Who is the new Chief Financial Officer for Southern Company?

Daniel S. Tucker has been appointed as the new Executive Vice President and Chief Financial Officer of Southern Company, effective September 1, 2021. He previously served as the CFO of Georgia Power Company.

What is happening with the current CFO, Andrew W. Evans?

Andrew W. Evans is retiring from his role as CFO effective December 31, 2021. He will step down as CFO on September 1, 2021, and continue with the company as a senior advisor to the CEO until his retirement. He will also join the Georgia Power Company Board of Directors in January 2022.

What are the key compensation details for Daniel S. Tucker in his new role?

Effective September 1, 2021, Mr. Tucker's base salary will be $675,000 per year, with an annual incentive compensation target of 80% of his base salary. For 2022 compensation, his annual long-term equity incentive compensation target will be 275% of his base salary.

Will Andrew W. Evans receive any compensation after his retirement?

Yes, Mr. Evans has a consulting agreement to provide services from January 1, 2022, to December 31, 2023, for which he will be paid $250,000 in cash annually. Additionally, his 2021 annual incentive compensation goal is guaranteed at a minimum of 100% of target.

SOUTHERN CO 8-K: Leadership Changes

Summary

Southern Company (SO) announced a CFO transition in an 8-K filing dated August 23, 2021. Effective September 1, 2021, Daniel S. Tucker, currently Executive Vice President, Chief Financial Officer, and Treasurer of Georgia Power Company, will be appointed as Executive Vice President and Chief Financial Officer of Southern Company. This appointment follows the announcement of Andrew W. Evans' retirement from his CFO role, effective December 31, 2021. Mr. Evans will remain as a senior advisor to the CEO until his retirement and will also join the Georgia Power Company Board of Directors in January 2022. Mr. Tucker's compensation package for his new role as CFO of Southern Company includes a base salary of $675,000 and an annual incentive compensation target of 80% of base salary starting September 1, 2021. For 2022, his annual long-term equity incentive compensation target will be 275% of his base salary. Mr. Evans will receive a consulting fee of $250,000 per year for services to Southern Company Services, Inc. from January 1, 2022, to December 31, 2023, and his 2021 annual incentive compensation goal is guaranteed at 100% of target.

Key Highlights

1Daniel S. Tucker appointed as Executive Vice President and Chief Financial Officer of Southern Company, effective September 1, 2021.
2Current CFO, Andrew W. Evans, will retire effective December 31, 2021, stepping down from CFO role on September 1, 2021.
3Mr. Evans will serve as a senior advisor to the CEO from September 1, 2021, until his retirement.
4Mr. Evans will join the Georgia Power Company Board of Directors effective January 1, 2022, receiving standard director compensation.
5Mr. Evans has entered into a consulting agreement with Southern Company Services, Inc. for services from January 1, 2022, to December 31, 2023, at $250,000 annually.
6Mr. Tucker's new compensation includes a base salary of $675,000 and an 80% annual incentive target, with long-term equity incentives set at 275% of base salary for 2022.
7Mr. Evans' 2021 annual incentive compensation goal is guaranteed at a minimum of 100% of target.

SOUTHERN CO 8-K Report, Executive Changes (Aug 24, 2021)

Summary

Key Highlights

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