8-KLeadership ChangesExhibits & Filings

Duke Energy CORP 8-K Report, Executive Changes (Jan 13, 2025)

Filed January 13, 2025For Securities:DUKDUKBDUK-PA

Summary

Duke Energy Corporation (DUK) has announced significant leadership changes effective April 1, 2025. Mr. Harry K. Sideris will assume the roles of President and Chief Executive Officer, as well as join the Board of Directors. Mr. Sideris has a long tenure with Duke Energy, most recently serving as President since April 2024. This transition coincides with the retirement of Ms. Lynn J. Good from her positions as CEO, Chair, and Director, a departure confirmed to be without disagreement regarding company matters. In conjunction with his promotion, Mr. Sideris's compensation package has been detailed, including a base salary of $1,300,000, a short-term incentive opportunity of 150% of base salary, and a long-term incentive opportunity of 750% of base salary. His Change in Control Agreement has also been amended to increase the severance multiple. Additionally, Theodore F. Craver, Jr. will transition from Lead Independent Director to become the independent Chair of the Board of Directors, also effective April 1, 2025.

Key Highlights

  • 1Harry K. Sideris appointed President and CEO, effective April 1, 2025.
  • 2Lynn J. Good to retire as CEO, Chair, and Director on April 1, 2025.
  • 3Sideris's new compensation includes a $1.3M base salary, 150% short-term incentive, and 750% long-term incentive.
  • 4Sideris's Change in Control Agreement severance multiple increased to 2.99 times annual compensation.
  • 5Theodore F. Craver, Jr. appointed Chair of the Board of Directors, effective April 1, 2025.
  • 6Sideris's appointment is effective April 1, 2025, with no reported family relationships or disclosable transactions.
  • 7Ms. Good's retirement is amicable and not due to any disagreements.

Frequently Asked Questions

Mr. Harry K. Sideris has been appointed as the new President and Chief Executive Officer, effective April 1, 2025. He will also join the Board of Directors.

Effective April 1, 2025, Mr. Sideris will receive an annual base salary of $1,300,000. He will also have a short-term incentive opportunity of 150% of his base salary and a long-term incentive opportunity of 750% of his base salary. He will continue to participate in existing compensation and benefit plans.

Ms. Lynn J. Good will retire as CEO, Chair, and Director of the Board of Directors of Duke Energy, effective April 1, 2025. Her retirement is confirmed not to be the result of any disagreement regarding the Corporation's operations, policies, or practices.

Theodore F. Craver, Jr., currently Lead Independent Director, will be appointed as the independent Chair of the Board of Directors, also effective April 1, 2025.