8-KLeadership ChangesRegulation FDExhibits & Filings

CMS ENERGY CORP 8-K Report, Executive Changes (Nov 18, 2020)

Filed November 18, 2020For Securities:CMSCMS-PCCMSACMSCCMSD

Summary

CMS Energy Corp. (CMS) filed an 8-K on November 18, 2020, announcing significant leadership changes. Patricia K. Poppe, the long-standing President and CEO of CMS Energy and Consumers Energy, has resigned effective December 1, 2020, to pursue an opportunity at another company. Her departure is stated to be amicable, with no disagreements related to company operations or policies. This marks the end of an era for the company under her leadership. Stepping into the top roles is Garrick Rochow, who will assume the positions of President and CEO for both CMS Energy and Consumers Energy, also effective December 1, 2020. Rochow, currently the Executive Vice President of Operations, has a substantial tenure of 17 years with the company and over 20 years of industry experience. The filing also details his new compensation package, including a base salary of $1,050,000 and an increased incentive compensation target. The company also reaffirmed its previously issued guidance as of October 29, 2020.

Key Highlights

  • 1Resignation of CEO Patricia K. Poppe effective December 1, 2020.
  • 2Appointment of Garrick Rochow as the new President and CEO of CMS Energy and Consumers Energy, effective December 1, 2020.
  • 3Rochow has 17 years of experience within CMS Energy and over 20 years in the industry.
  • 4New compensation for Garrick Rochow includes a base salary of $1,050,000 and a 115% target award under the incentive plan.
  • 5Poppe's departure is not due to any disagreement with the company.
  • 6CMS Energy reaffirms its financial guidance provided on October 29, 2020.
  • 7Garrick Rochow will also join the Boards of Directors of CMS Energy and Consumers Energy.

Frequently Asked Questions

Patricia K. Poppe is resigning from her roles as President and CEO of CMS Energy and Consumers Energy to accept a position at another company. The filing explicitly states her departure is not due to any disagreement with CMS Energy or Consumers Energy regarding operations, policies, or practices.

Garrick Rochow, currently the Executive Vice President of Operations, will succeed Patricia Poppe as President and CEO. Rochow has been with CMS Energy for 17 years and possesses over 20 years of experience in the energy industry. He has held various leadership roles, most recently overseeing the company's electric and natural gas operations.

Effective December 1, 2020, Garrick Rochow will receive an annual base salary of $1,050,000. Additionally, his standard award percentage under the CMS Energy Incentive Compensation Plan will increase to 115% of his base salary.

Yes, as of November 18, 2020, CMS Energy reaffirms the financial guidance it previously provided to investors on October 29, 2020. This suggests the company expects to meet its previously stated financial targets.