Summary
This 8-K filing from Exelon Corporation, dated October 29, 2009, primarily announces an amendment to the employment agreement of Chairman and CEO John W. Rowe. The amendment extends Mr. Rowe's tenure through December 31, 2012, at the board's request. This extension aims to provide leadership stability and continuity during a potentially critical period for the company. Key changes to the agreement include a revised retirement date, the elimination of severance benefits for terminations after July 1, 2011, and the removal of certain executive perks such as excise tax gross-ups and post-retirement financial planning services. These modifications reflect a shift towards aligning executive compensation with company policy and potentially reducing future liabilities.
Key Highlights
- 1John W. Rowe, Exelon's Chairman and CEO, has agreed to extend his employment through December 31, 2012.
- 2The extension was requested by the Exelon Board of Directors.
- 3Mr. Rowe's retirement date has been moved back by 18 months, from July 1, 2011, to December 31, 2012.
- 4Severance benefits will no longer be payable for any termination of employment after July 1, 2011.
- 5Excise tax gross-up provisions have been eliminated from the agreement, aligning with a Compensation Committee policy.
- 6Post-retirement income tax preparation and financial planning services have also been removed from the executive's benefits.