8-KLeadership ChangesExhibits & Filings

FIRSTENERGY CORP 8-K Report, Executive Changes (Jan 19, 2016)

Filed January 19, 2016For Securities:FE

Summary

FirstEnergy Corp. (FE) announced on January 19, 2016, a significant addition to its Board of Directors with the appointment of Thomas N. Mitchell. Mr. Mitchell, aged 60, brings extensive experience in the nuclear energy sector, having previously served as the president and chief executive officer of Ontario Power Generation, Inc. His election increases the Board's size to 14 members and is effective immediately. The Board has confirmed Mr. Mitchell's status as an independent director, adhering to SEC and NYSE standards. Mr. Mitchell's appointment is particularly relevant given his expertise in nuclear power, a complex and critical area for utility operations. He has been assigned to the Board's Nuclear Committee, indicating a strategic focus on this segment. His compensation for Board service aligns with that of other directors, including an annual cash retainer of $95,000 and an equity retainer valued at $135,000, granted under the 2015 Incentive Compensation Plan. There are no undisclosed arrangements or related party transactions associated with his appointment, ensuring transparency for investors.

Key Highlights

  • 1Appointment of Thomas N. Mitchell, age 60, to the Board of Directors, effective January 19, 2016.
  • 2Mr. Mitchell brings substantial experience in the nuclear industry, formerly serving as President and CEO of Ontario Power Generation, Inc.
  • 3Board size increased to 14 directors.
  • 4Mr. Mitchell has been deemed an independent director by the Board.
  • 5Appointed to serve on the Board's Nuclear Committee.
  • 6Compensation includes an annual cash retainer of $95,000 and an annual equity retainer valued at $135,000.
  • 7No undisclosed arrangements or related party transactions involving Mr. Mitchell.

Frequently Asked Questions

Thomas N. Mitchell is a 60-year-old individual with extensive experience in the nuclear industry. He is the recently retired president and chief executive officer and director of Ontario Power Generation, Inc., an Ontario-based electricity generation company. He also served as a former director and member of the leadership and compensation committee of the Electric Power Research Institute.

Mr. Mitchell's appointment is significant due to his deep expertise in the nuclear energy sector, a crucial area for a utility company like FirstEnergy. His addition to the Board, especially his assignment to the Nuclear Committee, suggests a continued focus on and strategic oversight of the company's nuclear operations.

Mr. Mitchell will be compensated in the same manner as other Board members. This includes an annual cash retainer of $95,000 and an annual equity retainer valued at $135,000, which will be granted under the 2015 Incentive Compensation Plan.

No, the filing states that there are no arrangements or understandings between Mr. Mitchell and any other person concerning his selection as director, and there are no related party transactions that would require disclosure under Item 404(a) of Regulation S-K.