Bill Rogers, the CFO of Centerpoint Energy (market cap $14 billion) has announced he intends to retire for personal and family reasons. He will leave the company at the end of the first quarter of 2019 after a successor is named.
Mr Rogers joined the company in March 2015 from New Jersey-based American Water Works. He has a base salary of $555,000. According to the proxy there are not any severance payments due as a result of his retirement. However by the time Mr Rogers leaves at the end of Q1, about $1.7 million in stock and performance shares will vest.
Back in April, Centerpoint agreed to acquire Vectren, another utility company, for $6 billion in cash. Centerpoint serves 5 million customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. Vectren has 1 million customers in Indiana and Ohio.
Centerpoint expects the deal to close in the first quarter of 2019. The company will continue to have its head office in downtown Houston.