AI English summary of an SEC filing — figures as filed
WEC Energy Group WECThe company said that on March 7, 2024, it agreed with Michael Hooper (age 50) that he will serve as President Wisconsin Utilities starting April 1, 2024. He will report to Scott Lauber, the company's President and Chief Executive Officer.
Key points
AI summaryThe company said that on March 7, 2024, it agreed with Michael Hooper (age 50) that he will serve as President Wisconsin Utilities starting April 1, 2024. He will report to Scott Lauber, the company's President and Chief Executive Officer.
The company said Hooper has served as President of Northern Indiana Public Service Company (NIPSCO) since June 2020, and served as Senior Vice President, Regulatory, Legislative Affairs, and Strategy at NIPSCO from October 2018 to June 2020.
The company said Hooper's base salary will be $650,000, and his target award under the short-term performance plan will be 80% of base salary, both prorated to his start date of April 1, 2024. His long-term incentive plan target is 170% of base salary.
The company said it will credit $300,000 annually to the Executive Deferred Compensation Plan for a total of 5 contributions, invested in an account that tracks the performance of WEC Energy Group common stock. The account balance will vest on Hooper's 5th anniversary with the company or upon his death or disability.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Michael Hooper Named President Wisconsin Utilities
The company said that on March 7, 2024, it agreed with Michael Hooper (age 50) that he will serve as President Wisconsin Utilities starting April 1, 2024. He will report to Scott Lauber, the company's President and Chief Executive Officer.
Source · Based on the filing body and exhibits
Hooper's NIPSCO Career
The company said Hooper has served as President of Northern Indiana Public Service Company (NIPSCO) since June 2020, and served as Senior Vice President, Regulatory, Legislative Affairs, and Strategy at NIPSCO from October 2018 to June 2020.
Source · Based on the filing body and exhibits
Hooper's Base Salary and Short- and Long-Term Incentive Targets
The company said Hooper's base salary will be $650,000, and his target award under the short-term performance plan will be 80% of base salary, both prorated to his start date of April 1, 2024. His long-term incentive plan target is 170% of base salary.
Source · Based on the filing body and exhibits
Executive Deferred Compensation Plan Annual Credits and Vesting Terms
The company said it will credit $300,000 annually to the Executive Deferred Compensation Plan for a total of 5 contributions, invested in an account that tracks the performance of WEC Energy Group common stock. The account balance will vest on Hooper's 5th anniversary with the company or upon his death or disability.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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