Summary
This 8-K filing from NextEra Energy, Inc. (NEE) on October 23, 2013, primarily details significant changes in leadership and board composition. Executive Chairman Lewis Hay, III, announced his retirement from his Chairman and director roles, effective December 13, 2013, though he will remain an executive officer until year-end and an employee into early 2014. Following Mr. Hay's departure from the board, James L. Robo will assume the role of Chairman of the Board, in addition to his existing positions as President and CEO. The company also expanded its Board of Directors and elected Kirk S. Hachigian as a new independent director, appointing him to the Finance & Investment Committee.
Key Highlights
- 1Executive Chairman Lewis Hay, III, to retire from Chairman and director roles on December 13, 2013.
- 2James L. Robo to be appointed Chairman of the Board, effective December 13, 2013, while retaining CEO and President titles.
- 3Board size to be reduced by one member upon Mr. Hay's retirement from the board.
- 4Kirk S. Hachigian elected as a new independent director to the Board of Directors, effective immediately.
- 5Board size increased from twelve to thirteen members to accommodate the new directorship.
- 6Mr. Hachigian appointed to the Finance & Investment Committee of the Board.
- 7Mr. Hay will receive continued support (office space, assistance, technology) in a non-executive employee capacity through March 2014.
Frequently Asked Questions
James L. Robo, currently President and CEO, will assume the additional role of Chairman of the Board, effective at the close of business on December 13, 2013.
Kirk S. Hachigian brings extensive executive experience, having retired as Chairman, President, and CEO of Cooper Industries plc. His appointment to the Board and the Finance & Investment Committee suggests a strengthening of the company's financial oversight and strategic advisory capabilities.
Lewis Hay, III, will retire as Executive Chairman and a director on December 13, 2013. He will continue as an executive officer through December 31, 2013, and remain an employee in a non-executive capacity until March 2014, with continued provision of office space and support.
Mr. Hachigian will receive compensation consistent with other non-employee directors. This includes an initial grant of 400 shares of Company common stock, subject to forfeiture if he leaves the board within five years of appointment (except for death, disability, or reaching mandatory retirement age).