8-KLeadership Changes

Duke Energy CORP 8-K Report, Executive Changes (Aug 30, 2013)

Filed August 30, 2013For Securities:DUKDUKBDUK-PA

Summary

Duke Energy Corporation (DUK) filed an 8-K on August 30, 2013, to announce a key executive appointment and related compensation adjustments. Mr. Brian D. Savoy was appointed as Vice President, Chief Accounting Officer, and Controller, effective September 1, 2013. This promotion marks a significant step in Mr. Savoy's career within Duke Energy, where he has held various financial roles since 2007. In conjunction with his new role, Mr. Savoy's compensation package was enhanced. His annual base salary was increased, and his short-term and long-term incentive opportunities were significantly boosted. Additionally, he will receive annual allowances for tax and financial planning services and will be eligible for benefits under the company's Executive Severance Plan. These changes reflect the increased responsibilities associated with his new leadership position.

Key Highlights

  • 1Appointment of Brian D. Savoy as Vice President, Chief Accounting Officer and Controller, effective September 1, 2013.
  • 2Mr. Savoy's annual base salary increased from $219,910 to $260,000.
  • 3Short-term incentive opportunity increased from 40% to 50% of base salary.
  • 4Long-term incentive opportunity increased from 40% to 80% of base salary.
  • 5Mr. Savoy will receive $5,000 annually for tax and financial planning services.
  • 6He will participate in the Duke Energy Corporation Executive Severance Plan as a 'Tier I' participant.
  • 7No new material plans, contracts, or arrangements were entered into or amended in connection with this promotion.

Frequently Asked Questions

Brian D. Savoy has been appointed as the new Vice President, Chief Accounting Officer, and Controller of Duke Energy Corporation, effective September 1, 2013. He has been with the company in various financial management roles since 2007.

Mr. Savoy's compensation package includes an increased annual base salary from $219,910 to $260,000. His short-term incentive opportunity rose to 50% of base salary (from 40%), and his long-term incentive opportunity increased to 80% of base salary (from 40%). He also receives an annual $5,000 allowance for tax and financial planning services.

No, the filing states that Mr. Savoy has not entered into any new material plans, contracts, or arrangements, and no amendments were made to existing ones in connection with his promotion, other than the compensation adjustments mentioned.

Mr. Savoy will continue to participate in the Duke Energy Corporation Executive Severance Plan as a 'Tier I' participant and will continue to participate in other existing compensation and benefit plans.