What is the significance of Calvin G. Butler's appointment?

The appointment of Calvin G. Butler as the permanent CEO of Exelon Utilities is a significant leadership change, indicating stability and continued focus on the company's core utility operations. His promotion to Senior Executive Vice President also elevates his strategic role within the broader Exelon Corporation.

What are the key components of Mr. Butler's compensation package?

Mr. Butler's compensation package is structured with a $700,000 base salary. He has a target annual incentive opportunity of 90% of his base salary and a long-term incentive (LTI) target valued at 310% of his base salary. The LTI includes a mix of performance share awards (67%) and restricted stock units (33%), with payouts tied to pre-established performance targets.

When will Mr. Butler's restricted stock units vest?

Mr. Butler has been awarded 28,468 restricted stock units (RSUs) which are subject to a cliff vesting schedule, meaning they will all vest on a single date: December 2, 2024.

Does this appointment have any implications for Exelon's regulatory affairs?

While this filing primarily concerns executive appointments and compensation, Mr. Butler's prior experience as CEO of BGE and Senior Vice President of Regulatory and External Affairs for BGE suggests a strong background relevant to the regulatory environment of Exelon's utility operations. His directorship at Commonwealth Edison Company also places him in a key governance role for a major subsidiary.

EXC 8-K: Leadership Changes

Summary

Exelon Corporation (EXC) announced a significant leadership transition with the permanent appointment of Calvin G. Butler as Senior Executive Vice President and Chief Executive Officer of Exelon Utilities, effective December 2, 2019. This follows his interim appointment in October 2019. Mr. Butler's compensation package includes a base salary of $700,000, with target annual incentives of 90% of base salary and long-term incentives valued at 310% of base salary, comprising performance share awards and restricted stock units. His promotion signifies a key development in the company's executive structure, particularly within its utilities segment.

Key Highlights

1Calvin G. Butler officially appointed Senior Executive Vice President, Exelon and Chief Executive Officer, Exelon Utilities.
2Mr. Butler's compensation includes a $700,000 base salary.
3Annual incentive program target is 90% of base salary, with payouts contingent on performance.
4Long-term incentive program target is 310% of base salary, consisting of performance shares (67%) and RSUs (33%).
5Mr. Butler received an award of 28,468 restricted stock units (RSUs) vesting on December 2, 2024.
6Mr. Butler also appointed as a director of Commonwealth Edison Company.
7The report includes standard forward-looking statements and disclaimers regarding risks and uncertainties.

EXELON CORP 8-K/A Report, Executive Changes (Dec 4, 2019)

Summary

Key Highlights

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