8-K/ALeadership ChangesExhibits & Filings

CENTERPOINT ENERGY INC 8-K/A Report, Executive Changes (Mar 1, 2019)

Filed March 1, 2019For Securities:CNP

Summary

This 8-K filing from CenterPoint Energy, Inc. (CNP) serves as an amendment to a previous disclosure regarding the retirement of its Executive Vice President and Chief Financial Officer, William D. Rogers. While Mr. Rogers had previously announced his intent to retire on November 27, 2018, this amendment confirms the effective retirement date as March 8, 2019. Importantly, the filing details a special lump-sum cash payment of $360,000 approved for Mr. Rogers by the Compensation Committee, contingent upon his signing a Separation Agreement and Release. This payment is in addition to any other compensation he may be entitled to under existing company plans. Investors should note that the company is actively seeking a replacement for the CFO position. While the specific reasons for the retirement and the details of the separation agreement are not fully elaborated, the significant severance payment suggests a mutual agreement for Mr. Rogers' departure. The filing also includes the form of the Separation Agreement and Release as an exhibit for those seeking further details on the terms of his exit.

Key Highlights

  • 1William D. Rogers, Executive Vice President and Chief Financial Officer, will retire effective March 8, 2019.
  • 2Mr. Rogers had previously announced his intent to retire on November 27, 2018.
  • 3The Compensation Committee approved a special lump-sum cash payment of $360,000 for Mr. Rogers.
  • 4This payment is contingent upon Mr. Rogers entering into a Separation Agreement and Release.
  • 5The $360,000 payment is separate from any other compensation due to Mr. Rogers under existing plans.
  • 6CenterPoint Energy is actively searching for a successor to the CFO position.
  • 7The Form of Separation Agreement and Release is filed as an exhibit to this report.

Frequently Asked Questions

This 8-K filing (an amendment) provides an update on the retirement of CenterPoint Energy's Executive Vice President and Chief Financial Officer, William D. Rogers. It confirms his retirement date and details a special payment being made to him in connection with his departure.

The Compensation Committee approved a special lump-sum cash payment of $360,000 to Mr. Rogers. However, this payment is subject to his entering into a Separation Agreement and Release with the company.

Yes, the $360,000 special payment is explicitly stated to be separate from any compensation that may otherwise be due or awarded to Mr. Rogers under the company's existing long-term or short-term compensation plans.

No, the company is actively searching for a successor to the Chief Financial Officer position and expects to make an appointment in due course.