Summary
Quanta Services, Inc. (PWR) filed an 8-K on December 21, 2012, to announce a significant executive leadership change. Effective January 1, 2013, Earl C. (Duke) Austin, Jr. was appointed Chief Operating Officer (COO) of the company. Mr. Austin has an extensive history with Quanta, having previously led key divisions such as the Electric Power and Natural Gas and Pipeline divisions since 2011 and holding leadership roles in subsidiaries prior to that. This appointment is accompanied by a new employment agreement outlining Mr. Austin's compensation and benefits. His annual base salary will be $600,000, and he will receive a restricted stock award valued at $250,000, contingent on the average stock price leading up to January 1, 2013. The agreement also details severance packages under various termination scenarios, including specific provisions for terminations following a change in control. The company also issued a press release on December 21, 2012, to formally announce this promotion.
Key Highlights
- 1Appointment of Earl C. (Duke) Austin, Jr. as Chief Operating Officer (COO), effective January 1, 2013.
- 2Mr. Austin has a strong internal track record, previously leading the Electric Power and Natural Gas and Pipeline Divisions.
- 3New employment agreement includes an annual base salary of $600,000.
- 4Mr. Austin will receive a restricted stock award valued at $250,000, based on average stock price preceding the effective date.
- 5Severance benefits are detailed, with enhanced provisions for termination following a change in control.
- 6Employment agreement includes standard non-competition and non-solicitation clauses for a period post-termination.
- 7The company issued a press release on December 21, 2012, to announce the COO appointment.