8-KLeadership ChangesExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (Dec 8, 2022)

Filed December 8, 2022For Securities:ES

Summary

Eversource Energy (ES) announced a significant change in its corporate governance structure through an 8-K filing on December 8, 2022. The key development is the election of Loretta D. Keane to the Board of Trustees, effective January 1, 2023. Ms. Keane, a seasoned executive with experience as CFO of Arcadia Solutions, LLC, will also assume roles as Vice Chair of the Audit Committee and a member of the Finance Committee. This appointment is intended to bring valuable financial expertise and oversight to the company's board.

Key Highlights

  • 1Loretta D. Keane elected as a Trustee, effective January 1, 2023.
  • 2Ms. Keane appointed as Vice Chair of the Audit Committee and will serve on the Finance Committee.
  • 3Ms. Keane's initial term as Trustee extends until the 2023 Annual Meeting of Shareholders.
  • 4Ms. Keane will receive an annual cash retainer of $120,000 for board service and an additional $12,500 for her Audit Committee Vice Chair role.
  • 5Ms. Keane is also eligible for a Restricted Stock Unit (RSU) grant valued at approximately $165,000 on January 16, 2023.
  • 6Ms. Keane brings financial leadership experience, currently serving as CFO of Arcadia Solutions, LLC.
  • 7No disclosure is required regarding related party transactions or arrangements concerning Ms. Keane's election.

Frequently Asked Questions

Loretta D. Keane is a 64-year-old executive with extensive financial experience, currently serving as the Chief Financial Officer of Arcadia Solutions, LLC. Her election to the Board of Trustees and appointment to key committee roles are intended to enhance the company's financial oversight and governance.

Ms. Keane will receive an annual cash retainer of $120,000 for her board service and an additional $12,500 for her position as Vice Chair of the Audit Committee. Additionally, she is set to receive a Restricted Stock Unit (RSU) grant valued around $165,000 in mid-January 2023.

The filing explicitly states that there are no arrangements or understandings concerning Ms. Keane's election with any other person, and she has no reportable transactions with related persons that would require disclosure under SEC regulations.

Ms. Keane's term as a Trustee will commence on January 1, 2023, and will continue until Eversource Energy's 2023 Annual Meeting of Shareholders, expected to be held in May 2023.