8-KLeadership Changes

CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Apr 2, 2007)

Filed April 2, 2007For Securities:ED

Summary

This 8-K filing from Consolidated Edison, Inc. (CEI) and its subsidiary, Consolidated Edison Company of New York, Inc. (Con Edison of New York), announces a significant leadership change. Frederic V. Salerno has informed the companies that he will not seek re-election to their respective Boards at the upcoming Annual Meetings of Stockholders on May 21, 2007. This decision affects both the parent company's Board of Directors and the subsidiary's Board of Trustees. The filing explicitly states that Mr. Salerno's decision is not a result of any disagreement with the companies. While this is a procedural announcement regarding board composition, investors should note that it pertains to a non-executive director. The primary implication for investors is the change in board membership, which may be a factor in future corporate governance discussions, though no immediate operational or financial impact is indicated.

Key Highlights

  • 1Frederic V. Salerno will not stand for re-election to the Board of Directors of Consolidated Edison, Inc. (CEI).
  • 2Frederic V. Salerno will not stand for re-election to the Board of Trustees of Consolidated Edison Company of New York, Inc. (Con Edison of New York).
  • 3Mr. Salerno's decision pertains to the Annual Meetings of Stockholders scheduled for May 21, 2007.
  • 4Mr. Salerno has confirmed his decision is not due to any disagreement with the companies.
  • 5The filing is made by both CEI and its principal subsidiary, Con Edison of New York.
  • 6The report is filed on Form 8-K under Item 5.02 concerning departures of directors.
  • 7Edward J. Rasmussen, Vice President and Controller, signed the report on behalf of both registrants.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce that Frederic V. Salerno will not be standing for re-election to the Boards of Directors of Consolidated Edison, Inc. and its subsidiary, Consolidated Edison Company of New York, Inc., at their upcoming annual meetings.

No, the filing explicitly states that Mr. Salerno informed the companies that his decision not to stand for re-election is not due to any disagreement with the companies.

Mr. Salerno's current terms on the boards will end at the Annual Meetings of Stockholders scheduled to be held on May 21, 2007, at which point he will not be re-elected.

This filing pertains to a director's decision not to seek re-election and does not indicate any immediate financial or operational changes for Consolidated Edison. It is primarily a governance-related announcement.