Business Context and Reporting Period
This Form 8-K filing by Black Hills Corporation (a South Dakota corporation) was submitted on October 29, 2014. The report details significant changes to the company's executive leadership team, specifically regarding the Chief Financial Officer and Senior Vice President roles.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and associated compensation adjustments.
Material Changes
- Departure of CFO: Anthony S. Cleberg, Executive Vice President and Chief Financial Officer (serving since August 2008), will retire at the end of March 2015. He will remain as Executive Vice President until January 1, 2015, to facilitate a transition.
- Appointment of New CFO: Richard W. Kinzley has been appointed Senior Vice President and Chief Financial Officer, effective January 1, 2015. Mr. Kinzley has 15 years of service with the company and is a Certified Public Accountant.
- Appointment of New SVP: Brian G. Iverson has been appointed Senior Vice President - Regulatory and Government Affairs & Assistant General Counsel, effective November 1, 2014. He will retain his current role as Treasurer until a successor is named.
Guidance, Outlook, and Compensation
Effective January 2015, the new Chief Financial Officer, Richard W. Kinzley, will receive the following compensation adjustments:
- Base Salary: Increased to $330,000.
- Short-Term Incentive Plan: Target percentage increased to 50% of base salary.
- Long-Term Incentive: To be determined by the Compensation Committee in January 2015.
The filing contains no forward-looking financial guidance, risk factors, or discussion of unusual items beyond the leadership transition.
Investor Verification Checklist
- Verify the transition timeline for the CFO role between Anthony S. Cleberg and Richard W. Kinzley.
- Confirm the retention of Brian G. Iverson as Treasurer pending a successor.
- Review the upcoming January 2015 Compensation Committee meeting for details on Mr. Kinzley's long-term incentives.
- Note that this filing does not provide updated financial results; refer to the most recent 10-Q or 10-K for financial metrics.