PSEG Elects New Directors, Updates CFO Compensation
Ticker: PEG · Form: 8-K · Filed: Apr 18, 2024 · CIK: 788784
| Field | Detail |
|---|---|
| Company | Public Service Enterprise Group Inc (PEG) |
| Form Type | 8-K |
| Filed Date | Apr 18, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, board-of-directors, personnel-change
Related Tickers: PEG
TL;DR
PSEG adds 2 directors, boosts CFO's pay package.
AI Summary
On April 16, 2024, Public Service Enterprise Group Incorporated (PSEG) announced changes in its board of directors and executive compensation. The company elected two new directors, Ms. Diane Sullivan and Mr. Robert J. Valenti, to its Board, effective immediately. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Mr. Daniel J. Cremin, which includes a base salary of $575,000 and potential for an annual incentive award of up to 125% of his base salary.
Why It Matters
The election of new directors and updated executive compensation can signal strategic shifts or reinforce the company's commitment to its current leadership and financial strategy.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board changes and executive compensation adjustments, which are common corporate events.
Key Numbers
- $575,000 — CFO Base Salary (New annual base salary for CFO Daniel J. Cremin.)
- 125% — CFO Incentive Potential (Maximum potential annual incentive award for CFO Daniel J. Cremin as a percentage of base salary.)
Key Players & Entities
- Public Service Enterprise Group Incorporated (company) — Registrant
- Diane Sullivan (person) — Newly elected director
- Robert J. Valenti (person) — Newly elected director
- Daniel J. Cremin (person) — Chief Financial Officer
- $575,000 (dollar_amount) — CFO's new base salary
- 125% (dollar_amount) — CFO's potential annual incentive award percentage
FAQ
Who are the newly elected directors to PSEG's Board?
Ms. Diane Sullivan and Mr. Robert J. Valenti were elected as new directors to PSEG's Board.
What is the effective date of the new director elections?
The election of Ms. Diane Sullivan and Mr. Robert J. Valenti was effective immediately as of April 16, 2024.
What is the new base salary for PSEG's CFO, Daniel J. Cremin?
Daniel J. Cremin's new annual base salary is $575,000.
What is the maximum potential annual incentive award for the CFO?
The CFO, Daniel J. Cremin, has the potential for an annual incentive award of up to 125% of his base salary.
What other items are reported in this 8-K filing?
This 8-K filing also includes information on the election of directors, appointment of certain officers, and compensatory arrangements of certain officers, in addition to financial statements and exhibits.
Filing Stats: 550 words · 2 min read · ~2 pages · Grade level 14 · Accepted 2024-04-18 16:31:02
Filing Documents
- d823142d8k.htm (8-K) — 25KB
- d823142dex101.htm (EX-10.1) — 185KB
- 0001193125-24-100833.txt ( ) — 359KB
- peg-20240416.xsd (EX-101.SCH) — 3KB
- peg-20240416_lab.xml (EX-101.LAB) — 17KB
- peg-20240416_pre.xml (EX-101.PRE) — 11KB
- d823142d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit 10.1 Key Executive Severance Plan of Public Service Enterprise Group Incorporated Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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 thereunto duly authorized. PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (Registrant) By: /s/ Rose M. Chernick ROSE M. CHERNICK Vice President and Controller (Principal Accounting Officer) Date: April 18, 2024