Summary
Sempra Energy (SRE) filed an 8-K on November 13, 2012, announcing a significant leadership transition. Donald E. Felsinger, currently Executive Chairman of the Board and a Director, will retire from these positions effective November 30, 2012. This follows a previously disclosed retirement plan from July 2011. Mr. Felsinger will remain available to consult with senior executives and the board post-retirement. Debra L. Reed, currently the CEO and a Director, will assume the additional role of Chairman of the Board, effective December 1, 2012. Ms. Reed brings extensive experience, having worked with Sempra and its subsidiaries for 34 years, including prior leadership roles at its California regulated utilities, San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company. The filing also details the post-retirement benefits and consultation arrangements for Mr. Felsinger, including continued insurance, charitable contribution matching, financial planning services, and security/IT support for a period of five years.
Key Highlights
- 1Donald E. Felsinger, Executive Chairman and Director, will retire effective November 30, 2012.
- 2Debra L. Reed, CEO and Director, will assume the role of Chairman of the Board effective December 1, 2012.
- 3Ms. Reed has 34 years of experience with Sempra and its subsidiaries, including prior CEO roles at SDG&E and Southern California Gas.
- 4Mr. Felsinger will provide consulting services to senior executives and the board post-retirement.
- 5Sempra will provide Mr. Felsinger with benefits for five years post-retirement, including supplemental medical insurance and matching charitable contributions.
- 6Post-retirement benefits for Mr. Felsinger are expected to cost approximately $365,000, excluding charitable contributions.
- 7Mr. Felsinger will receive executive security specialist services and home computer support for five years.