Xia Liu, CFO of Centerpoint Energy, has resigned to become the CFO at WEC Energy, a publicly-traded utility company based in Milwaukee. Her resignation from Centerpoint is effective immediately, though she will assist in an advisory capacity until May 1, 2020. She starts her new role at WEC on June 1, 2020
Kristie Colvin, currently the Chief Accounting Officer, has been appointed interim CFO. She has been with Centerpoint and its predecessor companies over the last 30 years.
Ms Liu joined the company in April last year. She was previously the CFO of Georgia Power Company and had spent 20 years in various roles at its parent company, Southern Co. She had a base salary of $550,000. Her new role at WEC will pay her $710,000 in base salary. Ms Liu will also receive a one-time bonus of $100,000 and a one-time restricted stock award worth $400,000.
Centerpoint is currently going through a transitional period. In February, CEO Scott Prochazka left with a $7 million cash severance and $8 million in vested stock awards. John Somerhalder, a director since 2016, was appointed interim CFO. A permanent CFO will not be named until after the appointment of a permanent CEO to replace Mr Somerhalder.