01—Abstract
Summary
Summary of the 8-K filed June 10, 2024. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (NASDAQ: EVRG) disclosed in a combined Form 8-K filed with Evergy Kansas Central, Inc. and Evergy Metro, Inc. that Executive Vice President and Chief Financial Officer Kirkland B.
Andrews resigned, effective June 21, 2024. The filing states that his resignation was not the result of any disagreement with the company on its operations, policies, or practices. Andrews is leaving to become CFO at Consolidated Edison, Inc., according to the accompanying press release.
The Evergy Companies' Boards appointed Geoffrey T. Ley, currently Vice President, Corporate Planning and Treasurer, as Vice President, Acting Chief Financial Officer and Treasurer, and designated him principal financial officer effective June 21, 2024. Ley, age 50, previously served as CFO of Hunt Refining Company and held treasury and corporate finance roles at InfraREIT, Hunt Utility Services, Energy Future Holdings, and TXU.
The company will conduct an internal and external search for a permanent CFO while Ley serves in the acting role. For compensation, Ley keeps his current annual base salary of $344,000a and his incentive targets, and will receive cash retention payments of $50,000 (payable June 21, 2024) and $175,000 (payable March 15, 2025), plus restricted stock units valued at $250,000 vesting in three equal annual installments. The filing is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.
02—Key points
Key Highlights
- Executive Vice President and CFO Kirkland B. Andrews resigned effective June 21, 2024, and is leaving to become CFO of Consolidated Edison, Inc., per the press release.
- The filing states Andrews' resignation was not due to any disagreement with the company on its operations, policies, or practices.
- Geoffrey T. Ley, currently Vice President, Corporate Planning and Treasurer, was named Vice President, Acting Chief Financial Officer and Treasurer, and principal financial officer, effective June 21, 2024.
- Ley's base salary remains $344,000, with an initial annual incentive target of 50% of base salary and a long-term incentive target of 72.5% of base salary.
- Ley receives cash retention payments of $50,000 (payable June 21, 2024) and $175,000 (payable March 15, 2025), plus RSUs with an aggregate value of $250,000 vesting over three years.
- The company will run an internal and external search for a permanent CFO while Ley serves as acting CFO.
- The press release was furnished under Item 7.01 (Regulation FD) and is not deemed filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
Why is Evergy's CFO leaving?
Andrews is leaving to become CFO at Consolidated Edison, Inc., according to the press release. The filing states his decision was not the result of any disagreement with the company on its operations, policies, or practices.
Who is replacing the CFO and when does the change take effect?
Geoffrey T. Ley, currently Vice President, Corporate Planning and Treasurer, will serve as Vice President, Acting Chief Financial Officer and Treasurer, and principal financial officer, effective June 21, 2024, the date Andrews' resignation takes effect.
Is the appointment permanent?
No. The press release states Ley will serve as acting CFO while the company conducts an internal and external search for the role.
What compensation will the acting CFO receive?
Ley keeps his $344,000 annual base salary and current incentive targets. He also receives cash retention payments of $50,000 (payable June 21, 2024) and $175,000 (payable March 15, 2025), and restricted stock units with an aggregate value of $250,000 vesting in equal annual installments over three years.
What is Ley's background?
Ley, age 50, was Vice President, Financial Planning & Analysis from June 2021 through December 2022 and then Vice President, Corporate Planning and Treasurer. Previously he was vice president and CFO at Hunt Refining Company (2019-2021), and held treasury and planning roles at Hunt Utility Services, Energy Future Holdings, and TXU. He holds a chemical engineering bachelor's degree from Purdue University and an MBA from Southern Methodist University.
04—Continue