Houston,Texas Utility Corp CenterPoint Energy is in the process of acquiring Vectren.
In its recent SEC Proxy filing with the SEC, Vectren shows a Compensation Table for its NEOs as defined by the SEC. It only has to disclose this compensation info for its 4 NEOs.
This Vectren Proxy also discloses how much each of these 4 NEOs would receive upon a termination following a change of control.
Here are Vectren's 4 NEOs and how much each would receive upon termination for change of control:
Carl Chapman, President and CEO................................... $31.9 mil
Ronald Christian, EVP, Chief Legal and External Affairs.. $9.5 mil
Eric Schach, EVP and COO................................................ $7.2 mil
Susan Hardwick, EVP and CFO.......................................... $6.1 mil
Given how huge these termination payment amounts are for these 4 NEOs and the importance of this acquisition to not just all other Vectren employees, many of whom will eventually be losing their jobs, but also to Vectren Utility customers who have already or will be effectively funding these termination payments, Vectren should do the right thing and disclose the amounts of termination payments upon change of control for every executive in its ranks. My hunch is that there could be up to 100 receiving these termination payments and more than a few of them will be for over $1 mil.
Vectren Proxy Statement Change of Control Termination Payments
Indiana 8th District Republican US House of Representatives Incumbent Larry Buschon is a very avid supporter of CenterPoint Energy's acquisition of Vectren and the "Cost Synergies" driving this merger with the resulting substantial hollowing out of the Evansville Area's already small middle class.
