Dominion Energy, Inc. (D, Financial) has announced significant updates to its executive compensation structure and incentive plans. On January 23, 2025, the company's Compensation and Talent Development Committee approved the 2025 Annual Incentive Plan (AIP), which is designed to provide performance-based cash awards to its officers. The AIP targets are based on a percentage of the officers' base salaries, with potential payouts ranging from 0% to 200% of the target funding, contingent on the achievement of specific performance goals.
In addition to the AIP, Dominion Energy has made notable changes to its executive team. Effective January 1, 2025, Edward H. Baine has been appointed as President of Utility Operations and Dominion Energy Virginia. In recognition of his increased responsibilities, Mr. Baine's annual base salary has been set at $643,537, with an AIP target of 80% of his base salary and a long-term incentive award valued at $1,250,000. He will also participate in the benefit plans available to other executive officers.
Furthermore, the committee has approved cash and restricted stock awards for key executives, including Edward H. Baine, Carlos M. Brown, and Steven D. Ridge. Mr. Baine's award includes a $150,000 cash award and a $150,000 restricted stock award. Both Mr. Brown and Mr. Ridge will receive a $150,000 cash award and a $350,000 restricted stock award. These restricted stock awards are subject to a three-year cliff vesting period and include clawback provisions in cases of fraud, intentional misconduct, or breach of confidentiality obligations. Additionally, cash awards must be repaid if the recipient voluntarily resigns within one year of payment.
These strategic updates reflect Dominion Energy's commitment to aligning executive compensation with company performance and shareholder interests, while also recognizing the contributions of its leadership team.
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