8-KLeadership ChangesExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Nov 26, 2013)

Filed November 26, 2013For Securities:ED

Summary

This Form 8-K filing from Consolidated Edison, Inc. (ED) on November 26, 2013, announces key leadership changes effective December 26, 2013. John McAvoy will officially succeed Kevin Burke as President and Chief Executive Officer of Con Edison and Chief Executive Officer of Consolidated Edison Company of New York, Inc. (CECONY). While Mr. Burke will retire as an employee, he will continue to serve as Chairman of the Board of Directors for Con Edison and the Board of Trustees for CECONY. Accompanying this leadership transition, Mr. McAvoy has accepted an employment offer letter detailing his compensation package. This includes an initial base salary of $1,140,000, participation in the annual incentive plan with a target bonus of 100% of base salary (up to 200% maximum), and continued participation in long-term incentive plans and other executive benefit programs. Mr. McAvoy has also been appointed to the respective Boards and their Executive Committees.

Key Highlights

  • 1John McAvoy appointed President and CEO of Con Edison and CEO of CECONY, effective December 26, 2013.
  • 2Kevin Burke to retire as an employee but will continue as Chairman of the Board of Directors/Trustees.
  • 3McAvoy appointed to the Con Edison Board of Directors and its Executive Committee.
  • 4McAvoy appointed to the CECONY Board of Trustees and its Executive Committee.
  • 5McAvoy's employment offer letter details his compensation: $1,140,000 base salary.
  • 6Annual incentive plan target bonus for McAvoy is 100% of base salary, with a 200% maximum.
  • 7McAvoy will continue to participate in long-term incentive plans and other executive benefits.

Frequently Asked Questions

The primary purpose of this filing is to announce significant executive leadership changes at Consolidated Edison, Inc. (Con Edison) and its subsidiary Consolidated Edison Company of New York, Inc. (CECONY), including the appointment of John McAvoy as the new President and CEO and the details of his employment agreement.

No, Kevin Burke is retiring as an employee but will continue his role as Chairman of the Board of Directors of Con Edison and the Board of Trustees of CECONY.

John McAvoy's compensation includes an initial base salary of $1,140,000, participation in an annual incentive plan with a target bonus of 100% of his base salary (and a maximum of 200%), and continued eligibility for long-term incentive plans and other executive benefit programs.

The leadership changes, including John McAvoy's assumption of his new roles and appointments to the Boards and Executive Committees, are effective December 26, 2013.