8-KLeadership ChangesShareholder MattersOther Events+1

EVERSOURCE ENERGY 8-K Report, Executive Changes (May 5, 2016)

Filed May 5, 2016For Securities:ES

Summary

Eversource Energy (ES) filed an 8-K on May 4, 2016, primarily to report on corporate governance changes and the outcome of its Annual Meeting of Shareholders. Key developments include the appointment of Philip J. Lembo as the new Senior Vice President, Chief Financial Officer, and Treasurer, succeeding in a role he previously held in an interim capacity or as Vice President and Treasurer. Additionally, James J. Judge was elected as a Trustee of the company and as Chairman and a Director for its subsidiary companies. The Annual Meeting saw shareholders re-elect all 12 incumbent Trustees with strong majority support. Advisory votes also approved the compensation of Named Executive Officers for 2015 and ratified the appointment of Deloitte & Touche LLP as the independent registered public accountants for 2016. The filing also notes the ongoing role of Thomas J. May, the former President and CEO, as Chairman of the Board and a Trustee, with specific details on his compensation arrangement post-retirement from executive duties.

Key Highlights

  • 1Philip J. Lembo appointed Senior Vice President, Chief Financial Officer, and Treasurer, effective May 4, 2016.
  • 2James J. Judge elected as a Trustee of Eversource Energy and Chairman/Director of its subsidiary companies.
  • 3All 12 incumbent Trustees were re-elected by shareholders at the Annual Meeting on May 4, 2016.
  • 4Shareholders provided advisory approval for the 2015 compensation of Named Executive Officers.
  • 5Deloitte & Touche LLP ratified as the independent registered public accounting firm for 2016.
  • 6Thomas J. May, former President and CEO, continues as Chairman of the Board and a Trustee with specific compensation terms.
  • 7Details provided on Mr. Lembo's new compensation package, including base salary and incentive plan targets.

Frequently Asked Questions

Philip J. Lembo has been appointed as the Senior Vice President, Chief Financial Officer, and Treasurer of Eversource Energy, effective May 4, 2016. He previously served as Vice President and Treasurer for the company and its subsidiaries.

At the Annual Meeting held on May 4, 2016, shareholders re-elected all 12 nominated Trustees to the Board. Additionally, they provided advisory approval for the compensation of the company's 2015 Named Executive Officers and ratified the appointment of Deloitte & Touche LLP as the independent auditor for 2016.

Thomas J. May retired as President and Chief Executive Officer following the Annual Meeting on May 4, 2016. He will continue to serve as a Trustee of Eversource Energy and as Chairman of the Board. His compensation as a Trustee includes an annual cash retainer and stock compensation, prorated for the service period.

Yes, James J. Judge was elected as a new Trustee to the Board of Eversource Energy on May 4, 2016. He was also elected as Chairman and a Director for several of the company's subsidiary companies.