vice President and CFO, effective February 1, 2017.
  • 6Christopher T. Forsythe's annual base salary will be $375,000, with eligibility for incentive and benefit plans.
  • 7Christopher T. Forsythe will have a change-in-control severance agreement in place.

Frequently Asked Questions

The filing states that Louis P. Gregory and Bret J. Eckert are retiring from their positions. The specific reasons beyond retirement are not detailed in this filing, but both have entered into separation agreements.

The primary financial impact disclosed is the separation payments to Mr. Gregory ($2.2 million) and Mr. Eckert ($2.6 million). The company will also incur costs related to benefits and potentially severance for the new CFO under specific circumstances.

Christopher T. Forsythe has been appointed Senior Vice President and CFO with an annual base salary of $375,000. He is eligible for standard incentive and benefit plans for senior officers and will have a change-in-control severance agreement.

Both separation agreements include a mutual release of all claims between the executives and the company. Additionally, both departing executives are entitled to receive other compensation or benefits otherwise payable according to company plans they participated in.