8-KLeadership ChangesExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (Dec 7, 2017)

Filed December 7, 2017For Securities:ES

Summary

Eversource Energy (ES) filed an 8-K on December 7, 2017, to announce a significant change in its corporate governance structure. The Board of Trustees elected John Y. Kim to serve as a Trustee, effective January 1, 2018, and also appointed him to the Board's Audit and Compensation Committees. This appointment brings valuable experience to the Board, particularly in finance and investment management, given Mr. Kim's extensive background as President of New York Life Insurance Company and his prior roles including Chief Investment Officer and Vice Chairman. Investors can view this as a positive development, as Mr. Kim's expertise is expected to strengthen the oversight and strategic direction of Eversource Energy. His compensation for this role includes an annual cash retainer and Restricted Stock Units (RSUs), aligning his interests with those of shareholders. The filing also confirms that Mr. Kim's appointment was made without any pre-existing arrangements with other parties, and he has no disclosable related-party transactions, ensuring a clean addition to the Board.

Key Highlights

  • 1Eversource Energy elected John Y. Kim as a Trustee, effective January 1, 2018.
  • 2Mr. Kim was appointed to serve on the Board's Audit and Compensation Committees.
  • 3John Y. Kim brings extensive financial and investment management experience, having served as President of New York Life Insurance Company.
  • 4Mr. Kim's prior roles include Chief Investment Officer and Vice Chairman at New York Life.
  • 5His compensation package includes an annual cash retainer of $115,000 and an annual grant of Restricted Stock Units (RSUs).
  • 6The appointment is effective until the 2018 Annual Meeting of Shareholders on May 2, 2018.
  • 7There are no disclosed arrangements or related-party transactions requiring disclosure for Mr. Kim's appointment.

Frequently Asked Questions

John Y. Kim is a seasoned executive with a strong background in finance and investment management. He has served as President of New York Life Insurance Company and held various senior positions there, including Chief Investment Officer and Vice Chairman. His appointment as a Trustee and member of the Audit and Compensation Committees is significant as his expertise is expected to enhance Eversource Energy's corporate governance, financial oversight, and strategic decision-making.

Mr. Kim will receive an annual cash retainer of $115,000 for his service on the Board and its committees. Additionally, he is entitled to an annual grant of Restricted Stock Units (RSUs) valued at $135,000, with the number of RSUs determined by the average closing price of Eversource Energy's common shares over a 10-day trading period prior to the grant date.

The filing explicitly states that there are no arrangements or understandings with any other person concerning Mr. Kim's election as a Trustee. Furthermore, he has no transactions with related persons that require disclosure under Item 404(a) of Regulation S-K. This indicates a clean appointment with no immediate red flags for potential conflicts of interest.

Mr. Kim's initial term as a Trustee will extend until Eversource Energy's 2018 Annual Meeting of Shareholders, which is scheduled for May 2, 2018. His service on the Board and its committees will commence effectively on January 1, 2018.