8-KLeadership ChangesRegulation FDExhibits & Filings

FIRSTENERGY CORP 8-K Report, Executive Changes (Feb 10, 2022)

Filed February 10, 2022For Securities:FE

Summary

FirstEnergy Corp. (FE) announced on February 10, 2022, that it has reached an agreement on settlement terms to resolve multiple shareholder derivative lawsuits. This settlement, subject to court approval, will bring a conclusion to these legal actions that have been pending in various federal and state courts. A significant component of the proposed settlement involves corporate governance enhancements. Notably, six long-serving members of the Board of Directors, who have been on the Board for at least five years, will not be standing for re-election at the Company's 2022 annual shareholder meeting. This decision aims to address concerns raised in the derivative lawsuits and represents a step towards improved governance.

Key Highlights

  • 1FirstEnergy Corp. has agreed to settlement terms to resolve multiple shareholder derivative lawsuits.
  • 2The proposed settlement is contingent upon court approval.
  • 3As part of the settlement, six members of the Board of Directors will not stand for re-election at the 2022 annual shareholder meeting.
  • 4These departing directors have served on the Board for a minimum of five years.
  • 5The settlement includes corporate governance enhancements.
  • 6The company issued a press release on February 10, 2022, to announce the proposed settlement terms.

Frequently Asked Questions

This 8-K filing announces that FirstEnergy Corp. has agreed to settlement terms to resolve multiple shareholder derivative lawsuits, subject to court approval, and outlines associated corporate governance changes.

The six directors who will not be standing for re-election at the 2022 annual shareholder meeting are Messrs. Michael J. Anderson, Donald T. Misheff, Thomas N. Mitchell, Christopher D. Pappas, Luis A. Reyes, and Ms. Julia L. Johnson.

No, the settlement terms are proposed and are subject to court approval. The filing indicates an agreement on 'settlement term sheet' and that the resolution will occur 'upon court approval'.

The primary governance change mentioned is that six members of the Board of Directors, who have served for at least five years, will not seek re-election at the Company's 2022 annual shareholder meeting.