Business Context and Reporting Period
This Form 8-K is a current report filed by Black Hills Corporation on October 27, 2022. The filing discloses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Departure of CFO: Richard W. Kinzley, Senior Vice President and Chief Financial Officer, will retire in mid-2023. He has served as Principal Financial Officer and Principal Accounting Officer since January 2015.
- Transition Plan: Mr. Kinzley will remain as CFO until March 31, 2023, and will continue as Senior Vice President from April 1, 2023, through his retirement to ensure a reasonable transition.
- Appointment of New CFO: The Board appointed Kimberly F. Nooney as Senior Vice President, Chief Financial Officer, and Treasurer, effective April 1, 2023.
- Successor Background: Ms. Nooney, age 51, has 26 years of service with the company, most recently serving as Vice President, Treasurer, and Corporate Controller since June 2018.
Compensation and Outlook
The filing details the compensatory arrangements for the incoming CFO, Kimberly F. Nooney:
- Base Salary: $440,000
- Short-Term Incentive Plan: Target of 60% of base salary
- Long-Term Incentive Plan: Target of $600,000
The filing contains no forward-looking guidance, risk factors, or management commentary regarding the company's financial outlook beyond the leadership transition.
Investor Verification Checklist
- Verify the exact retirement date for Richard W. Kinzley, as the filing states "mid-2023" without a specific day.
- Confirm the effective date of Kimberly F. Nooney's new role (April 1, 2023) against future filings.
- Review the attached press release (Exhibit 99) for additional context on the transition strategy.
- Monitor upcoming quarterly reports for any impact on financial reporting continuity during the transition period.