Summary
Southern Co. announced a significant leadership transition in an 8-K filing dated July 27, 2010. The long-serving Chairman, President, and CEO, David M. Ratcliffe, is set to retire on December 1, 2010. In anticipation of this change, the company has elected Thomas A. Fanning, currently Executive Vice President and Chief Operating Officer, to succeed Mr. Ratcliffe as Director, Chairman, President, and CEO, effective December 1, 2010. Mr. Fanning will also assume the role of President on August 1, 2010. This filing also details other executive appointments and compensation adjustments. W. Paul Bowers moves to Chief Operating Officer of Georgia Power while remaining Executive Vice President of Southern Company. Anthony J. Topazi is appointed Executive Vice President and Chief Operating Officer of Southern Company, and Art P. Beattie becomes Executive Vice President and Chief Financial Officer of Southern Company. These changes are accompanied by adjustments to base salaries, performance-based compensation targets, and in Mr. Bowers' case, a significant award of Restricted Stock Units (RSUs) vesting in 2013.
Key Highlights
- 1David M. Ratcliffe, Chairman, President, and CEO, will retire effective December 1, 2010.
- 2Thomas A. Fanning is elected to succeed Mr. Ratcliffe as Director, Chairman, President, and CEO, effective December 1, 2010, and as President effective August 1, 2010.
- 3W. Paul Bowers is appointed Chief Operating Officer of Georgia Power and remains Executive Vice President of Southern Company.
- 4Anthony J. Topazi is appointed Executive Vice President and Chief Operating Officer of Southern Company.
- 5Art P. Beattie is appointed Executive Vice President and Chief Financial Officer of Southern Company.
- 6Thomas A. Fanning's base salary will be $950,000 and his target annual performance compensation will be 105% of base salary, effective August 1, 2010.
- 7W. Paul Bowers received Restricted Stock Units valued at $1,190,000, vesting on July 27, 2013, as part of his compensation adjustments.