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.