8-KLeadership ChangesCorporate ChangesExhibits & Filings

EDISON INTERNATIONAL 8-K Report, Executive Changes (May 25, 2016)

Filed May 25, 2016For Securities:EIX

Summary

This 8-K filing from Edison International (EIX) on May 25, 2016, announces significant executive leadership changes across both the parent company (EIX) and its subsidiary, Southern California Edison (SCE). The primary focus is the planned retirement of Theodore F. Craver, Jr., the long-serving Chairman, CEO, and President of EIX, effective September 30, 2016. His successor as CEO will be Pedro J. Pizarro, who is being promoted to President of EIX on June 1, 2016, and will assume CEO duties upon Mr. Craver's retirement. These changes signal a planned leadership transition, with established internal candidates taking on expanded roles. Furthermore, the filing details the appointments of new CEOs for SCE and new CFOs for both EIX and SCE, alongside other executive realignments. Notably, William P. Sullivan will transition to a non-executive Chair role for EIX's Board, marking a shift in board leadership structure. The filing also outlines initial compensation adjustments for the incoming executives, reflecting their new responsibilities. Investors should view these changes as a strategic move to ensure continuity and a smooth handover of critical leadership positions.

Key Highlights

  • 1Theodore F. Craver, Jr., EIX Chairman, CEO, and President, will retire effective September 30, 2016.
  • 2Pedro J. Pizarro will be appointed EIX President on June 1, 2016, and will succeed Mr. Craver as EIX CEO on September 30, 2016.
  • 3Kevin M. Payne appointed CEO of Southern California Edison (SCE) effective June 1, 2016.
  • 4Ronald O. Nichols appointed President of SCE effective June 1, 2016.
  • 5W. James Scilacci, EIX Executive Vice President and CFO, will retire on September 30, 2016.
  • 6Maria Rigatti appointed EIX Executive Vice President and CFO, effective September 30, 2016.
  • 7William P. Sullivan will become non-executive Chair of the EIX Board effective September 30, 2016.

Frequently Asked Questions

Edison International is announcing the retirement of its Chairman, CEO, and President, Theodore F. Craver, Jr., effective September 30, 2016. Pedro J. Pizarro will be promoted to President of EIX on June 1, 2016, and will take over as CEO on September 30, 2016. Additionally, new CEOs and CFOs are being appointed for both EIX and its subsidiary, Southern California Edison (SCE), and the board structure is changing with the appointment of a non-executive Chair.

Pedro J. Pizarro, who is currently President and a director of SCE, has been elected President of EIX effective June 1, 2016, and will become Chief Executive Officer of EIX upon Mr. Craver's retirement on September 30, 2016. Mr. Pizarro has a strong background within the company, having previously served as President of Edison Mission Energy.

Yes, there are significant leadership changes at SCE. Kevin M. Payne has been elected Chief Executive Officer of SCE and Ronald O. Nichols has been elected President of SCE, both effective June 1, 2016. Maria Rigatti will become EIX's CFO upon the retirement of W. James Scilacci, and William (Tres) Petmecky will be the new CFO of SCE starting September 30, 2016.

The filing outlines some compensation adjustments for the newly appointed executives. For instance, Pedro J. Pizarro's annual salary will be $800,000, and he will have an adjusted 2016 target annual incentive of approximately $647,069. Additional long-term incentive awards, including stock options and restricted stock units, are also being provided to Messrs. Payne and Nichols. Specific details on the financial implications for the company beyond executive compensation are not provided in this filing.