8-KLeadership ChangesMaterial AgreementsExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Material Agreement (May 25, 2005)

Filed May 25, 2005For Securities:EIX

Summary

Edison International (EIX) filed an 8-K on May 25, 2005, detailing key updates primarily concerning executive compensation and corporate governance. The Compensation and Executive Personnel Committee revised the 2005 executive incentive compensation goals, aligning them with updated corporate objectives. Additionally, the Board of Directors adjusted director compensation and adopted terms for 2005 nonqualified stock options, signaling ongoing efforts to incentivize and manage its leadership team. The filing also announced a significant change in the company's financial leadership. Linda G. Sullivan was appointed as Vice President and Controller of Edison International and its subsidiary Southern California Edison (SCE), effective June 1, 2005. This appointment follows a career progression for Mrs. Sullivan within the company's financial and accounting departments. The outgoing Vice President and Controller, Thomas M. Noonan, will transition to the role of Senior Vice President and Chief Financial Officer of SCE.

Key Highlights

  • 1Revised 2005 executive incentive compensation goals aligned with updated corporate objectives.
  • 2Adjusted director compensation schedule for 2005.
  • 3Adopted terms and conditions for 2005 Director Nonqualified Stock Options.
  • 4Linda G. Sullivan appointed Vice President and Controller of Edison International, effective June 1, 2005.
  • 5Linda G. Sullivan also appointed Vice President and Controller of Southern California Edison (SCE).
  • 6Thomas M. Noonan to transition from VP and Controller to Senior Vice President and CFO of SCE.
  • 7Highlights a focus on executive and director compensation structures and leadership transitions within the financial reporting function.

Frequently Asked Questions

The Compensation and Executive Personnel Committee revised the 2005 target annual incentives and goals for executive officers under the Edison International Executive Incentive Compensation Plan. These revisions are based on updated general corporate goals approved by the Board of Directors.

Yes, the Board of Directors adjusted the director compensation schedule and adopted the terms and conditions governing 2005 Director Nonqualified Stock Options on May 19, 2005.

Linda G. Sullivan has been elected as the new Vice President and Controller of Edison International, effective June 1, 2005. She will also serve as Vice President and Controller of Southern California Edison (SCE).

Linda G. Sullivan, 41, has a strong background within Edison International, serving in various progressive management positions in accounting, finance, business planning, external financial reporting, and compliance since 1991. Most recently, she was Assistant Controller of Edison International since May 2002 and Assistant Controller of SCE since March 2005.

Thomas M. Noonan, the current Vice President and Controller, will move to the position of Senior Vice President and Chief Financial Officer of Southern California Edison (SCE), an Edison International subsidiary.