8-KLeadership ChangesExhibits & Filings

CENTERPOINT ENERGY INC 8-K Report, Executive Changes (Apr 2, 2020)

Filed April 2, 2020For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) filed an 8-K on April 2, 2020, to report a significant change in its executive leadership. Xia Liu, the Executive Vice President and Chief Financial Officer, has resigned to pursue another career opportunity. Her departure is effective April 2, 2020, though she will remain in an advisory role until May 1, 2020, to ensure a smooth transition. Importantly, the company states that Ms. Liu's resignation was not due to any disagreements regarding the company's operations, policies, financial controls, or disclosures. In response to Ms. Liu's departure, the Board of Directors has appointed Kristie L. Colvin as the Interim Executive Vice President and Chief Financial Officer, effective April 2, 2020. Ms. Colvin has extensive experience within CenterPoint Energy, having served as Senior Vice President and Chief Accounting Officer since 2014 and holding various finance-related roles for over 30 years. The company has indicated that Ms. Colvin's compensation arrangements for this interim role have not yet been determined and will be disclosed in an amended filing.

Key Highlights

  • 1CFO Xia Liu is stepping down effective April 2, 2020.
  • 2Ms. Liu's resignation is for a new career opportunity and not due to any disagreements with the company.
  • 3Ms. Liu will serve in an advisory capacity until May 1, 2020, to facilitate a transition.
  • 4Kristie L. Colvin has been appointed as the Interim CFO, effective April 2, 2020.
  • 5Ms. Colvin brings over 30 years of experience within CenterPoint Energy and its predecessors.
  • 6Compensation details for the Interim CFO have not yet been finalized and will be disclosed later.

Frequently Asked Questions

The Chief Financial Officer, Xia Liu, is leaving to pursue another career opportunity. The company has clarified that her departure is not a result of any disagreements concerning the company's operations, policies, financial controls, or disclosures.

Kristie L. Colvin, who previously served as Senior Vice President and Chief Accounting Officer, has been appointed as the Interim Executive Vice President and Chief Financial Officer.

Ms. Colvin has a long tenure with CenterPoint Energy and its predecessor companies, spanning over 30 years. She has held various finance-related positions, including serving as Senior Vice President and Chief Accounting Officer since September 2014.

The company has stated that changes to Ms. Colvin's compensation arrangements in connection with her appointment to Interim CFO have not yet been determined. CenterPoint Energy will file an amendment to this report to disclose these arrangements once they are finalized.