8-KLeadership Changes

CENTERPOINT ENERGY INC 8-K Report, Executive Changes (Dec 18, 2013)

Filed December 18, 2013For Securities:CNP

Summary

This 8-K filing from CenterPoint Energy, Inc. (CNP) on December 18, 2013, primarily announces a change in the company's Board of Directors. Effective December 12, 2013, the Board's size was increased from seven to eight members with the appointment of Scott J. McLean as a new director. Mr. McLean brings a significant background in banking and finance, currently serving as executive vice president of Zions Bancorporation and CEO of Amegy Bank of Texas, with extensive prior experience at Texas Commerce Bank/JPMorgan Chase. Mr. McLean's appointment is effective immediately and he is expected to stand for election at the 2014 annual meeting. He has also been appointed to serve on the Company's Audit and Finance Committees. His compensation will follow the standard arrangement for non-employee directors. Investors can view this as a move to strengthen the board's expertise, particularly in financial matters, without any disclosed conflicts of interest or prior compensation arrangements.

Key Highlights

  • 1CenterPoint Energy, Inc. (CNP) appointed Scott J. McLean as a new director to its Board, increasing the Board size from seven to eight members.
  • 2The appointment was effective December 12, 2013, and Mr. McLean is expected to serve until the 2014 annual shareholder meeting.
  • 3Mr. McLean brings extensive financial and executive experience, currently serving as EVP of Zions Bancorporation and CEO of Amegy Bank of Texas.
  • 4He has been appointed to serve on the Company's Audit and Finance Committees.
  • 5Mr. McLean's directorship is not based on any pre-existing arrangements or understandings, and there are no disclosed related-party transactions requiring disclosure.
  • 6Compensation for Mr. McLean will be in accordance with the Company's standard non-employee director compensation plan.

Frequently Asked Questions

Scott J. McLean is a 57-year-old executive with a substantial background in the banking industry. He is currently the executive vice president of Zions Bancorporation and the chief executive officer of Amegy Bank of Texas. Prior to joining Amegy in 2002, he spent 23 years with Texas Commerce Bank/JPMorgan Chase in various leadership roles, including president and chairman in different Texas markets.

The Board of Directors was increased from seven to eight members upon the recommendation of the Governance Committee. This expansion allowed for the appointment of Scott J. McLean, bringing additional expertise to the board.

Mr. McLean has been appointed to serve on two key committees of the Board of Directors: the Audit Committee and the Finance Committee.

Mr. McLean will be compensated for his services as a director according to CenterPoint Energy's standard arrangement for non-employee directors, as previously detailed in the company's proxy statement for its 2013 annual meeting of shareholders.