Business Context and Reporting Period
This Form 8-K Current Report covers events occurring on September 30, 2002, for CenterPoint Energy, Inc. The filing details a major corporate restructuring involving the distribution of Reliant Resources, Inc. shares to shareholders, a change in corporate name and ticker symbol, and significant changes to the Board of Directors and executive leadership.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures. The report focuses exclusively on corporate governance and structural changes.
Material Changes
- Spin-off Distribution: CenterPoint Energy distributed all 240,000,000 shares of Reliant Resources, Inc. common stock it held to its shareholders on a pro rata basis. The distribution was completed on September 30, 2002, to shareholders of record as of September 20, 2002.
- Rebranding and Trading Symbol: Effective October 1, 2002, the company ceased operations under the name "Reliant Energy, Incorporated." Its stock ceased trading under the ticker "REI" and began trading under the ticker "CNP."
- Board Resignations: R. Steve Letbetter and Laree E. Perez resigned from the Board of Directors effective September 30, 2002.
- Executive Leadership Changes: Effective September 30, 2002, R. Steve Letbetter (Chairman, President, and CEO), Robert W. Harvey (Vice Chairman), Stephen W. Naeve (Vice Chairman), Mark V. Jacobs (CFO), and Hugh Rice Kelly (General Counsel) resigned from their executive positions.
Outlook, Management Commentary, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the structural changes described. The primary focus is the execution of the spin-off and the transition of leadership.
Key Facts for Investor Verification
- Verify the pro rata distribution ratio of Reliant Resources shares received by CenterPoint Energy shareholders.
- Confirm the new ticker symbol "CNP" and the cessation of "REI" trading on October 1, 2002.
- Review the new executive leadership team, specifically David M. McClanahan as the new President and CEO.
- Check subsequent filings for the financial impact of the spin-off on CenterPoint Energy's standalone balance sheet.