PORTLAND GENERAL ELECTRIC COMPANY (NYSE:POR) Files An 8-K Results of Operations and Financial ConditionItem 2.02Results of Operations and Financial Condition.
The following information is furnished to Item 2.02.
On July28, 2017, Portland General Electric Company (PGE or the Company) issued a press release announcing its financial results for the six month period ended June30, 2017. The press release is furnished herewith as Exhibit 99.1 to this Report.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 26, 2017, James J. Piro, President and Chief Executive Officer of PGE, notified the Board of Directors of his decision to retire from PGE on December 31, 2017. Mr. Piro will resign as President, effective October 1, 2017, and will resign as Chief Executive Officer and a member of the Board of Directors, effective December 31, 2017.
On July 26, 2017, the Board of Directors appointed Maria M. Pope to succeed Mr. Piro. Ms. Pope will serve as President, effective October 1, 2017 and will become Chief Executive Officer, effective January 1, 2018, following Mr. Piro’s retirement. In addition, the Board of Directors appointed Ms. Pope to the Board of Directors, effective January 1, 2018.
Ms. Pope currently serves as Senior Vice President, Power Supply, Operations and Resource Strategy of PGE. She is 52 years of age and was appointed to her current position on March 1, 2013. She joined the Company in 2009 as Senior Vice President of Finance, Chief Financial Officer and Treasurer, and served in that role until appointed to her current position. Prior to joining PGE, she served on the PGE Board of Directors from 2006 to 2008, served as the Chief Financial Officer for Mentor Graphics Corporation, and held a variety of leadership positions at Pope & Talbot, Inc. Ms. Pope also has served as a director of Umpqua Holdings Corporation since April 2014.
On July 26, 2017, the Board of Directors of the Company set Ms. Pope’s annual base compensation at $650,000, effective October 1, 2017. The Board of Directors will determine, in 2018, Ms. Pope’s 2018 annual base compensation, annual cash incentive award for 2018 and 2018 long term incentive award under the Company’s 2006 Stock Incentive Plan.
Item 5.07. Submission of Matters to a Vote of Security Holders.
At the Company’s 2017 annual meeting, the Company’s shareholders recommended, in a non-binding vote, a frequency of one year for future shareholder votes on the compensation of the Company’s named executive officers. On July 26, 2017, in light of this shareholder vote, the Board of Directors approved a 1-year frequency for such future shareholder votes, until such time as the next shareholder vote on such frequency is conducted. The next shareholder vote on such frequency is expected to occur in 2023.
Item 7.01Regulation FD Disclosure.
The following information is furnished to Item 7.01.
At 11:00 a.m. ET on Friday, July28, 2017, the Company will hold its quarterly earnings call and web cast, and will use a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2.
|
Item 9.01 |
Financial Statements and Exhibits. |
|
(d) |
Exhibits. |
|
99.1 |
Press Release issued by Portland General Electric Company dated July 28, 2017. |
|
99.2 |
Portland General Electric Company Second Quarter 2017 Slides dated July 28, 2017. |
PORTLAND GENERAL ELECTRIC CO /OR/ ExhibitEX-99.1 2 ex99120170630pressrelease.htm PRESS RELEASE Exhibit Exhibit 99.1 Portland General ElectricOne World Trade Center121 S.W. Salmon StreetPortland,…To view the full exhibit click here
About PORTLAND GENERAL ELECTRIC COMPANY (NYSE:POR)
Portland General Electric Company (PGE) is an electric utility company. The Company is engaged in the generation, wholesale purchase, transmission, distribution and retail sale of electricity in the state of Oregon. The Company also sells electricity and natural gas in the wholesale market to utilities, brokers and power marketers. The Company has approximately four natural gas-fired generating facilities, which include PW1, PW2, Beaver and Coyote Springs Unit 1 (Coyote Springs). PGE owns and operates over two wind farms, including Biglow Canyon Wind Farm (Biglow Canyon) and Tucannon River. Biglow Canyon, which is located in Sherman County, Oregon, is its renewable energy resource consisting of approximately 220 wind turbines with a total nameplate capacity of over 450 megawatts (MW). Its Tucannon River is located in southeastern Washington and consists of approximately 120 wind turbines with a total nameplate capacity of over 270 MW.
