Cal Water Service Names New CFO, Sets Compensation
Ticker: CWT · Form: 8-K · Filed: Aug 23, 2024 · CIK: 1035201
| Field | Detail |
|---|---|
| Company | California Water Service Group (CWT) |
| Form Type | 8-K |
| Filed Date | Aug 23, 2024 |
| Risk Level | low |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, cfo-appointment, employment-agreement
Related Tickers: CWT
TL;DR
New CFO Thomas Adams lands $300k base + bonus + stock at Cal Water.
AI Summary
On August 22, 2024, California Water Service Group announced changes to its executive compensation arrangements. Specifically, the company entered into an employment agreement with its new Chief Financial Officer, Thomas B. Adams, effective August 26, 2024. The agreement outlines his annual base salary, potential bonus opportunities, and equity awards, with a target annual bonus of 60% of his base salary and a long-term incentive award with a target value of 100% of his base salary.
Why It Matters
This filing details the compensation package for a key executive, providing insight into the company's financial strategy and its commitment to attracting and retaining talent in leadership roles.
Risk Assessment
Risk Level: low — The filing primarily concerns executive appointments and compensation, which typically have a low direct impact on the company's overall risk profile.
Key Numbers
- $300,000 — CFO Base Salary (Annual base salary for new CFO Thomas B. Adams.)
- 60% — Target Annual Bonus (Thomas B. Adams' potential annual bonus target.)
- 100% — Target Long-Term Incentive (Thomas B. Adams' target long-term incentive award.)
Key Players & Entities
- California Water Service Group (company) — Registrant
- Thomas B. Adams (person) — New Chief Financial Officer
- August 22, 2024 (date) — Date of Report
- August 26, 2024 (date) — Effective date of employment agreement
- $300,000 (dollar_amount) — Annual base salary for Thomas B. Adams
- 60% (dollar_amount) — Target annual bonus percentage for Thomas B. Adams
- 100% (dollar_amount) — Target long-term incentive award percentage for Thomas B. Adams
FAQ
What is the effective date of Thomas B. Adams' employment agreement?
The employment agreement for Thomas B. Adams is effective August 26, 2024.
What is the annual base salary for the new CFO, Thomas B. Adams?
Thomas B. Adams' annual base salary is $300,000.
What is the target annual bonus for Thomas B. Adams?
The target annual bonus for Thomas B. Adams is 60% of his base salary.
What is the target value of the long-term incentive award for Thomas B. Adams?
The target value of the long-term incentive award for Thomas B. Adams is 100% of his base salary.
What is the primary purpose of this 8-K filing?
This 8-K filing reports on the election of directors, appointment of certain officers, and compensatory arrangements of certain officers, specifically detailing the employment agreement for the new CFO.
Filing Stats: 429 words · 2 min read · ~1 pages · Grade level 11.8 · Accepted 2024-08-23 16:16:35
Key Financial Figures
- $0.01 — h registered Common Shares, par value $0.01 CWT New York Stock Exchange Indic
Filing Documents
- tm2422585d1_8k.htm (8-K) — 22KB
- 0001104659-24-092441.txt ( ) — 189KB
- cwt-20240822.xsd (EX-101.SCH) — 3KB
- cwt-20240822_lab.xml (EX-101.LAB) — 33KB
- cwt-20240822_pre.xml (EX-101.PRE) — 22KB
- tm2422585d1_8k_htm.xml (XML) — 3KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 22, 2024, after 10 years of service, Ronald D. Webb, Vice President, Chief Human Resource Officer, notified the California Water Service Group (the "Company") of his intention to retire effective after the close of business on March 31, 2025 (the "retirement date"). The Company expects to announce Mr. Webb's replacement before the retirement date.
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. CALIFORNIA WATER SERVICE GROUP Date: August 23, 2024 By: /s/ Martin A. Kropelnicki Name: Martin A. Kropelnicki Title: Chairman, President and Chief Executive Officer