8-KOther Events

CENTERPOINT ENERGY INC 8-K Report, Corporate Update (Nov 3, 2004)

Filed November 3, 2004For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) filed a Form 8-K on November 3, 2004, to report a significant executive change. Stephen C. Schaeffer, the Executive Vice President and Group President for CenterPoint Energy Gas Distribution & Sales, has announced his retirement, which is effective December 1, 2004. This announcement signals a transition in leadership for a key operational segment of the company. During the interim period before a successor is appointed, the business unit leaders who previously reported to Mr. Schaeffer will now report directly to David M. McClanahan, the President and Chief Executive Officer. Investors should monitor the company's subsequent filings for information regarding the appointment of a new executive to this critical role and any strategic implications thereof.

Key Highlights

  • 1Executive retirement: Stephen C. Schaeffer, EVP and Group President of Gas Distribution & Sales, will retire effective December 1, 2004.
  • 2Leadership transition: The retirement impacts a key operational segment of CenterPoint Energy.
  • 3Interim reporting structure: Business unit leaders will report directly to CEO David M. McClanahan until a successor is named.
  • 4Effective date of change: The retirement is set to occur on December 1, 2004.
  • 5Regulatory filing: This information was disclosed via a Form 8-K filing on November 3, 2004.
  • 6Company leadership: David M. McClanahan, President and CEO, will oversee the gas distribution and sales units during the transition.

Frequently Asked Questions

Stephen C. Schaeffer, who holds the position of Executive Vice President and Group President for CenterPoint Energy Gas Distribution & Sales, is retiring.

His retirement is effective December 1, 2004.

Until a successor is appointed, the business unit leaders who previously reported to Mr. Schaeffer will report directly to David M. McClanahan, the President and Chief Executive Officer of CenterPoint Energy.

This executive change indicates a leadership transition within a crucial operational segment of CenterPoint Energy. Investors may want to monitor the company's announcements for the appointment of a new leader for this division and any potential strategic shifts or impacts on performance.