8-KLeadership Changes

EVERSOURCE ENERGY 8-K Report, Executive Changes (Jun 11, 2009)

Filed June 11, 2009For Securities:ES

Summary

This Form 8-K filing from Northeast Utilities (now Eversource Energy) reports a key change in its accounting leadership. On June 9, 2009, Jay S. Buth was elected as the new Vice President - Accounting and Controller. This appointment coincides with David R. McHale, Executive Vice President and Chief Financial Officer, stepping down from his role as acting principal accounting officer. Investors should note this change in a critical financial role. While the filing provides Mr. Buth's prior experience at Allegheny Energy and NJR Service Corporation, it does not detail specific compensation arrangements beyond his eligibility for existing executive compensation plans. The primary focus of this report is the personnel change within the accounting function.

Key Highlights

  • 1Jay S. Buth appointed as Vice President - Accounting and Controller effective June 9, 2009.
  • 2David R. McHale, EVP and CFO, is no longer the acting principal accounting officer.
  • 3Mr. Buth is 39 years old.
  • 4Mr. Buth brings prior experience from Allegheny Energy and NJR Service Corporation.
  • 5No family relationships or special arrangements were disclosed concerning Mr. Buth's election.
  • 6Mr. Buth will participate in the NU Deferred Compensation Plan and, from 2010, the NU Incentive Plan.

Frequently Asked Questions

Jay S. Buth has been elected as the Vice President - Accounting and Controller of Northeast Utilities, effective June 9, 2009. This role is responsible for overseeing the company's accounting functions.

With Mr. Buth's appointment, David R. McHale, who was serving as the acting principal accounting officer, has ceased to hold that designation. This indicates a formal appointment for the accounting leadership.

Mr. Buth is 39 years old and previously served as Director – Finance at Allegheny Energy, Inc. (May 2004 – May 2006) and as Controller and Vice President and Controller at NJR Service Corporation (June 2006 – January 2009).

The filing states that Mr. Buth is eligible to participate in the NU Deferred Compensation Plan for Executives and, starting in 2010, annual and long-term programs under the NU Incentive Plan. Specific details of his compensation are not provided in this 8-K but are described in NU's 2009 Proxy Statement.