8-KLeadership ChangesExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Sep 20, 2013)

Filed September 20, 2013For Securities:ED

Summary

Consolidated Edison, Inc. (Con Edison) announced a significant leadership transition via an 8-K filing on September 20, 2013, detailing the upcoming succession for its top executive roles. Effective January 1, 2014, John McAvoy will assume the positions of President and Chief Executive Officer of Con Edison and Chief Executive Officer of Consolidated Edison Company of New York, Inc. This change follows the planned retirement of the current CEO, Kevin Burke, who will transition to Chairman of the Board for both entities. Mr. McAvoy brings extensive experience within the Con Edison system, having held various leadership positions since joining in 1980, most recently as president and CEO of Orange and Rockland Utilities, Inc. The filing notes that no new compensatory arrangements for Mr. McAvoy have been disclosed as of the report date, with the promise of further disclosure if any are established. The company also filed a press release as an exhibit to this report, further elaborating on the succession plan.

Key Highlights

  • 1John McAvoy appointed as the new President and CEO of Consolidated Edison, Inc., effective January 1, 2014.
  • 2McAvoy will also become CEO of Consolidated Edison Company of New York, Inc.
  • 3Current CEO, Kevin Burke, will retire from his CEO roles on December 31, 2013.
  • 4Kevin Burke will remain as Chairman of the Board of Directors for both Con Edison and Con Edison of New York.
  • 5McAvoy has a long tenure with the company, previously serving as president and CEO of Orange and Rockland Utilities, Inc.
  • 6No new compensatory arrangements for Mr. McAvoy have been disclosed as of the filing date.
  • 7A press release detailing the succession is included as an exhibit to the filing.

Frequently Asked Questions

John McAvoy will succeed Kevin Burke as President and Chief Executive Officer of Consolidated Edison, Inc. and Chief Executive Officer of Consolidated Edison Company of New York, Inc., effective January 1, 2014.

Kevin Burke will retire from his CEO positions on December 31, 2013, but will continue to serve as Chairman of the Board of Directors for Consolidated Edison, Inc. and Chairman of the Board of Trustees for Consolidated Edison Company of New York, Inc.

Yes, John McAvoy has been with the Con Edison system since 1980 and has held various leadership roles, including his most recent position as president and CEO of Orange and Rockland Utilities, Inc., a Con Edison subsidiary.

As of the filing date of September 20, 2013, no new compensatory arrangements for Mr. McAvoy in connection with his new role have been disclosed. The company stated that material terms of any such arrangements would be disclosed in a subsequent filing.