Summary
This 8-K filing from Southern Company (SO) on February 11, 2014, primarily details significant changes in executive leadership and board composition. A new independent director, Ms. Linda P. Hudson, was appointed to the Board and the Audit Committee, bringing external expertise. Concurrently, the company announced a planned executive transition within its Alabama Power subsidiary and at the parent company level, effective March 1, 2014. These changes include Mr. Charles D. McCrary transitioning from CEO of Alabama Power to Chairman of the Board of Alabama Power while continuing as an Executive Vice President of Southern Company until his retirement. Mr. Mark A. Crosswhite will move from COO of Southern Company to President and CEO of Alabama Power. Ms. Kimberly S. Greene has been appointed as the new Chief Operating Officer of Southern Company, with a defined compensation structure. Additionally, a modification to Mr. McCrary's restricted stock unit vesting date was approved, accelerating it to April 30, 2014.
Key Highlights
- 1Southern Company appointed Ms. Linda P. Hudson as a new independent director to its Board of Directors and Audit Committee, effective March 1, 2014.
- 2Mr. Charles D. McCrary will step down as President and CEO of Alabama Power on March 1, 2014, but will become Chairman of the Board of Alabama Power and remain an Executive Vice President of Southern Company until his retirement on May 1, 2014.
- 3Mr. Mark A. Crosswhite will transition from COO of Southern Company to President and CEO of Alabama Power, effective March 1, 2014, while retaining his Executive Vice President title at Southern Company.
- 4Ms. Kimberly S. Greene has been appointed Chief Operating Officer of Southern Company, effective March 1, 2014, with a base salary of $650,000 and defined performance-based compensation targets.
- 5The vesting date for Mr. McCrary's 2012 restricted stock units was accelerated from December 31, 2014, to April 30, 2014, contingent on his continued employment.