Summary
This Form 8-K/A filing by Northeast Utilities (NU), filed on June 16, 2008, serves as an amendment to a previous report and provides updated details regarding the compensation of its newly elected Chief Operating Officer, Leon J. Olivier. The amendment clarifies that Mr. Olivier's election as Executive Vice President and Chief Operating Officer, effective May 13, 2008, was followed by a compensation adjustment approved by the Compensation Committee on June 10, 2008. Specifically, investors should note the increase in Mr. Olivier's base salary and long-term incentive compensation target. This adjustment signals management's recognition of his expanded role and responsibilities within the company. While the changes are modest, they reflect a strategic decision by the Compensation Committee to align executive pay with the demands of senior leadership positions during this period.
Key Highlights
- 1Amendment to a prior Form 8-K filing, providing additional disclosure.
- 2Focuses on the compensation of Leon J. Olivier, newly appointed Executive Vice President and Chief Operating Officer.
- 3Base salary for Mr. Olivier increased from $535,000 to $550,000 annually, effective June 15, 2008.
- 4Long-term incentive compensation target for Mr. Olivier increased from 125% to 150% of his base salary.
- 5The increase in long-term incentive compensation will be reflected starting with the 2009-2011 program.
- 6No other elements of Mr. Olivier's compensation were altered.
- 7The Compensation Committee of the Board of Trustees approved these changes on June 10, 2008.