8-KLeadership ChangesOther EventsExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (Apr 7, 2016)

Filed April 7, 2016For Securities:ES

Summary

Eversource Energy announced significant leadership changes effective immediately following its Annual Meeting of Shareholders on May 4, 2016. James J. Judge will succeed Thomas J. May as President and Chief Executive Officer. Mr. Judge, currently Executive Vice President and Chief Financial Officer, has extensive experience within the company and its subsidiaries. Mr. May will transition to the role of non-executive Chairman of the Board, continuing his involvement with the company in a new capacity. This transition marks a key moment for Eversource Energy's strategic direction under new leadership. Investors will likely focus on Mr. Judge's vision and plans for the company, as well as the continued stability provided by Mr. May's advisory role as non-executive Chairman. The immediate impact on compensation for Mr. Judge includes an increased base salary to $1.2 million and a target incentive award of 115% of base salary.

Key Highlights

  • 1James J. Judge appointed as the new President and Chief Executive Officer, effective May 4, 2016.
  • 2Thomas J. May will retire as President and Chief Executive Officer but will remain as non-executive Chairman of the Board.
  • 3Mr. Judge is expected to join the Board of Trustees following the Annual Meeting.
  • 4Mr. Judge's annual base salary will increase to $1.2 million upon his appointment as CEO.
  • 5Mr. Judge's target award under the 2016 Annual Incentive Plan will be 115% of his base salary.
  • 6Mr. Judge has a long history with Eversource Energy and its predecessor companies, holding various senior financial and executive roles.
  • 7The company issued a press release on April 6, 2016, detailing these leadership changes.

Frequently Asked Questions

James J. Judge has been appointed as the new President and Chief Executive Officer of Eversource Energy, effective immediately following the Annual Meeting of Shareholders on May 4, 2016.

Thomas J. May will retire as President and Chief Executive Officer but will remain a Trustee of the Company and will be appointed non-executive Chairman of the Board.

Upon becoming President and Chief Executive Officer, Mr. Judge's annual base salary will increase to $1.2 million, and his target award level under the 2016 Annual Incentive Plan will be increased to 115% of his base salary.

Yes, James J. Judge has extensive experience with Eversource Energy and its subsidiaries, serving in various senior roles including Executive Vice President and Chief Financial Officer since April 2012, and prior to that, as Senior Vice President and Chief Financial Officer of NSTAR companies since 1999.