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Posted 07 April, 2021

EVERSOURCE ENERGY appointed new CEO

CEO Change detected for ticker NYSE:ES in a 8-K filed on 07 April, 2021.


  On April 7, 2021, the Board of Trustees (the "Board") of Eversource Energy (the "Company") announced the election of Joseph R. Nolan, Jr. as the Company's President and Chief Executive Officer, to be effective as of the meeting of the Board to be held May 5, 2021. Mr. Nolan will succeed current Chairman, President and Chief Executive Officer James J. Judge, who will become the Company's Executive Chairman of the Board, also effective as of the May 5, 2021 meeting of the Board.  

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Overview of EVERSOURCE ENERGY
Companies on the Energy Service • Electric Utilities
Eversource Energy engages in the generation, transmission, and distribution of natural gas and electricity. It operates through the following segments: Electric Distribution, Electric Transmission, Natural Gas Distribution and Water Distribution. The Electric Distribution segment distributes electricity to retail customers. The Electric Transmission segment owns and maintains transmission facilities through CL&P, NSTAR Electric, PSNH, and WMECO. The Natural Gas Distribution segment transmits and distributes natural gas to retail customers. The Water Distribution segment operates three separate regulated water utilities in Connecticut, Massachusetts, and New Hampshire. The company was founded on July 1, 1966, and is headquartered in Springfield, MA.
Market Cap
$20.6B
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EVERSOURCE ENERGY by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On April 7, 2021, the Board of Trustees (the "Board") of Eversource Energy (the "Company") announced the election of Joseph R. Nolan, Jr. as the Company's President and Chief Executive Officer, to be effective as of the meeting of the Board to be held May 5, 2021. Mr. Nolan will succeed current Chairman, President and Chief Executive Officer James J. Judge, who will become the Company's Executive Chairman of the Board, also effective as of the May 5, 2021 meeting of the Board. The Company will continue to have a Lead Trustee and will appoint or re-appoint the Lead Trustee at the Board's May 5, 2021 meeting.


In connection with Mr. Nolan's election as the Company's President and Chief Executive Officer, his pro-rated base annual salary will be increased to $1.2 million, and his 2021 target annual cash compensation award level under the Eversource Incentive Plan will be increased to 110% of base salary. In connection with Mr. Judge's election as the Company's Executive Chairman of the Board, his pro-rated annual base salary will be adjusted to $1 million. Mr. Judge's current target annual cash and long-term incentive compensation award levels will remain in place for 2021, with no further annual cash incentive compensation opportunities following 2021.


The information regarding the business experience and background of Mr. Nolan and Mr. Judge is incorporated by reference to the information set forth in the section titled "Directors, Executive Officers and Corporate Governance" of the Company's annual report on Form 10-K for its fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (the "SEC") on February 17, 2021. The information regarding Mr. Nolan's and Mr. Judge's compensation arrangements with the Company is incorporated by reference to the relevant information set forth in the Company's proxy statement for its 2021 Annual Meeting of Shareholders as filed with the SEC on March 26, 2021. There are no transactions involving either Mr. Nolan or Mr. Judge requiring disclosure under Item 404(a) of Regulation S-K of the SEC.