8-KLeadership ChangesOther EventsExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (Apr 7, 2021)

Filed April 7, 2021For Securities:ES

Summary

Eversource Energy (ES) announced a significant leadership transition effective May 5, 2021. Joseph R. Nolan, Jr. will assume the role of President and Chief Executive Officer, succeeding James J. Judge. Mr. Judge will transition to the position of Executive Chairman of the Board, a newly created role. This move signals a planned succession and a shift in leadership responsibilities within the company. Key to investors is the compensation adjustment associated with these changes. Mr. Nolan's base salary will increase to $1.2 million, with his incentive compensation target raised to 110% of base salary. Mr. Judge's base salary will be adjusted to $1 million in his new role, with his current incentive compensation levels remaining in place for 2021, though he will have no further annual cash incentive compensation opportunities after 2021. These adjustments reflect the increased responsibilities and the strategic importance of these leadership positions.

Key Highlights

  • 1Joseph R. Nolan, Jr. appointed President and CEO, effective May 5, 2021.
  • 2James J. Judge transitions from CEO to Executive Chairman of the Board, effective May 5, 2021.
  • 3Nolan's base salary increased to $1.2 million; incentive target raised to 110% of base salary.
  • 4Judge's base salary adjusted to $1 million in his new role as Executive Chairman.
  • 5Judge's current incentive compensation levels remain for 2021, with no further annual cash incentives post-2021.
  • 6The company will appoint or re-appoint a Lead Trustee at the May 5, 2021 Board meeting.
  • 7The filing references external documents for detailed background and compensation information.

Frequently Asked Questions

This filing announces a planned leadership transition within Eversource Energy. Joseph R. Nolan, Jr. is being appointed President and CEO, and current CEO James J. Judge will become Executive Chairman of the Board, effective May 5, 2021.

Joseph R. Nolan, Jr.'s compensation is being enhanced with a pro-rated base salary of $1.2 million and an increased annual cash incentive target of 110% of base salary. James J. Judge's base salary will be adjusted to $1 million in his new role, and his existing incentive compensation will remain for 2021, though he will not have further annual cash incentive opportunities after 2021.

Mr. Judge's transition to Executive Chairman signifies a shift from day-to-day operational leadership to a strategic oversight role on the Board. While his salary is adjusted, his existing incentive compensation will remain for 2021, indicating continued involvement and recognition for that year.

The filing incorporates by reference detailed information regarding the business experience and background of Mr. Nolan and Mr. Judge from the Company's Form 10-K for the year ended December 31, 2020, filed on February 17, 2021. Further details on their compensation arrangements are available in the Company's proxy statement for its 2021 Annual Meeting of Shareholders, filed on March 26, 2021.