CLECO CORPORATE HOLDINGS LLC (NYSE:CNL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

CLECO CORPORATE HOLDINGS LLC (NYSE:CNL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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

On February 9, 2017, Cleco Corporate Holdings LLC (the Company)
announced that Darren J. Olagues, President and Chief Executive
Officer of the Company and Cleco Power LLC, a wholly owned
subsidiary of the Company (Cleco Power) and a member of the Boards
of Managers of the Company and Cleco Power (collectively, the
Boards), has resigned from each of such positions, effective
February 8, 2017. As of the date of this report, no new
compensatory or severance arrangements have been entered into in
connection with Mr. Olagues departure as President and Chief
Executive Officer. Should any of those arrangements be entered into
in the future, the material terms of those arrangements will be
disclosed in a subsequent filing.
On February 8, 2017, the Board of Managers of the Company appointed
Peggy Scott, the current Chair of the Boards, to serve as interim
Chief Executive Officer of the Company. Ms. Scott, age 65, retired
from Blue Cross Blue Shield of Louisiana (BCBS) as its Executive
Vice President, Chief Operations Officer and Chief Financial
Officer/Treasurer in July 2015. Ms. Scott joined BCBS in 2005 as
Executive Vice President, Chief Financial Officer/Treasurer and
Chief Strategy Officer. She became the Executive Vice President and
Chief Operations Officer in 2008. She is a former office Managing
Partner with Deloitte. Ms. Scott was the first woman in the U.S. to
receive the Institute of Management Accountants/Robert Half
National Financial Executive of the Year award and was the first
Louisiana resident to be named to the American Institute of CPAs
Business and Industry Hall of Fame. In April 2014, Ms. Scott was
inducted into Louisiana State Universitys Alumni Hall of
Distinction, the universitys highest honor. She holds a Ronald
Reagan presidential citation. Ms. Scott received her executive
Masters of Business Administration from Tulane University and a
B.S. in accounting from Louisiana State University. Ms. Scott
joined the Boards in April 2016 and also serves as a member of the
Audit Committee and the Governance and Public Affairs Committee.
She will continue her Chair position on the Boards and member
position of the committees. As of the date of this report, no new
compensatory arrangements have been entered into in connection with
Ms. Scotts appointment as interim Chief Executive Officer of the
Company. Should any of those arrangements be entered into in the
future, the material terms of those arrangements will be disclosed
in a subsequent filing. Ms. Scott is compensated for her service on
the Boards to the existing terms of the Company’s and Cleco Powers
Board compensation policies.
On February 8, 2017, the Board of Managers of Cleco Power appointed
William Bill Fontenot, age 54, to serve as interim Chief Executive
Officer of Cleco Power. Mr. Fontenot has served as Chief Operating
Officer of the Company and Cleco Power since April 2016 and will
continue those responsibilities. He has been employed by the
Company or one of its affiliates for 30 years. Prior to serving as
Chief Operating Officer, Mr. Fontenot served as Senior Vice
President – Utility Operations from March 2012 through April 2016.
He managed the development and restructuring efforts of generation
projects valued at over $900 million, as well as led the
development and construction of the $1 billion power plant, Madison
3. As of the date of this report, no new compensatory arrangements
have been entered into in connection with Mr. Fontenots appointment
as interim Chief Executive Officer of Cleco Power. Should any of
those arrangements be entered into in the future, the material
terms of those arrangements will be disclosed in a subsequent
filing.
There are no family relationships between Ms. Scott or Mr. Fontenot
and any Board manager or executive officer of the Company or Cleco
Power, and neither she nor he have a direct or indirect material
interest in any transaction required to be disclosed to Item 404(a)
of Regulation S-K.
Attached to this Current Report on Form 8-K as Exhibit 99.1 is a
copy of the press release issued by the Company announcing these
management changes.
Item 9.01. Financial Statements and Exhibits
(d)> Exhibits.
Exhibit No.
Description
99.1
Press Release, dated February 9, 2017.
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CLECO CORPORATE HOLDINGS LLC
Date: February 14, 2017
By: /s/ Tonita Laprarie
Tonita Laprarie
Controller and Chief Accounting Officer


About CLECO CORPORATE HOLDINGS LLC (NYSE:CNL)

Cleco Corporate Holdings LLC, formerly Cleco Corporation, is a public utility holding company. The Company’s segments include Cleco Power and Other. Cleco Power is a regulated electric utility company that owns over 10 generating units with a total nameplate capacity of approximately 3,330 megawatts (MW) and serves approximately 287,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. The Company, through its subsidiaries, owns one transmission substation in Louisiana and one transmission substation in Mississippi. Cleco Power is engaged in the generation, transmission, distribution and sale of electricity within Louisiana. It owns natural gas pipelines and interconnections at all of its generating facilities, which allow it to access various natural gas supply markets and maintain an economical fuel supply for its customers. The Company holds investments in its subsidiary, Cleco Power LLC (Cleco Power).

CLECO CORPORATE HOLDINGS LLC (NYSE:CNL) Recent Trading Information

CLECO CORPORATE HOLDINGS LLC (NYSE:CNL) closed its last trading session at 55.37 with 5,886,234 shares trading hands.

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