What are the main changes in Exelon's executive leadership announced in this filing?

The primary changes involve the appointment of Joseph Nigro as the new CFO and Anne Pramaggiore as the new CEO of Exelon Utilities. Jonathan Thayer, the former CFO, is moving to a Chief Transformation Officer role. Additionally, there are appointments for leadership positions within ComEd, including Joseph Dominguez as CEO and Terence Donnelly as President.

What is the compensation structure for the new CFO, Joseph Nigro?

Joseph Nigro's compensation includes an annual base salary of $775,000, an annual incentive program target of 95% of his base salary, and a long-term incentive target valued at $2,388,750. The long-term incentives consist of performance share awards (67%) and restricted stock units (33%). He will also receive additional performance share awards for ongoing cycles.

What are the terms of Jonathan Thayer's transition and departure agreement?

Jonathan Thayer will serve as Senior Executive Vice President and Chief Transformation Officer until April 1, 2019, or another agreed-upon date. Upon separation at that time, he will receive benefits under Exelon's Senior Management Severance Plan. The agreement also includes provisions for potential losses on the sale of his Chicago condominium, as per Exelon's executive relocation policy.

Are there any new equity awards granted as part of these leadership changes?

Yes, Joseph Dominguez, upon becoming CEO of ComEd, will receive an award of 30,000 retention restricted stock units that will vest on August 1, 2022. Terence Donnelly, as President of ComEd, will be granted 10,000 retention restricted stock units vesting on June 1, 2020.

EXC 8-K: Leadership Changes

Summary

This 8-K filing by Exelon Corporation (EXC) on May 8, 2018, primarily details significant changes within its senior executive leadership team. The report announces a reshuffling of key financial and utility leadership roles, including the appointment of Joseph Nigro as the new Senior Executive Vice President and Chief Financial Officer, and Anne Pramaggiore as Senior Executive Vice President and Chief Executive Officer of Exelon Utilities. These changes are effective at various dates in May and June 2018, with further appointments to ComEd leadership in August 2018. The filing also outlines the compensation packages for the new CFO, Mr. Nigro, and newly appointed ComEd CEO, Joseph Dominguez, including base salaries, annual incentive targets, and long-term incentive plans featuring performance share awards and restricted stock units.

Key Highlights

1Joseph Nigro appointed as Senior Executive Vice President and Chief Financial Officer, replacing Jonathan Thayer who transitions to Chief Transformation Officer.
2Anne Pramaggiore appointed as Senior Executive Vice President and Chief Executive Officer of Exelon Utilities, succeeding Denis O’Brien.
3Joseph Dominguez appointed as Chief Executive Officer of ComEd, effective August 1, 2018.
4Terence Donnelly appointed as President of ComEd, effective June 1, 2018.
5Detailed compensation information is provided for new CFO Joseph Nigro, including base salary, annual incentive target, and long-term incentives with performance-based components.
6Joseph Dominguez's compensation as ComEd CEO includes base salary, annual incentive target, long-term incentives, and a grant of 30,000 retention restricted stock units.
7Jonathan Thayer and Denis O’Brien have entered into separation agreements with Exelon outlining terms for their departures and future benefits.

EXELON CORP 8-K Report, Executive Changes (May 8, 2018)

Summary

Key Highlights

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