8-KLeadership ChangesExhibits & Filings

CENTERPOINT ENERGY INC 8-K Report, Executive Changes (Sep 17, 2020)

Filed September 17, 2020For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) announced a significant leadership change with the appointment of Jason P. Wells as its new Executive Vice President and Chief Financial Officer (CFO), effective September 28, 2020. Mr. Wells brings substantial experience from his previous role as CFO at PG&E Corporation, a large utility company, and prior finance and accounting positions. This appointment signals a move towards solidifying the company's financial leadership following a period of transition. Investors should note the compensation package offered to Mr. Wells, which includes a base salary of $650,000, a substantial $1,000,000 sign-on equity award, and comprehensive relocation assistance, including the company purchasing his San Francisco residence. He will also participate in the company's standard incentive plans, with target awards of 75% of base salary for the Short-Term Incentive Plan and 250% for the Long-Term Incentive Plan. Concurrently, Kristie L. Colvin will transition from her interim CFO role to continue as Senior Vice President and Chief Accounting Officer.

Key Highlights

  • 1Appointment of Jason P. Wells as EVP and CFO, effective September 28, 2020.
  • 2Mr. Wells has prior extensive experience as CFO of PG&E Corporation.
  • 3Mr. Wells will receive an annual base salary of $650,000.
  • 4A sign-on equity award of restricted stock units valued at $1,000,000.
  • 5Company will purchase Mr. Wells' residence in San Francisco as part of relocation assistance.
  • 6Target STI award of 75% of base salary and target LTI award of 250% of base salary.
  • 7Kristie L. Colvin will step down as Interim CFO and continue as Senior Vice President and Chief Accounting Officer.

Frequently Asked Questions

The appointment of Jason P. Wells as Executive Vice President and Chief Financial Officer brings experienced leadership to a key financial role within CenterPoint Energy. His background as CFO of PG&E Corporation suggests a strong financial acumen that investors may view positively as the company navigates its operational and financial strategies.

Mr. Wells' compensation includes a $650,000 base salary, a $1,000,000 sign-on equity award vesting over two years, and significant relocation benefits, notably the company's purchase of his San Francisco residence. He is also eligible for the company's Short-Term Incentive Plan (75% target) and Long-Term Incentive Plan (250% target).

Kristie L. Colvin, who has been serving as Interim Executive Vice President and Chief Financial Officer, will step down from the interim CFO role upon Mr. Wells' effective start date. She will continue her role as Senior Vice President and Chief Accounting Officer for the company.

The filing states that Mr. Wells' appointment was not pursuant to any agreement with other persons. There are no reported family relationships with existing directors or executive officers, nor are there any transactions requiring disclosure under Item 404(a) of Regulation S-K.