Summary
Exelon Corporation (EXC) announced a significant leadership change on October 29, 2021, with the immediate appointment of Calvin G. Butler, Jr. as Senior Executive Vice President and Chief Operating Officer. This appointment is a key development for the company's operational leadership. Investors should note that Mr. Butler's compensation package for this new role includes a base salary of $900,000, an annual incentive target of 100% of his base salary, and a substantial long-term incentive target valued at $3,200,000. This long-term incentive is structured with a mix of performance share awards and restricted stock units, emphasizing performance-based compensation.
Key Highlights
- 1Calvin G. Butler, Jr. appointed as Senior Executive Vice President and Chief Operating Officer, effective immediately.
- 2Mr. Butler's compensation package includes a base salary of $900,000.
- 3Annual incentive program target opportunity set at 100% of base salary.
- 4Long-term incentive target valued at $3,200,000, comprising performance share awards (67%) and restricted stock units (33%).
- 5Both annual and long-term incentive payouts are contingent upon achieving pre-established performance targets.
- 6Mr. Butler will continue to serve as interim CEO of Commonwealth Edison Company until November 15, 2021.
- 7Mr. Butler brings extensive experience, having previously led Exelon Utilities and Baltimore Gas and Electric Company.
Frequently Asked Questions
Calvin G. Butler, Jr.'s appointment as Senior Executive Vice President and Chief Operating Officer signifies a key leadership move within Exelon Corporation. It positions him to oversee critical operational functions and indicates a strong emphasis on experienced leadership for the company's ongoing strategic direction.
Mr. Butler's compensation is performance-oriented. It includes a base salary of $900,000, an annual incentive of up to 100% of his base salary, and a significant long-term incentive package valued at $3,200,000. This long-term incentive is split between performance shares and restricted stock units, with payouts tied to specific performance targets.
Yes, Mr. Butler will continue his role as the interim Chief Executive Officer of Commonwealth Edison Company until November 15, 2021. This indicates a continued involvement in the subsidiary's leadership during this transition period.
Calvin G. Butler, Jr., age 52, has a robust background within Exelon. He previously served as Chief Executive Officer of Exelon Utilities since 2019 and, prior to that, was the Chief Executive Officer of Exelon subsidiary Baltimore Gas and Electric Company from 2014 to 2019. His experience suggests a deep understanding of Exelon's utility operations.