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ED > SEC Filings for ED > Form 8-K on 26-Nov-2013All Recent SEC Filings

Show all filings for CONSOLIDATED EDISON INC



Change in Directors or Principal Officers, Financial Statements and Exhib

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As reported in the Current Report on Form 8-K, dated September 19, 2013, filed by Consolidated Edison, Inc. ("Con Edison") and Consolidated Edison Company of New York, Inc. ("CECONY"), John McAvoy will succeed Kevin Burke as President and Chief Executive Officer of Con Edison and Chief Executive Officer of CECONY and Mr. Burke will continue to serve as Chairman of the Board of Directors of Con Edison ("Board of Directors") and the Board of Trustees of CECONY ("Board of Trustees").

On November 21, 2013, the Board of Directors and the Board of Trustees appointed Mr. McAvoy as a member of each Board and their respective Executive Committees, effective December 26, 2013.

On November 21, 2013, Mr. McAvoy agreed to and accepted an employment offer letter from Con Edison ("Offer Letter") pursuant to which he will assume the position of President and Chief Executive Officer of Con Edison effective December 26, 2013 (the day following Mr. Burke's retirement as an employee) and will:

receive an initial base salary of $1,140,000;

continue to participate in the company's annual incentive plan, with a 2014 target bonus opportunity of 100% of base salary and a maximum bonus opportunity of 200% of base salary;

continue to participate in the company's long-term incentive plan, with a long-term incentive opportunity to be determined by the Management Development and Compensation Committee of the Board of Directors; and

continue to be eligible to participate in the other benefit plans, practices, policies and programs generally available to the company's senior executive officers.

The foregoing summary of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the Offer Letter which is filed hereto as Exhibit 10 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10 Consolidated Edison, Inc. employment offer letter for John McAvoy dated November 21, 2013.

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