Duke Energy Corporation (DUK, Financial) has announced a significant leadership transition with the appointment of Mr. Harry K. Sideris as the new President and Chief Executive Officer, effective April 1, 2025. Mr. Sideris will also join the Board of Directors, marking a new chapter for the company.
Mr. Sideris, aged 53, has been with Duke Energy since April 2024, serving as President. His extensive experience within the company includes roles such as Executive Vice President of Customer Experience, Solutions and Services, and Senior Vice President and Chief Distribution Officer. His leadership journey at Duke Energy began in 2012, and he has held various strategic positions, contributing significantly to the company's growth and operational excellence.
In conjunction with his new role, Mr. Sideris will receive an annual base salary of $1,300,000, effective from April 1, 2025. Additionally, he will have a short-term incentive opportunity equal to 150% of his annual base salary and a long-term incentive opportunity equal to 750% of his annual base salary. Mr. Sideris will continue to participate in the existing compensation and benefit plans and will have access to the corporation's aircraft for personal travel within North America, subject to reimbursement of direct operating costs.
The Board of Directors has also amended Mr. Sideris' Change in Control Agreement, increasing the severance multiple from 2.00 times to 2.99 times his annual compensation. This amendment underscores the Board's confidence in Mr. Sideris' leadership capabilities and commitment to the company's future.
Alongside this appointment, Duke Energy announced the retirement of Ms. Lynn J. Good, the current Chief Executive Officer, Chair, and Director of the Board, effective April 1, 2025. Ms. Good's retirement is not due to any disagreements regarding the company's operations, policies, or practices, and her departure marks the end of a distinguished tenure at Duke Energy.
Furthermore, Theodore F. Craver, Jr., the Lead Independent Director, will step down from his current role and assume the position of independent Chair of the Board of Directors, also effective April 1, 2025. This strategic leadership transition aims to ensure continuity and strengthen governance at Duke Energy.
These changes reflect Duke Energy's commitment to strategic leadership and governance, positioning the company for continued success and growth in the energy sector.
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