01—Abstract
Summary
Summary of the 8-K filed June 3, 2026. Cited figures are marked; the original filing is the authoritative source.
CMS Energy announced on June 3, 2026 that Chief Financial Officer Rejji P.
Hayes retired effective immediately, and named Srikanth (Sri) Maddipati, 43, as his successor as EVP and CFO of CMS Energy and Consumers Energy, also effective June 3, 2026. Maddipati has been with the company for 12 years, previously serving as treasurer (2016-2023), where he managed budgeting, liquidity, financing, and investor, bank, and rating agency relationships, and most recently as senior vice president and president of the electric supply business unit. His compensation was set at a $775,000a base salary, an increase in his incentive target to 80% of base salary, and a $750,000 tenure-based restricted stock award that cliff vests on his third service anniversary.
Investor-relations, treasury, tax, accounting, and financial planning now report to him. The leadership change is largely an internal succession with a finance-experienced executive taking the CFO seat, which tends to reduce transition risk. Chris Fultz, previously vice president of low voltage distribution, moves into the senior vice president and president role for electric supply, so operational leadership also changes hands.
The filing gives no reason for Hayes's retirement beyond the announcement itself, and no indication of a disagreement. Importantly, CMS Energy reaffirmed in this filing, as of June 3, 2026, the financial guidance it issued on April 28, 2026. For investors, the key takeaways are continuity of guidance and a finance chief with deep treasury and capital markets background, though the filing itself contains no new financial results or guidance changes.
02—Key points
Key Highlights
- CFO transition: Rejji P. Hayes retired as EVP and CFO of CMS Energy and Consumers Energy effective June 3, 2026.
- New CFO: Srikanth (Sri) Maddipati, 43, succeeds Hayes effective the same day; he previously served as company treasurer (2016-2023) and most recently as president of electric supply.
- Compensation: Maddipati's base salary is $775,000, his incentive target rises to 80% of base salary, and he receives $750,000 in restricted stock that cliff vests on his third service anniversary.
- Electric supply leadership: Chris Fultz, formerly VP of low voltage distribution, becomes SVP and president of electric supply, effective June 3, 2026.
- Guidance reaffirmed: CMS Energy reaffirmed as of June 3, 2026 the guidance it provided on April 28, 2026.
- Scope of responsibilities: The new CFO oversees Investor Relations, Treasury, Tax, Accounting, and Financial Planning.
- No new financial results: The filing contains no new earnings, financial statements, or guidance changes beyond the reaffirmation.
03—Questions
Frequently Asked Questions
Why did CFO Rejji Hayes retire, and was the departure unexpected?
The 8-K and accompanying press release state that Hayes retired effective June 3, 2026, and thank him for his service. The filing does not give a reason for the retirement or indicate any disagreement with the company, so investors should not infer one from the documents provided.
Who is the new CFO and is he qualified for the role?
Sri Maddipati joined CMS Energy in 2014 and served as vice president and treasurer from 2016 to 2023, overseeing budgeting, liquidity, financing, and relationships with investors, banks, and rating agencies. He later led the Consumers Energy electric supply business and was named its senior vice president and president in 2025. Before CMS Energy he was a vice president in the financial institutions group at Goldman Sachs, and he holds engineering degrees and an MBA from the University of Michigan.
Does the leadership change affect CMS Energy's financial guidance?
The company reaffirmed, as of June 3, 2026, the guidance it provided on April 28, 2026. The filing does not change that guidance, so the transition alone does not appear to alter the company's stated financial outlook.
What does Maddipati's compensation package signal to investors?
His $775,000 base salary, incentive target raised to 80% of base, and $750,000 restricted stock award vesting on the third anniversary of his service tie a meaningful share of his pay to multi-year tenure. The cliff vesting structure provides retention incentives, though the filing does not disclose performance conditions on the equity award.
Who is running the electric supply business after this change?
Chris Fultz, previously vice president of low voltage distribution at Consumers Energy, became senior vice president and president of electric supply effective June 3, 2026. He joined the company in 2014 and has held roles in project management, natural gas operations, transmission, storage, and compression, and he has a background at Black & Veatch.
04—Continue