8-KLeadership ChangesRegulation FDExhibits & Filings

Vistra Corp. 8-K Report, Executive Changes (May 28, 2019)

Filed May 28, 2019For Securities:VST

Summary

Vistra Corp. (VST) has filed an 8-K report on May 28, 2019, primarily announcing a change in its Chief Financial Officer. J. William Holden, the current Executive Vice President and Chief Financial Officer, has announced his intention to resign effective June 5, 2019, to pursue other business opportunities. His departure is noted as not being due to any disagreements with the company regarding its operations, controls, or financial matters. Concurrently, Vistra Corp. has appointed David A. Campbell as the new Executive Vice President and Chief Financial Officer, also effective June 5, 2019. Mr. Campbell brings extensive experience in the energy sector, having previously served as CEO of InfraREIT, Inc., and notably, as CEO of Luminant, a former subsidiary of Vistra's predecessor. His compensation package includes a base salary of $690,000, a target annual bonus opportunity of 100% of his base salary, and an initial equity award valued at $2,500,000, vesting over three years. The company also furnished a press release detailing these executive changes.

Key Highlights

  • 1J. William Holden is resigning as Executive Vice President and Chief Financial Officer, effective June 5, 2019.
  • 2Mr. Holden's departure is amicable and not related to any disagreements with the company.
  • 3David A. Campbell has been appointed as the new Executive Vice President and Chief Financial Officer, effective June 5, 2019.
  • 4Mr. Campbell has significant prior experience in the energy industry, including serving as CEO of Luminant and InfraREIT.
  • 5Mr. Campbell's new role includes an annual base salary of $690,000.
  • 6He is eligible for an annual bonus of up to 100% of his base salary.
  • 7Mr. Campbell will receive an initial equity award valued at $2,500,000, vesting over three years.

Frequently Asked Questions

J. William Holden is resigning to pursue other business opportunities. The company stated that his departure is not a result of any disagreements concerning Vistra's operations, policies, practices, controls, or financial matters.

David A. Campbell has a strong background in the energy sector. He previously served as President and CEO of InfraREIT, Inc., and importantly, was the Chief Executive Officer of Luminant when it was a subsidiary of Vistra's predecessor, Energy Future Holdings Corp. He also has experience at McKinsey & Company and in corporate planning and strategy.

Mr. Campbell will receive an annual base salary of $690,000, with a target annual bonus opportunity of 100% of his base salary. He will also receive an initial equity award with a grant date fair market value of $2,500,000, which will vest ratably over three years.

Both the departure of J. William Holden and the appointment of David A. Campbell as Chief Financial Officer will be effective on June 5, 2019.