8-KLeadership ChangesExhibits & Filings

CENTERPOINT ENERGY INC 8-K Report, Executive Changes (Jan 29, 2015)

Filed January 29, 2015For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) filed an 8-K on January 29, 2015, to report significant changes in its executive leadership. The filing details the upcoming retirement of Executive Vice President and Chief Financial Officer, Gary L. Whitlock, effective March 2, 2015. Mr. Whitlock is expected to remain with the company as a special advisor to the CEO to ensure a smooth transition of his duties. Furthermore, the company announced the appointment of William D. Rogers as the new Executive Vice President and Chief Financial Officer, effective March 3, 2015. Mr. Rogers will join CNP on February 9, 2015, in a transitional role as Executive Vice President of Finance and Accounting. His extensive financial background includes prior CFO experience at NV Energy and leadership roles at American Water Works Company, Inc.

Key Highlights

  • 1Gary L. Whitlock, EVP and CFO, will retire effective March 2, 2015.
  • 2Mr. Whitlock will serve as a special advisor to the CEO for transition support.
  • 3William D. Rogers appointed as new EVP and CFO, effective March 3, 2015.
  • 4Mr. Rogers will join CNP on February 9, 2015, as EVP of Finance and Accounting.
  • 5Mr. Rogers brings significant financial and utility industry experience, including past CFO roles at NV Energy and American Water Works.
  • 6Mr. Rogers will receive a base salary of $410,000, a sign-on equity award, and is eligible for company incentive plans (STI and LTI).

Frequently Asked Questions

The filing states that Mr. Gary L. Whitlock informed the Company of his intent to retire. No specific reason for his retirement is provided beyond his intention to step down.

Mr. Whitlock will transition his responsibilities by remaining with the Company as a special advisor to the CEO after his retirement from the CFO role, ensuring an orderly handover.

Mr. Rogers has extensive experience in finance and the utility sector. He most recently served as Vice President and Treasurer of American Water Works Company, Inc. Prior to that, he was the CFO of NV Energy, Inc. and held other senior finance positions at NV Energy and investment banks like Merrill Lynch and JPMorgan Chase. He also has a military background as a former captain in the Army Corps of Engineers.

Mr. Rogers will receive a base salary of $410,000. He will also receive a sign-on equity incentive award consisting of 18,000 restricted stock units, vesting over two years. He will be eligible for the Company's standard compensation and benefits plans, including Short Term Incentive (STI) and Long Term Incentive (LTI) plans, with initial target award levels of 75% of base salary for STI and 140% of base salary for LTI.