8-KLeadership Changes

SOUTHERN CO 8-K Report, Executive Changes (Nov 21, 2022)

Filed November 21, 2022For Securities:SOSOJESOJFSOJCSOJDSOMN

Summary

Southern Company (SO) has filed an 8-K report announcing the upcoming retirement of Mark Crosswhite, Chairman, President, and CEO of its subsidiary, Alabama Power Company, effective December 31, 2022. Mr. Crosswhite, a named executive officer of Southern Company, will transition from his leadership role after his retirement. In connection with his retirement, Mr. Crosswhite is expected to enter into a consulting agreement with Southern Company Services, Inc. to provide consulting services to Alabama Power from December 31, 2022, to June 30, 2023. For these services, he will receive $125,000 in cash. This transition signifies a leadership change at a key subsidiary of Southern Company, and the terms of the consulting agreement provide for continued, albeit advisory, engagement from the departing executive.

Key Highlights

  • 1Mark Crosswhite, CEO of Alabama Power and a named executive officer of Southern Company, is retiring effective December 31, 2022.
  • 2Mr. Crosswhite's retirement marks a significant leadership transition at Alabama Power.
  • 3A retirement and consulting agreement is expected to be finalized.
  • 4Mr. Crosswhite will serve as a consultant to Alabama Power for a period of six months post-retirement (December 31, 2022, to June 30, 2023).
  • 5The consulting services will be compensated with $125,000 in cash.
  • 6The full consulting agreement details will be disclosed in Southern Company's Form 10-K for the fiscal year ended December 31, 2022.

Frequently Asked Questions

Mark Crosswhite, who serves as Chairman, President, and Chief Executive Officer of Alabama Power Company (a subsidiary of Southern Company) and is a named executive officer of Southern Company, is retiring.

The retirement is expected to be effective on December 31, 2022.

Yes, Mr. Crosswhite is expected to serve as a consultant to Alabama Power from December 31, 2022, to June 30, 2023, providing consulting services. He will receive $125,000 in cash for these services.

The full text of the consulting agreement is expected to be filed as an exhibit to Southern Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.