8-KLeadership Changes

FIRSTENERGY CORP 8-K Report, Executive Changes (Feb 20, 2013)

Filed February 20, 2013For Securities:FE

Summary

This 8-K filing from FirstEnergy Corp. announces a planned leadership transition within its financial reporting structure. Effective May 1, 2013, Harvey L. Wagner, the current Vice President, Controller, and Chief Accounting Officer (CAO), will retire. Mr. Wagner's departure is amicable, with no disputes noted between him and the company. Concurrently, the Board of Directors has elected K. Jon Taylor to succeed Mr. Wagner as Vice President, Controller, and CAO. Mr. Taylor, who has been with FirstEnergy since August 2009 in various financial roles and previously held positions at PricewaterhouseCoopers LLP, brings extensive experience to this critical function. His appointment is accompanied by an adjustment to his compensation package, reflecting his expanded responsibilities.

Key Highlights

  • 1Harvey L. Wagner, Vice President, Controller, and Chief Accounting Officer (CAO), will retire effective May 1, 2013.
  • 2Mr. Wagner's retirement is amicable, with no stated disagreements or disputes.
  • 3K. Jon Taylor has been elected as the new Vice President, Controller, and CAO, succeeding Mr. Wagner.
  • 4Mr. Taylor has been with FirstEnergy since 2009 and has held various financial leadership roles.
  • 5Mr. Taylor previously spent approximately 13 years at PricewaterhouseCoopers LLP.
  • 6In connection with his new role, Mr. Taylor's base salary will increase by 20%.
  • 7Mr. Taylor's Short-Term Incentive Program target will be 55% and his Long-Term Incentive Program target will be 120%.

Frequently Asked Questions

The main event is the planned retirement of Harvey L. Wagner, the Vice President, Controller, and Chief Accounting Officer (CAO), and the subsequent election of K. Jon Taylor to fill this role.

No, the filing explicitly states that there was no disagreement or dispute with FirstEnergy surrounding Mr. Wagner's decision to retire.

Mr. Taylor, 39 years old, has been with FirstEnergy since August 2009, holding positions such as Vice President and Assistant Controller. Prior to joining FirstEnergy, he worked at PricewaterhouseCoopers LLP for approximately 13 years. He has a strong background in financial reporting and accounting roles.

Mr. Taylor's compensation package will be adjusted to reflect his increased responsibilities. His base salary will increase by 20%, his Short-Term Incentive Program target will be 55%, and his Long-Term Incentive Program target will be 120%.