Business Context and Reporting Period
This Form 8-K Current Report was filed by MGE Energy, Inc. and Madison Gas and Electric Company on August 21, 2020. The filing addresses Item 5.02 regarding the departure of certain officers and the appointment of new officers effective September 1, 2020, in connection with the planned retirement of Jeffrey Newman at the end of 2020.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive personnel changes and associated compensation adjustments.
Material Changes
The primary material change is the leadership transition within the finance and legal departments:
- Jeffrey Newman: Retiring as CFO, Treasurer, Chief Accounting Officer, and Secretary at year-end 2020. He will remain Executive Vice President until retirement.
- Jared Bushek: Appointed Chief Financial Officer and Treasurer (replacing Newman). He will also hold the title Vice President – Finance and Chief Information Officer.
- Tamara Johnson: Appointed Chief Accounting Officer (replacing Newman). She will retain the title Vice President – Accounting and Controller.
- Cari Anne Renlund: Elected Secretary (replacing Newman) in addition to her existing role as Vice President – General Counsel.
Compensation and Outlook
Effective September 1, 2020, the following base compensation adjustments were made to reflect new roles:
- Jared Bushek: Annual base salary increased by 10% to $271,656. Short-term and long-term incentive targets were adjusted.
- Tamara Johnson: Annual base salary increased by 10% to $271,305. Long-term incentive targets were adjusted.
- Cari Anne Renlund: Annual base salary increased by 7% to $337,387.
The filing does not contain specific guidance, risk factors, or contingencies beyond the standard transition of executive duties.
Investor Verification Checklist
- Confirm the effective date of the leadership transition (September 1, 2020).
- Verify the specific new titles and reporting structures for Bushek, Johnson, and Renlund.
- Review the referenced Proxy Statement (dated March 30, 2020) for details on the short-term and long-term incentive programs mentioned.
- Monitor future filings for the final departure of Jeffrey Newman at the end of 2020.