8-KLeadership ChangesExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (Sep 18, 2023)

Filed September 18, 2023For Securities:ES

Summary

Eversource Energy has announced a significant leadership change, appointing Paul Chodak III as Executive Vice President and Chief Operating Officer (COO), effective November 13, 2023. Mr. Chodak joins from American Electric Power (AEP) where he held senior operational roles, most recently as Executive Vice President – Generation. This appointment is a key development for investors as it brings a seasoned executive into a critical operational role, potentially impacting the company's efficiency and strategic execution in its utility operations. Concurrently, the company's current interim COO, James W. Hunt, III, will transition to Executive Vice President – Corporate Relations and Sustainability. This transition suggests a strategic realignment of leadership responsibilities, with a focus on both operational oversight and the increasingly important areas of corporate relations and sustainability. Investors will be keen to monitor how Mr. Chodak's experience at AEP will translate to Eversource's operational performance and how Mr. Hunt's new role will contribute to the company's stakeholder engagement and ESG initiatives.

Key Highlights

  • 1Appointment of Paul Chodak III as Executive Vice President and Chief Operating Officer (COO), effective November 13, 2023.
  • 2James W. Hunt, III, the interim COO, will move to Executive Vice President – Corporate Relations and Sustainability, effective November 13, 2023.
  • 3Paul Chodak III brings extensive experience from American Electric Power (AEP), most recently as Executive Vice President – Generation.
  • 4Mr. Chodak's compensation package includes a base salary of $850,000, eligibility for executive compensation plans, and significant signing bonuses ($550,000 cash, $1.8 million equity) to offset forfeited compensation from his previous employer.
  • 5Mr. Chodak is expected to be formally elected as CEO and director of several key Eversource subsidiaries, including The Connecticut Light and Power Company and Public Service Company of New Hampshire, starting November 13, 2023.
  • 6The company confirmed no family relationships or undisclosed arrangements exist between Mr. Chodak and existing Eversource leadership or trustees.
  • 7This filing includes a press release from September 18, 2023, detailing these leadership changes.

Frequently Asked Questions

Paul Chodak III has been appointed as the new Executive Vice President and Chief Operating Officer (COO) of Eversource Energy, effective November 13, 2023. He has a strong background in the energy sector, having most recently served as Executive Vice President – Generation at American Electric Power (AEP) from January 2019 to September 2023. Prior to that, he held the role of Executive Vice President – Utilities at AEP.

Mr. Chodak's compensation package includes an annual base salary of $850,000. He is eligible for the company's executive deferred compensation plan and its annual and long-term incentive programs. To compensate for forfeited incentives from his prior employer, he will receive a $550,000 cash signing bonus in February 2024 and an equity signing award valued at $1.8 million, comprising restricted share units and performance share awards.

James W. Hunt, III, who has been serving as the interim COO, will transition to the role of Executive Vice President – Corporate Relations and Sustainability, also effective November 13, 2023. This move suggests a strategic focus on strengthening the company's external communications, stakeholder engagement, and its commitment to Environmental, Social, and Governance (ESG) initiatives.

Yes, effective November 13, 2023, it is anticipated that Mr. Chodak will be formally elected as Chief Executive Officer and a director of several key Eversource Energy subsidiaries. These include The Connecticut Light and Power Company, NSTAR Electric Company, Public Service Company of New Hampshire, Eversource Gas Company of Massachusetts, NSTAR Gas Company, and Yankee Gas Services Company.