8-KLeadership ChangesExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Executive Changes (Sep 17, 2014)

Filed September 17, 2014For Securities:EIX

Summary

This 8-K filing announces a significant leadership transition within Edison International's (EIX) subsidiary, Southern California Edison Company (SCE). Pedro J. Pizarro has been elected as the new President of SCE, effective around October 1, 2014, succeeding Ronald L. Litzinger. Mr. Pizarro brings extensive experience within the EIX organization, having previously held leadership roles at Edison Mission Energy and as Executive Vice President of Power Operations at SCE. The executive changes also involve Mr. Litzinger transitioning to the role of President of Edison Energy and an Executive Vice President of EIX. Investors should note the compensation package for Mr. Pizarro, which includes a substantial base salary, a performance-based bonus structure, and a significant long-term incentive award comprising stock options, restricted stock units, and performance shares. His prior service will also be credited for benefit purposes.

Key Highlights

  • 1Pedro J. Pizarro appointed President of Southern California Edison (SCE) and member of its Board of Directors, effective October 1, 2014.
  • 2Ronald L. Litzinger will transition from SCE President to President of Edison Energy and Executive Vice President of Edison International (EIX).
  • 3Mr. Pizarro's prior experience includes roles as President of Edison Mission Energy and Executive Vice President of Power Operations at SCE.
  • 4Mr. Pizarro's annual base salary will be $600,000.
  • 5He is eligible for an executive bonus with a target of 70% and a maximum of 140% of base salary, pro-rated for his employment period in 2014.
  • 6Mr. Pizarro will receive a long-term incentive award valued at 195% of his base salary, composed of stock options, restricted stock units, and performance shares.
  • 7Prior service with EIX and its affiliates will be credited for benefit calculations.

Frequently Asked Questions

The primary purpose of this filing is to announce a key leadership change at Edison International's subsidiary, Southern California Edison (SCE), with the appointment of Pedro J. Pizarro as President and the transition of Ronald L. Litzinger to a new role within the parent company.

Investors should note Mr. Pizarro's compensation package, which includes a $600,000 base salary, performance-based bonus potential, and a significant long-term incentive award (195% of base salary) in equity. This indicates the company's investment in experienced leadership for its key utility subsidiary.

The filing indicates a strategic realignment. Mr. Pizarro's promotion to SCE President suggests continuity and leveraging internal talent for the core utility operations. Mr. Litzinger's move to President of Edison Energy suggests a focus on growing that segment of the business, potentially indicating a broader strategic direction for EIX.

Mr. Pizarro's previous roles as President of Edison Mission Energy and Executive Vice President of Power Operations at SCE provide him with direct experience in both the generation and regulated utility aspects of the business, which is valuable for leading SCE.