01—Abstract
Summary
Summary of the 8-K filed August 26, 2024. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (NASDAQ: EVRG) filed a combined Form 8-K on August 26, 2024, on behalf of Evergy, Inc., Evergy Kansas Central, Inc., and Evergy Metro, Inc. The filing announces the appointment of W.
Bryan Buckler as Executive Vice President and Chief Financial Officer of Evergy and as Chief Financial Officer of the Evergy Companies, effective with an expected start date of October 1, 2024. Buckler, 51, joins from OGE Energy Corp., where he served as CFO since January 2021, and previously spent more than 14 years at Duke Energy Corporation in finance roles, most recently as Vice President of Investor Relations. The press release notes his responsibilities will include treasury, accounting, planning, tax, internal audit, capital allocation and investor relations.
Geoffrey T. Ley, who has been acting CFO, will return to his prior roles of Vice President, Corporate Planning and Treasurer, and will serve as acting CFO until September 30, 2024. Chairman and CEO David Campbell praised Buckler's record as a CFO and his experience across accounting, treasury, financial planning and analysis, and investor relations.
The compensation package in the offer letter (dated August 18, 2024) includes an annual base salary of $660,000,a an initial annual incentive target of 80% of base salary, and an initial long-term incentive target grant date award of 225% of base salary. To induce his acceptance and partly replace forfeited compensation, Buckler will receive time-based RSUs with a grant date fair market value of $1.8 million and performance-based RSUs with a grant date fair market value of $1.2 million, plus up to $100,000 in reimbursement for housing and transportation expenses through September 30, 2025.
02—Key points
Key Highlights
- Evergy appointed W. Bryan Buckler as Executive Vice President and Chief Financial Officer, and designated him CFO of the Evergy Companies, with employment expected to begin October 1, 2024.
- Buckler joins from OGE Energy Corp., where he has served as CFO since January 2021; previously he spent more than 14 years at Duke Energy Corporation, most recently as Vice President, Investor Relations.
- Geoffrey T. Ley, acting CFO, will reassume his prior roles of Vice President, Corporate Planning and Treasurer, and will serve as acting CFO until September 30, 2024.
- Base salary of $660,000, with an initial annual incentive target of 80% of base salary and an initial long-term incentive target grant date award of 225% of base salary.
- Sign-on equity awards include time-based RSUs with a grant date fair market value of $1.8 million (vesting in two equal installments on the first and second anniversaries of his start date) and performance-based RSUs with a grant date fair market value of $1.2 million (performance period January 1, 2024 to December 31, 2026).
- Relocation support of up to $100,000 for substantiated housing in Kansas City and transportation expenses through September 30, 2025.
- Buckler will be eligible for Evergy's standard change-in-control severance agreement and Executive Severance Plan, and will receive an indemnification agreement in the same form as other officers.
03—Questions
Frequently Asked Questions
Who is the new CFO and what is his background?
W. Bryan Buckler, 51, most recently served as CFO of OGE Energy Corp. since January 2021. Before that, he spent more than 14 years at Duke Energy Corporation in finance roles, including Director of Financial Planning and Analysis, Director of Regulated Accounting and Vice President of Investor Relations. He began his career at Ernst & Young LLP, where he worked for 11 years. He holds a bachelor's degree from the University of Georgia.
When does the new CFO take office, and who leads finance in the interim?
Buckler's employment is expected to commence on October 1, 2024. Geoffrey T. Ley will continue as acting CFO until September 30, 2024, when he transitions the CFO role and returns to his position as Treasurer and Vice President, Corporate Planning.
What are the key financial terms of Buckler's compensation?
His offer letter provides an annual base salary of $660,000, an initial annual incentive target of 80% of base salary and an initial long-term incentive target grant date award of 225% of base salary. Sign-on awards include time-based RSUs valued at $1.8 million at grant and performance-based RSUs valued at $1.2 million at grant, which are tied to the 2024 to 2026 performance period.
What responsibilities will the new CFO oversee?
According to the press release, Buckler will be responsible for Evergy's corporate finance functions, including treasury, accounting, planning, tax, internal audit, capital allocation and investor relations.
04—Continue