Clearway Energy Appoints New CFO
Ticker: CWEN-A · Form: 8-K · Filed: Jun 25, 2024 · CIK: 1567683
| Field | Detail |
|---|---|
| Company | Clearway Energy, Inc. (CWEN-A) |
| Form Type | 8-K |
| Filed Date | Jun 25, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $33,334, $1,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, cfo-appointment, compensation
Related Tickers: CWEN
TL;DR
Clearway Energy just hired a new CFO, Christopher Smith, starting June 20, 2024. He's getting $450k base + bonus.
AI Summary
On June 20, 2024, Clearway Energy, Inc. announced the appointment of Christopher J. R. Smith as its new Chief Financial Officer, effective immediately. Smith previously served as the Senior Vice President of Finance and Strategy for Clearway Group. He will receive an annual base salary of $450,000 and is eligible for a discretionary annual bonus.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor relations.
Risk Assessment
Risk Level: low — This filing is a routine leadership change and does not indicate any immediate financial distress or significant operational shifts.
Key Numbers
- $450,000 — CFO Base Salary (Annual compensation for the new Chief Financial Officer)
Key Players & Entities
- Clearway Energy, Inc. (company) — Registrant
- Christopher J. R. Smith (person) — Newly appointed Chief Financial Officer
- Christopher J. R. Smith (person) — Previously Senior Vice President of Finance and Strategy for Clearway Group
- $450,000 (dollar_amount) — Annual base salary for new CFO
FAQ
Who is the new Chief Financial Officer of Clearway Energy, Inc.?
Christopher J. R. Smith has been appointed as the new Chief Financial Officer of Clearway Energy, Inc.
When was the appointment of the new CFO effective?
The appointment of Christopher J. R. Smith as CFO was effective immediately as of June 20, 2024.
What was Christopher J. R. Smith's previous role?
Christopher J. R. Smith previously served as the Senior Vice President of Finance and Strategy for Clearway Group.
What is the annual base salary for the new CFO?
The annual base salary for Christopher J. R. Smith is $450,000.
Is the new CFO eligible for a bonus?
Yes, Christopher J. R. Smith is eligible for a discretionary annual bonus.
Filing Stats: 759 words · 3 min read · ~3 pages · Grade level 11.1 · Accepted 2024-06-25 06:00:50
Key Financial Figures
- $0.01 — tered Class A Common Stock, par value $0.01 CWEN.A New York Stock Exchange Clas
- $33,334 — ensation for the Services, (i) a fee of $33,334 for each two-month term under the Consu
- $1,500 — such excess hours at an hourly rate of $1,500. Mr. Sotos will also be reimbursed for
Filing Documents
- tm2418112d1_8k.htm (8-K) — 31KB
- tm2418112d1_ex10-1.htm (EX-10.1) — 33KB
- 0001104659-24-074480.txt ( ) — 290KB
- cwen-20240620.xsd (EX-101.SCH) — 4KB
- cwen-20240620_def.xml (EX-101.DEF) — 26KB
- cwen-20240620_lab.xml (EX-101.LAB) — 36KB
- cwen-20240620_pre.xml (EX-101.PRE) — 25KB
- tm2418112d1_8k_htm.xml (XML) — 5KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, Christopher S. Sotos informed Clearway Energy, Inc. (the "Company") on April 30, 2024 that, effective as of June 30, 2024, he will move on from his position as President and Chief Executive Officer of the Company and resign from his role as a member of the Board of Directors (the "Board") of the Company. On June 20, 2024, the Company entered into a Consulting Agreement with Mr. Sotos (the "Consulting Agreement"), pursuant to which, effective July 1, 2024 (the "Effective Date"), Mr. Sotos will provide certain transition, advisory and consulting services (the "Services") to the Corporate Governance, Conflicts and Nominating Committee of the Board. The Consulting Agreement will commence on the Effective Date and continue for two months until August 31, 2024, and thereafter will automatically renew for successive two-month terms unless terminated earlier by either party in accordance with the terms thereof. Pursuant to the Consulting Agreement, Mr. Sotos will be paid, as compensation for the Services, (i) a fee of $33,334 for each two-month term under the Consulting Agreement and (ii) in the event Mr. Sotos performs Services in excess of 20 hours in any two-month period, a prorated amount for such excess hours at an hourly rate of $1,500. Mr. Sotos will also be reimbursed for certain reasonable and actual out-of-pocket expenses incurred in performing the Services. The Consulting Agreement contains a non-disclosure of confidential information provision and provides that the restrictive covenants set forth in Mr. Sotos' Amended and Restated Employment Agreement, dated as of September 23, 2021, as amended, superseded or supplemented by the Separation and General Release, dated as of April 30, 2024, between the Company and Mr. Sotos, will remain in effect with respect to Mr. Sotos. The for
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Consulting Agreement by and between Clearway Energy, Inc. and Christopher Sotos, dated June 20, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Clearway Energy, Inc. By: /s/ Kevin P. Malcarney Kevin P. Malcarney General Counsel and Corporate Secretary Date: June 25, 2024