8-KEarnings & ResultsLeadership ChangesShareholder Matters+2

EVERSOURCE ENERGY 8-K Report, Financial Results (May 4, 2022)

Filed May 4, 2022For Securities:ES

Summary

Eversource Energy filed an 8-K on May 4, 2022, primarily announcing its unaudited financial results for the three months ended March 31, 2022. The report also detailed a significant leadership transition, with Executive Vice President and CFO Philip J. Lembo retiring and John M. Moreira appointed as his successor. Mr. Lembo will remain with the company as a Senior Strategic Advisor, focusing on offshore wind investments. Additionally, the 8-K reported the outcomes of the company's 2022 Annual Meeting, including the election of trustees, advisory approval of executive compensation, and ratification of Deloitte & Touche LLP as the independent auditor.

Key Highlights

  • 1Eversource Energy reported its unaudited financial results for the first quarter of 2022.
  • 2Philip J. Lembo is retiring as Executive Vice President and Chief Financial Officer.
  • 3John M. Moreira has been appointed as the new Executive Vice President, Chief Financial Officer, and Treasurer.
  • 4Philip J. Lembo will transition to a Senior Strategic Advisor role, focusing on offshore wind investments.
  • 5Shareholders elected all 12 nominees to the Board of Trustees.
  • 6Executive compensation for 2021 Named Executive Officers was approved on an advisory basis.
  • 7Deloitte & Touche LLP was ratified as the independent registered public accounting firm for 2022.

Frequently Asked Questions

This 8-K announces the unaudited financial results for the three months ended March 31, 2022. The detailed financial information is available in the referenced news release and financial report (Exhibits 99.1 and 99.2).

Philip J. Lembo, the current CFO, is retiring after serving since May 2016. John M. Moreira, previously SVP-Finance and Regulatory, will take over as CFO. Mr. Lembo's continued advisory role on offshore wind investments indicates a strategic focus on this growing area.

Shareholders elected all 12 trustee nominees, approved executive compensation on an advisory basis, and ratified the appointment of Deloitte & Touche LLP as the independent auditor for 2022. A quorum of approximately 87% of outstanding common shares was represented.

Yes, upon his election as Executive Vice President, Chief Financial Officer, and Treasurer, John M. Moreira's base annual salary will increase to $625,000, with increased target award levels for the Annual Incentive Plan and Long-Term Incentive Program.