x

Posted 21 July, 2022

Vistra Corp. appointed Mr. Burke as new CEO

NYSE:VST appointed new Chief Executive Officer Mr. Burke in a 8-K filed on 21 July, 2022.


  Mr. Burke's appointment as director is part of the Company's previously announced succession plan involving the appointment of Mr. Burke as Chief Executive Officer and director upon the transition of Curtis A. Morgan from the Company effective as of the Effective Date.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Vistra Corp.
Companies on the Energy Service • Electric Utilities
Vistra Corp. is a holding company, which engages in the provision of electricity and power generation. It operates through the following segments: Retail, Texas, East, West, Sunset, and Asset Closure. The Retail segment sells electricity and natural gas to residential, commercial, and industrial customers. The Texas and East segments are involved in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management. The West segment represents the company's electricity generation operations in CAISO. The Sunset segment includes generation plants with announced retirement plans. The Asset Closure segment refers to the decommissioning and reclamation of retired plants and mines. The company was founded in 1882 and is headquartered in Irving, TX.
Market Cap
$43.0B
View Company Details
Vistra Corp. 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. 


Appointment of Chief Financial Officer 

On July 20, 2022, the Board of Directors (the "Board") of Vistra Corp. ("Vistra" or the "Company") appointed Kristopher E. Moldovan as its next Executive Vice President and Chief Financial Officer effective as of August 1, 2022 (the "Effective Date"). 

Mr. Moldovan, 50, has been with Vistra and its predecessor companies since 2006 and, for the past five years, has served as senior vice president and treasurer, where he is responsible for all treasury-related activities, including financing activities and assuring availability of liquidity and cash resources, among other responsibilities. From 2010 to 2017, he was the Company's assistant treasurer. Mr. Moldovan originally joined the Company as senior counsel, where much of his work focused on finance and mergers and acquisitions. Prior to joining the Company, Mr. Moldovan was an attorney for Gibson, Dunn & Crutcher, LLP in Dallas and for Wildman, Harrold, Allen & Dixon in Chicago, where he gained extensive experience in mergers and acquisitions, finance, and general corporate advisory. 

In connection with his appointment, the Company entered into an employment agreement (the "Employment Agreement") with Mr. Moldovan effective as of the Effective Date. The Employment Agreement has an initial term that ends on August 1, 2025, which will extend for additional one-year terms unless either party provides at least sixty days written notice prior to the expiration of such term. Pursuant to the Employment Agreement, Mr. Moldovan will receive an annual base salary of $615,000 and will also have the opportunity to earn an annual cash bonus under the Company's Executive Annual Incentive Plan. Mr. Moldovan's target annual bonus opportunity is 80% of his base salary. The Employment Agreement also provides Mr. Moldovan the opportunity to receive equity compensation under the Company's Amended and Restated 2016 Omnibus Incentive Plan. Mr. Moldovan will receive an initial grant of $1,000,000 in restricted stock units on the Effective Date, which will vest ratably over three years. 

There are no family relationships between Mr. Moldovan and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. 

Appointment of Director 

On July 20, 2022, the Board appointed James A. Burke to the Board, effective as of the Effective Date. Mr. Burke's appointment as director is part of the Company's previously announced succession plan involving the appointment of Mr. Burke as Chief Executive Officer and director upon the transition of Curtis A. Morgan from the Company effective as of the Effective Date.