8-KLeadership ChangesRegulation FDExhibits & Filings

CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Jun 10, 2024)

Filed June 10, 2024For Securities:ED

Summary

Consolidated Edison, Inc. (ED) announced a significant change in its senior leadership with the retirement of Senior Vice President and Chief Financial Officer, Robert Hoglund, effective July 8, 2024. Mr. Hoglund will remain with the company in his Senior Vice President role until his full retirement later this year to ensure a seamless transition. This leadership transition is part of the company's established succession planning. Effective the same date, Kirkland B. Andrews will assume the role of Senior Vice President and Chief Financial Officer. Mr. Andrews brings extensive financial leadership experience from his previous roles, including Executive Vice President and Chief Financial Officer at Evergy, Inc. and NRG Energy, Inc. His compensation package includes a base salary, incentive plans, and a substantial one-time award of restricted stock units to facilitate his transition. The appointment of Mr. Andrews is expected to bring valuable expertise to Con Edison's financial strategy.

Key Highlights

  • 1Robert Hoglund, SVP & CFO, to retire effective July 8, 2024, but will stay in SVP role until later this year for transition.
  • 2Kirkland B. Andrews appointed as the new SVP & CFO, effective July 8, 2024.
  • 3Mr. Andrews joins Con Edison from Evergy, Inc., where he served as EVP & CFO.
  • 4Mr. Andrews has prior experience as CFO at NRG Energy, Inc.
  • 5New CFO's compensation package includes an $810,000 base salary, performance-based incentive plans, and a $4.5 million one-time restricted stock unit award.
  • 6The appointment is part of the companies' succession plans.

Frequently Asked Questions

Kirkland B. Andrews will succeed Robert Hoglund as Senior Vice President and Chief Financial Officer, effective July 8, 2024.

Mr. Andrews, age 56, most recently served as Executive Vice President and Chief Financial Officer of Evergy, Inc. Prior to that, he was the Executive Vice President and Chief Financial Officer of NRG Energy, Inc. since 2011.

Mr. Andrews will receive an initial annual base salary of $810,000, participation in the Executive Incentive Plan (target 80% of base salary), and the 2023 Long Term Incentive Plan (target 210% of base salary). He will also receive a one-time award of $4,500,000 in time-based restricted stock units that vest over three years.

Yes, Mr. Hoglund will continue to serve as Senior Vice President of Con Edison and CECONY until his retirement from the companies later this year to ensure a smooth transition.