Business Context and Reporting Period
This Form 8-K Current Report was filed by Black Hills Corporation on June 14, 2023. The filing reports a corporate governance event regarding the appointment of a senior officer, effective June 15, 2023.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
- Executive Compensation: Marne M. Jones, newly appointed Senior Vice President - Utilities, will receive a base salary of $420,000.
- Incentive Plans: Her target Short-Term Incentive Plan is 55% of base salary, and her target Long-Term Incentive Plan is $350,000.
Material Changes
The material change reported is the appointment of Marne M. Jones as Senior Vice President - Utilities. Ms. Jones has 21 years of service with the company, previously serving as Vice President – Electric Utilities since July 2021 and Vice President - Regulatory and Finance from June 2018 to July 2021.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, outlook, management commentary on operations, risks, contingencies, or unusual items. The document serves solely to disclose the executive appointment and associated compensatory arrangements.
Investor Verification Checklist
- Verify the effective date of Marne M. Jones's new role (June 15, 2023).
- Confirm the total target compensation package ($420,000 base + 55% STI target + $350,000 LTI target).
- Review the attached Press Release (Exhibit 99) for additional context on the leadership transition.