8-K/ALeadership Changes

XCEL ENERGY INC 8-K/A Report, Executive Changes (Aug 23, 2021)

Filed August 23, 2021For Securities:XELXELLL

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.

Frequently Asked Questions

The most significant change is Robert Frenzel's appointment as President and Chief Executive Officer, effective August 18, 2021. Ben Fowke retired from the CEO position on the same date and transitioned to Executive Chairman of the Board.

Mr. Frenzel's annual base salary increased to $1,200,000 from $775,000. His target annual incentive bonus was raised to 125% of his base salary, and he received a new long-term incentive award for the 2021-2023 performance period valued at approximately $4,075,000.

No, the filing states that there have been no changes to Mr. Fowke's compensation arrangements upon his assumption of the Executive Chairman role.

No, the filing indicates that the performance metrics and terms of Mr. Frenzel's long-term incentive award will be the same as those for comparable awards granted to other executive officers for the current 2021-2023 performance cycle.