8-KLeadership Changes

EXELON CORP 8-K Report, Executive Changes (Sep 15, 2020)

Filed September 15, 2020For Securities:EXC

Summary

This 8-K filing from Exelon Corporation (EXC) on September 15, 2020, announces the impending retirement of Kenneth Cornew, Senior Executive Vice President and Chief Commercial Officer. Mr. Cornew intends to retire on March 31, 2021, after a transition period where he will continue in his current role. This transition is significant for investors as it involves a key executive stepping down and provides details on his separation agreement and benefits. Key aspects of Mr. Cornew's retirement include the continuation of his current compensation and benefits until his departure. Additionally, Exelon has agreed to assist with the sale of Mr. Cornew's Baltimore residence, which was purchased as part of a prior relocation. The company will facilitate the purchase of the home at an appraised value, with the benefit estimated at approximately $250,000, reflecting the difference between appraisals and his original purchase price plus improvements. He will also receive standard severance benefits per the company's Senior Management Severance Plan.

Key Highlights

  • 1Kenneth Cornew, Senior Executive Vice President and Chief Commercial Officer, announced his intention to retire effective March 31, 2021.
  • 2Mr. Cornew will continue to serve in his current executive capacities until his retirement date.
  • 3His compensation and benefits will remain unchanged until his retirement.
  • 4Exelon will provide a benefit related to the sale of Mr. Cornew's Baltimore residence, estimated at approximately $250,000.
  • 5This benefit is tied to the difference between appraised value and Mr. Cornew's original purchase price plus capital improvements.
  • 6Mr. Cornew is eligible for standard severance benefits under Exelon's Senior Management Severance Plan.

Frequently Asked Questions

Kenneth Cornew, Senior Executive Vice President and Chief Commercial Officer, has announced his intention to retire on March 31, 2021.

The primary financial implication disclosed is Exelon's agreement to purchase Mr. Cornew's Baltimore residence at an appraised value. This benefit is estimated to be around $250,000 and relates to the difference between the appraised value and his original purchase price, plus qualified capital improvements.

Yes, Mr. Cornew will continue to receive his full level of compensation and benefits as previously disclosed until his retirement date of March 31, 2021.

Upon separation, Mr. Cornew will receive the standard benefits provided under Section 4 of Exelon’s Senior Management Severance Plan, the terms of which have been previously disclosed.