PNM Resources EVP Finance retiring July 1; Board approves special bonuses to top executives
TXNM ENERGY INC
Charles N. Eldred, EVP Corporate Development and Finance, retiring effective July 1, 2022; duties reassigned, position not replaced.
Eldred receives $1,045,000 in exchange for an 18-month restrictive covenant and non-solicitation agreement.
Board approved one-time cash bonuses: CEO $740,000, EVP $260,000 and SVP GC $140,000 for 2021 leadership including Avangrid merger work.
LTIP amendments extend pro-rata performance share eligibility on retirement to all named executive officers and full award on qualifying change in control termination.
On February 28, 2022, Charles N. Eldred, Executive Vice President, Corporate Development and Finance of PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM") and Texas-New Mexico Power Company ("TNMP", and together with PNMR and PNM, the "Company") announced that he is retiring from the Company effective July 1, 2022.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Charles N. Eldred departed as Executive Vice President, Corporate Development and Finance at TXNM ENERGY INC.
Action
retiring
Role
Executive Vice President, Corporate Development and Finance
Exact text from the filing
On February 28, 2022, Charles N. Eldred, Executive Vice President, Corporate Development and Finance of PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM") and Texas-New Mexico Power Company ("TNMP", and together with PNMR and PNM, the "Company") announced that he is retiring from the Company effective July 1, 2022.
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