Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements for Certain
Officers
(b) and (c) On February 19, 2020, Xcel Energy Inc. (Xcel Energy or the Company)
announced several executive appointments and departures.
Appointment of President and Chief Operating Officer
The Board of Directors elected Robert C. Frenzel, age 49, as Xcel Energy's
President and Chief Operating Officer effective March 31, 2020. Mr. Frenzel has
served as Executive Vice President, Chief Financial Officer since 2016 when he
joined the Company. Prior to that, he was Senior Vice President and Chief
Financial Officer for Luminant, an Energy Future Holdings Inc. company.
Mr. Frenzel will now have responsibility for the four utility operating
companies, along with our transmission, distribution and the natural gas
business. Mr. Frenzel will also remain a director of our four operating
companies, Northern States Power Minnesota; Northern States Power Wisconsin;
Public Service of Colorado and Southwestern Public Service.
In connection with his appointment as the President and Chief Operating Officer,
Mr. Frenzel's annual base salary will be increased to $750,000. Mr. Frenzel's
target bonus under Xcel Energy's Annual Incentive Award Plan (the "Annual Plan")
will be increased to 100% of his annual salary. Effective March 31, 2020, he
will receive an incremental long-term incentive award for the 2020 to 2022
performance period with a target grant date fair value equal to $500,000. The
performance metrics and terms of the awards will be the same as the comparable
awards granted to executive officers for this performance cycle.
Appointment of Chief Financial Officer
The Board also elected Brian J. Van Abel, age 39, as Xcel Energy's Executive
Vice President, Chief Financial Officer to replace Mr. Frenzel effective
March 31, 2020. Mr. Van Abel joined the Company in 2010 and has served in a
number of regulatory and finance roles, most recently as the Senior Vice
President, Finance and Corporate Development since 2018. Prior to that, he
served as the Vice President, Treasurer from 2015 to 2018, and Assistant
Treasurer from 2014 to 2018.
In connection with his appointment as the Executive Vice President, Chief
Financial Officer, Mr. Van Abel's annual salary will be increased to $575,000.
Mr. Van Abel's target bonus under the Annual Plan will be increased to 75% of
his annual salary. Effective March 31, 2020, he will receive an incremental
long-term incentive award for the 2020 to 2022 performance period with a target
grant date fair value equal to $580,000. The performance metrics and terms of
the awards will be the same as the comparable awards granted to executive
officers for this performance cycle. In addition, Mr. Van Abel will be eligible
for Xcel Energy's compensation benefit programs available to other executive
officers, including the retirement and deferred compensation benefits and the
senior executive severance plan.
Other Appointments and Departures
Tim O' Connor has been elected Executive Vice President, Chief Generation
Officer and will oversee all of our generation fleet, including our nuclear
plants, effective March 31, 2020. Also, as part of the departures described
below, Wendy Mahling was elected Vice President, Corporate Secretary and Karen
Hyde has been named Senior Vice President, Chief Risk, Audit and Compliance
Officer. Frank Prager has been named senior vice president of Strategy, Planning
and External Affairs. All of their roles become effective March 1, 2020.
Judy Poferl, Senior Vice President, Corporate Secretary and Executive Services
will retire effective March 31, 2020. David Eves, Executive Vice President and
Group President, Utilities will retire effective May 1, 2020 and Kent Larson,
Executive Vice President and Group President, Operations, will be leaving the
Company effective May 31, 2020 as a result of the
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leadership transitions described above. As part of the executive changes
described above, each executive will cease to serve in their current roles
ending on February 29, 2020 for Ms. Poferl and March 30, 2020 for Mr. Eves and
Mr. Larson, but each will remain employed and provide transition services
through their respective departure dates.
A copy of the News Release announcing these executive changes is attached hereto
as Exhibit 99.01
(d) On February 19, 2020, the Board of Directors elected Netha Johnson and
George Kehl to the Board of Directors effective March 1, 2020, for terms
expiring at the Company's 2020 annual meeting of shareholders. Mr. Johnson will
serve on the Operations, Nuclear, Environmental and Safety Committee and Mr.
Kehl will serve on the Audit Committee. Mr. Johnson and Mr. Kehl will each
receive compensation for their Board service consistent with the compensation
received by the Company's other non-employee directors, as disclosed in the
Company's Schedule 14A, Definitive Proxy Statement filed on April 1, 2019 (file
no. 001-03034), prorated from the commencement of their service on the Board to
the date of the 2020 annual shareholders meeting.
A copy of the News Release announcing these changes to the Board of Directors is
attached hereto as Exhibit 99.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
99.01 Press Release issued February 19, 2020 announcing management
changes.
99.02 Press Release issued February 20, 2020 announcing appointment of new
directors.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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