Summary
Xcel Energy Inc. (XEL) announced a key executive transition effective May 3, 2016, with Robert Frenzel appointed as the new Executive Vice President and Chief Financial Officer (CFO). This appointment follows the planned retirement of Teresa S. Madden, who will remain with the company until June 30, 2016, to ensure a smooth handover of responsibilities. Mr. Frenzel brings significant financial leadership experience, having previously served as Senior Vice President and CFO of Luminant, a subsidiary of Energy Future Holdings Corp. Investors should note the compensation package approved for Mr. Frenzel, which includes an annual base salary of $600,000, an annual incentive target of 70% of base salary, and significant long-term incentive awards for the 2016-2018 and 2015-2017 performance periods. The company is also covering relocation and temporary living expenses for Mr. Frenzel. This executive change marks a significant leadership update in a critical financial role for Xcel Energy.
Key Highlights
- 1Robert Frenzel appointed Executive Vice President and CFO, effective May 3, 2016.
- 2This appointment is in connection with the retirement of current CFO, Teresa S. Madden.
- 3Ms. Madden will remain with Xcel Energy until June 30, 2016, to facilitate a transition.
- 4Mr. Frenzel's prior experience includes serving as SVP and CFO of Luminant (Energy Future Holdings).
- 5Mr. Frenzel will receive an annual base salary of $600,000.
- 6He is eligible for an annual incentive plan (target 70% of base salary) and substantial long-term incentive awards.
- 7Relocation and temporary housing expenses for Mr. Frenzel will be reimbursed by the company.