Summary
This 8-K filing from Xcel Energy Inc. (XEL) on August 23, 2021, primarily details executive leadership changes and associated compensation adjustments. Notably, Robert Frenzel officially assumed the roles of President and Chief Executive Officer (CEO) effective August 18, 2021, succeeding Ben Fowke. This promotion comes with a significant increase in Mr. Frenzel's compensation package, reflecting his expanded responsibilities. In conjunction with his new role, Mr. Frenzel's annual base salary has been raised to $1,200,000 from $775,000. His target annual incentive bonus has also been increased to 125% of his base salary, up from 100%. Additionally, he will receive a substantial long-term incentive award for the 2021-2023 performance period, valued at approximately $4,075,000. Meanwhile, Ben Fowke transitioned from CEO to Executive Chairman of the Board upon his retirement from the CEO position, with no changes to his compensation arrangements.
Key Highlights
- 1Robert Frenzel appointed President and CEO effective August 18, 2021.
- 2Ben Fowke retired as CEO and assumed the role of Executive Chairman of the Board.
- 3Mr. Frenzel's annual base salary increased from $775,000 to $1,200,000.
- 4Mr. Frenzel's target annual incentive bonus increased to 125% of base salary (from 100%).
- 5Mr. Frenzel received a long-term incentive award for 2021-2023 with a target grant date fair value of $4,075,000.
- 6No changes were made to Mr. Fowke's compensation arrangements upon his transition to Executive Chairman.