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.