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.