8-KLeadership ChangesRegulation FDExhibits & Filings

FIRSTENERGY CORP 8-K Report, Executive Changes (Nov 21, 2023)

Filed November 21, 2023For Securities:FE

Summary

FirstEnergy Corp. (FE) has announced significant leadership appointments through an 8-K filing dated November 21, 2023. Toby L. Thomas has been appointed as Chief Operating Officer, effective November 30, 2023, bringing extensive experience from American Electric Power (AEP) in energy delivery, transmission, and operations. A. Wade Smith has been appointed President, FirstEnergy Utilities, effective December 18, 2023, with a strong background in electric and gas operations from Puget Sound Energy and Pacific Gas & Electric (PG&E). These appointments are accompanied by detailed compensation packages designed to attract and retain top talent, including base salaries, short-term and long-term incentive awards, hiring bonuses, and time-based restricted stock awards. These packages are structured to offset compensation forfeited by the executives upon their departure from previous roles and include provisions for future performance and retention. The company also anticipates entering into standard Director and Officer Indemnification Agreements with the new appointees.

Key Highlights

  • 1Toby L. Thomas appointed Chief Operating Officer, effective November 30, 2023.
  • 2A. Wade Smith appointed President, FirstEnergy Utilities, effective December 18, 2023.
  • 3Both appointees have significant experience in utility operations and management from major energy companies.
  • 4Comprehensive compensation packages including base salary, performance-based incentives, and equity awards have been established for both executives.
  • 5Hiring bonuses and restricted stock awards are included to offset forfeited compensation from prior employers.
  • 6The company will enter into Director and Officer Indemnification Agreements with the new executives.

Frequently Asked Questions

FirstEnergy has appointed Toby L. Thomas as Chief Operating Officer and A. Wade Smith as President, FirstEnergy Utilities.

Toby L. Thomas joins FirstEnergy from American Electric Power (AEP), where he held senior roles including Senior Vice President of Energy Delivery, responsible for transmission engineering, construction, operations, and maintenance.

A. Wade Smith most recently served as Executive Vice President and Chief Operating Officer of Puget Sound Energy (PSE) and previously held senior leadership positions in electric operations at Pacific Gas & Electric (PG&E) and spent 32 years with AEP.

The compensation packages are detailed and include annual base salaries ($600,000 for Mr. Thomas, $760,000 for Mr. Smith), target short-term and long-term incentive awards, significant hiring bonuses ($250,000 for Mr. Thomas, $1,500,000 for Mr. Smith), and substantial time-based restricted stock awards. These amounts are pro-rated and subject to performance and continued employment.