Summary
Dominion Energy, Inc. (D) filed an 8-K on November 3, 2022, reporting a key executive transition. James R. Chapman, Executive Vice President and Chief Financial Officer, will resign effective November 23, 2022, to pursue opportunities elsewhere. This change marks a shift in the company's financial leadership. Steven D. Ridge has been appointed as the new Senior Vice President and Chief Financial Officer, succeeding Mr. Chapman and commencing his new role on November 24, 2022. Mr. Ridge brings extensive internal experience, having held various leadership positions in finance, investor relations, and operations within Dominion Energy since 2014, including a recent role as Vice President and General Manager–Western Distribution. His prior experience includes investment banking at J.P. Morgan. The company has also outlined Mr. Ridge's compensation package for his new role, which includes a base salary, annual incentive target, a one-time cash payment, and a restricted stock award.
Key Highlights
- 1Chief Financial Officer (CFO) James R. Chapman is resigning effective November 23, 2022.
- 2Steven D. Ridge will succeed Mr. Chapman as Senior Vice President and CFO, effective November 24, 2022.
- 3Mr. Ridge has significant internal experience at Dominion Energy, including roles in investor relations and Western Distribution leadership.
- 4Mr. Ridge's background includes investment banking experience at J.P. Morgan.
- 5Mr. Ridge's new compensation includes a $600,000 base salary and a 70% annual incentive target.
- 6A one-time cash payment of $350,000 and a $350,000 restricted stock award (vesting over three years) are part of Mr. Ridge's transition package.
- 7Mr. Ridge will be eligible for future long-term incentive awards and standard executive benefits.