8-KLeadership ChangesExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Executive Changes (Mar 5, 2008)

Filed March 5, 2008For Securities:EIX

Summary

This 8-K filing from Edison International on March 5, 2008, details the approval of the "Edison International 2008 Executive Bonus Program" by the Compensation and Executive Personnel Committee on February 28, 2008. The program establishes a bonus pool that can reach a maximum of 1.5% of the company's consolidated earnings from continuing operations for fiscal year 2008. This bonus pool is intended to provide performance-based incentives to key executive officers. The filing specifies the maximum percentage of this bonus pool that each participating executive officer could potentially receive. Notably, John E. Bryson and Theodore F. Craver, Jr. are each allocated a maximum of 27% of the pool, highlighting their significant roles. The Compensation Committee retains full discretion to reduce, but not increase, the actual bonus amounts paid to these officers, ensuring alignment with company performance and providing a mechanism for managerial oversight.

Key Highlights

  • 1Edison International approved the 2008 Executive Bonus Program on February 28, 2008.
  • 2The bonus pool is capped at 1.5% of consolidated earnings from continuing operations for fiscal year 2008.
  • 3Executive bonuses are performance-based and tied to the established bonus pool.
  • 4John E. Bryson (CEO) and Theodore F. Craver, Jr. are allocated the largest potential share (27% each) of the bonus pool.
  • 5Other key executives, including the CFO and heads of major subsidiaries, also have designated bonus percentages.
  • 6The Compensation Committee has the discretion to reduce, but not increase, the actual bonus payouts.
  • 7The program is administered by the Compensation and Executive Personnel Committee of the Board of Directors.

Frequently Asked Questions

The program is designed to provide performance-based incentives to key executive officers of Edison International, linking a portion of their compensation to the company's financial performance in fiscal year 2008.

The bonus pool is calculated as a maximum of 1.5% of Edison International's consolidated earnings from continuing operations during the 2008 fiscal year. The actual bonus pool amount will depend on the company's performance.

The primary beneficiaries are certain executive officers, including John E. Bryson (Chairman, President, and CEO), Theodore F. Craver, Jr. (Chairman, President, and CEO of Edison Mission Group), Alan J. Fohrer (Chairman and CEO of Southern California Edison), Thomas R. McDaniel (Executive Vice President, CFO, and Treasurer), and John R. Fielder (President of SCE).

Yes, the Compensation and Executive Personnel Committee has the discretion to reduce the actual bonus amounts payable to officers from their maximum potential amounts, but they cannot increase them.