01—Abstract
Summary
Summary of the 8-K filed November 8, 2024. Cited figures are marked; the original filing is the authoritative source.
This combined Form 8-K from Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. reports two executive leadership changes under Item 5.02.
Steven P. Busser, Vice President and Chief Accounting Officer, notified the Evergy Companies on November 4, 2024 that he will retire effective December 1, 2024. His retirement is stated not to result from any disagreement on operations, policies, practices or accounting matters.
Matt Gummig, Director of External Reporting, Policy and Property Accounting, will serve as Interim Controller and Chief Accounting Officer and principal accounting officer while the company searches for a permanent replacement. Gummig will receive two $25,000a cash retention payments, payable in December 2024 and April 2025, and time-based restricted stock units with a grant date fair market value of $150,000 that vest in three equal tranches on December 1, 2025, 2026 and 2027. The filing also reports that Kevin E.
Bryant, Executive Vice President and Chief Operating Officer, has been named Executive Vice President of Corporate Initiatives, working directly with Chairman, President and CEO David A. Campbell. Bryant will depart the company on December 31, 2024, and the filing states this departure is not the result of any disagreement with the company.
Bryant is entitled to severance benefits under the Executive Severance Plan, contingent on his execution and non-revocation of a general release of claims. The Evergy Companies state they are not currently planning to fill the Chief Operating Officer role.
For investors, the filing describes planned management transitions in accounting leadership and operations rather than changes to financial results or guidance. The filing does not contain financial results, and the filing's other disclosures concern routine indemnification and severance arrangements previously filed with the SEC.
02—Key points
Key Highlights
- Steven P. Busser, Vice President and Chief Accounting Officer, will retire effective December 1, 2024; he notified the companies on November 4, 2024, and the filing states the retirement is not due to any disagreement on accounting matters.
- Matt Gummig, Director of External Reporting, Policy and Property Accounting, will serve as Interim Controller and Chief Accounting Officer while a permanent search is conducted, internally and externally.
- Gummig's compensation includes two $25,000 cash retention payments (December 2024 and April 2025) and time-based RSUs with a $150,000 grant date fair market value vesting in three equal tranches on December 1, 2025, 2026 and 2027.
- Kevin E. Bryant, Executive Vice President and Chief Operating Officer, has been named Executive Vice President of Corporate Initiatives and will depart on December 31, 2024.
- The Evergy Companies are not currently planning to fill the Chief Operating Officer role following Bryant's departure.
- Bryant's severance benefits under the Executive Severance Plan are contingent on his execution and non-revocation of a general release of claims.
- The filing is a combined report for Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc., with each registrant reporting solely on its own behalf.
03—Questions
Frequently Asked Questions
Why is Evergy's Chief Accounting Officer retiring, and does it relate to accounting concerns?
Steven P. Busser notified the Evergy Companies on November 4, 2024 that he will retire effective December 1, 2024. The filing states that his decision was not the result of any disagreement with the companies on operations, policies, practices, or any issues regarding accounting policies or practices.
Who will handle accounting responsibilities after Busser retires?
Matt Gummig, Director of External Reporting, Policy and Property Accounting, will serve as Interim Controller and Chief Accounting Officer and assume principal accounting officer responsibilities while the companies search for a permanent replacement. He will hold the same positions at Evergy Kansas Central, Evergy Metro and the other main utilities in the Evergy group.
What compensation will the interim accounting leader receive?
Gummig will receive two cash retention payments of $25,000 each, payable in December 2024 and April 2025, and time-based restricted stock units with a grant date fair market value of $150,000 that vest in three equal tranches on December 1, 2025, 2026 and 2027. He will not receive separate compensation for services at Evergy's subsidiaries.
Is Evergy replacing the Chief Operating Officer?
No immediate replacement is planned. Kevin E. Bryant, currently Executive Vice President and Chief Operating Officer, has been named Executive Vice President of Corporate Initiatives, and the Evergy Companies are not currently planning to fill the Chief Operating Officer role after his departure on December 31, 2024.
What severance will Kevin Bryant receive when he leaves?
Bryant is entitled to severance benefits under Evergy's Executive Severance Plan. All severance benefits are contingent on his execution and non-revocation of a general release of claims against Evergy. The filing states his planned departure is not the result of any disagreement with the companies.
04—Continue