8-KLeadership ChangesRegulation FDExhibits & Filings

CENTERPOINT ENERGY INC 8-K Report, Executive Changes (Jan 3, 2023)

Filed January 3, 2023For Securities:CNP

Summary

CenterPoint Energy, Inc. (CNP) announced a significant organizational restructuring effective January 3, 2023, as part of its ongoing succession planning and to better support its long-term growth strategy. The changes involve some executive role adjustments and the departure of two executive vice presidents, Scott E. Doyle and Gregory E. Knight, due to the elimination of their positions. Notably, the company has emphasized that these departures are not due to any disagreements regarding company operations, controls, or financial matters. The new structure sees key executives like CEO David J. Lesar and President & COO Jason P. Wells retaining their roles, with Wells taking on additional responsibilities for safety while continuing as CFO until a successor is named. Other executives, including Monica Karuturi (General Counsel) and Lynne Harkel-Rumford (Chief Human Resources Officer), have expanded mandates. The executive committee will now consist of Lesar, Wells, Karuturi, Harkel-Rumford, and Jason Ryan (Regulatory Services and Government Affairs). Investors should monitor the integration of these structural changes and the appointment of a new CFO.

Key Highlights

  • 1CenterPoint Energy implemented a new organizational structure effective January 3, 2023, focusing on succession planning and long-term growth.
  • 2CEO David J. Lesar and President & COO Jason P. Wells will continue in their roles.
  • 3Jason P. Wells assumes additional responsibility for the safety program and will remain CFO until a successor is appointed.
  • 4Monica Karuturi (EVP & General Counsel) gains responsibility for strategic planning, cybersecurity, and Energy Systems Group.
  • 5Lynne Harkel-Rumford (EVP & CHRO) takes on marketing responsibilities, transferring the safety program oversight to Mr. Wells.
  • 6Two executive positions, Scott E. Doyle (EVP, Utility Operations) and Gregory E. Knight (EVP, Customer Transformation & Business Services), were eliminated, leading to their departures.
  • 7The departures of Messrs. Doyle and Knight are stated to be without disagreement on operational, financial, or accounting matters.

Frequently Asked Questions

The primary reasons cited are continued focus on succession planning and the need to support the company's long-term growth strategy through a new organizational structure.

David J. Lesar remains CEO. Jason P. Wells remains President & COO, taking on safety program oversight and continuing as CFO temporarily. Monica Karuturi (EVP & General Counsel) adds strategic planning, cybersecurity, and Energy Systems Group responsibilities. Lynne Harkel-Rumford (EVP & CHRO) adds marketing responsibilities. Jason Ryan (EVP, Regulatory Services and Government Affairs) will now report to Mr. Wells.

No, the filing explicitly states that the departure of Messrs. Doyle and Knight is not the result of any disagreement with the Company on any matter relating to its operations, policies, practices, controls, or financial or accounting matters.

The new Executive Committee will comprise Mr. David J. Lesar (CEO), Mr. Jason P. Wells (President & COO, interim CFO), Ms. Monica Karuturi (EVP & General Counsel), Ms. Lynne Harkel-Rumford (EVP & CHRO), and Mr. Jason Ryan (EVP, Regulatory Services and Government Affairs).