NRG Energy (NYSE:NRG) filed documents with the Securities and Exchange Commission (SEC) Dec. 24 outlining the compensation for new president and CEO Mauricio Gutierrez.
NRG announced Dec. 3 that its 12-year leader David Crane was stepping down as president and CEO and being replaced by Gutierrez, who had been the company’s executive vice president and COO since July 2010.
Since the announcement, the Gutierrez compensation package has been finalized, NRG Energy noted in the SEC filing. The filing includes a copy of the employment agreement between NRG Energy and the new CEO.
“The Employment Agreement entitles Mr. Gutierrez to an annual base salary of $1,125,000 for the period beginning on the Effective Date and ending on December 31, 2016,” NRG Energy reported.
For each annual period thereafter, the board will determine whether to increase Gutierrez’s annual base salary. The board can decrease Gutierrez’s base salary in the case of an across the board adjustment for senior executives, but not in excess of the same percentage as other senior executives as a group.
Crane, who had remained on the board since Dec. 2, notified the board Dec. 18 of his decision to resign as a director of NRG Energy effective immediately. Crane has been a member of the board since December 2003.
“Mr. Crane’s resignation was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” according to the SEC filing.