Summary
This 8-K filing from Exelon Corporation announces significant leadership changes and associated compensation adjustments. Effective December 31, 2022, Calvin Butler will transition into the roles of President and Chief Executive Officer. This appointment marks a key leadership transition for the company. In conjunction with his new role, Mr. Butler's compensation package has been formalized. This includes a base salary of $1,250,000, an annual incentive plan target of 140% of base salary, and a long-term incentive target award valued at $8,000,000 for the 2023-2025 cycle. The LTI award is structured with performance shares and restricted stock units, emphasizing a performance-based approach. Additional arrangements include provisions for personal aircraft use and temporary housing, reflecting the executive's relocation to the company's headquarters.
Key Highlights
- 1Calvin Butler appointed President and CEO effective December 31, 2022.
- 2Annual base salary for Mr. Butler set at $1,250,000.
- 3Annual Incentive Plan (AIP) target opportunity set at 140% of base salary.
- 4Long-Term Incentive (LTI) target award valued at $8,000,000 for the 2023-2025 award cycle.
- 5LTI awards comprise 67% performance shares and 33% restricted stock units.
- 6Compensation includes allowances for personal aircraft use and temporary housing in Chicago.