Centerpoint Energy (market cap $18 billion) has appointed Chris Foster as its new CFO, effective May 5. He replaces Jason Wells, who was promoted to COO in January.
Mr. Foster joins from PG&E, a publicly-traded electric utility company (market cap $32 billion) that serves central and northern California, where he had been CFO since March 2021. He joined PG&E back in 2011. Mr. Wells was the CFO at PG&E before Mr. Foster.
Mr. Foster will receive a base salary of $700,000 and an equity award worth $3.9 million which will vest on his first and second anniversaries of the grant date. He will also receive relocation assistance to move to Houston.
To replace Mr. Foster, PG&E appointed Carolyn Burke as CFO. She has Houston connections, having been the CFO at Chevron Phillips Chemical Company from February 2019 to September 2022. Chevron Phillips is a jointly owned by Chevron and Phillips 66 and has its head office in The Woodlands. She has been working as consultant to PG&E since January.
For many years, Ms. Burke worked at Dynergy and also had a spell at NRG Energy. She will have a base salary of $725,000, a signing bonus of $400,000 and $400,000 in restricted stock units.