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Posted 09 June, 2022

Southwest Gas Holdings, Inc. appointed new CEO

CEO Change detected for ticker NYSE:SWX in a 8-K filed on 09 June, 2022.


  On June 6, 2022, Southwest Gas Holdings, Inc. ("SWX") and Southwest Gas Corporation ("SWG" and together with SWX, "Southwest") entered into a severance agreement and general release (the "Separation Agreement"), effective June 11, 2022, with John P. Hester, Southwest's former President and Chief Executive Officer, who had previously retired from his positions with Southwest on May 5, 2022 (the "Separation Date").  

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Overview of Southwest Gas Holdings, Inc.
Companies on the Energy Service • Gas Utilities
Southwest Gas Holdings, Inc. engages in the energy business. It operates through the following business segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas Operations segment focuses on purchasing, distribution, and transportation of natural gas in Arizona, California, and Nevada. The Utility Infrastructure Services segment consists of delivering an array of solutions to North America’s gas and electric providers. The company was founded in March 1931 and is headquartered in Las Vegas, NV.
Market Cap
$5.32B
View Company Details
Southwest Gas Holdings, Inc. 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 June 6, 2022, Southwest Gas Holdings, Inc. ("SWX") and Southwest Gas Corporation ("SWG" and together with SWX, "Southwest") entered into a severance agreement and general release (the "Separation Agreement"), effective June 11, 2022, with John P. Hester, Southwest's former President and Chief Executive Officer, who had previously retired from his positions with Southwest on May 5, 2022 (the "Separation Date"). Mr. Hester's retirement was previously disclosed in Southwest's Current Report on Form 
8-K
 filed on May 10, 2022. 

Pursuant


to the Separation Agreement, in consideration for a general release of claims and other covenants, Mr. Hester will receive (i) a lump sum payment in the aggregate amount of $2,458,714, representing approximately 13 months of his base salary, his 2022 target annual incentive award under the Southwest Gas Holdings, Inc. Management Incentive Plan and costs of COBRA premiums for 18 months; (ii) all outstanding equity awards held by Mr. Hester will be settled in accordance with the terms of the applicable award agreement; and (iii) reimbursement up to $15,000 for legal fees. In addition, Mr. Hester will receive distributions under Southwest's Executive Deferred Compensation Plan, the Supplemental Employee Retirement Plan, the Retirement Plan for Employees of Southwest Gas Corporation and the Southwest Gas Corporation Employee Investment Plan in accordance with the terms of the applicable plan.


In addition, pursuant to the Separation Agreement, Mr. Hester will provide litigation assistance in the defense of any actions brought by any third party against Southwest and its affiliates for up to 50 hours per year in each of the next three years. Mr. Hester will be compensated at an hourly rate of $525 for such services (but not for time spent testifying in court or in an arbitration hearing)

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