Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Certain Officers
Effective May 21, 2022, Joseph D. Tarry, PNM Resources, Inc.’s (the “Company”) Senior Vice President and Chief Financial Officer, was promoted to President and Chief Operating Officer (“COO”) of the Company. Ms. Collawn will continue to serve as the Chief Executive Officer and Chairman of the Company’s Board of Directors.
In connection with the appointment of Mr. Tarry to President and COO, the Compensation and Human Resources Committee (“Compensation Committee”) of the Board of Directors (the “Board”) approved a base salary of $505,000 and a target award under the Company’s 2022 Officer Annual Incentive Plan (“AIP”) equal to 70% of Mr. Tarry’s annual base salary. The Board approved a pro-rata target performance share award opportunity under the Company’s 2022 Long-Term Incentive Plan, 2021 Long-Term Incentive Plan and 2020 Long-Term Incentive Plan (collectively, the “LTIPs”) equal to 115.5%. The Board also approved an award opportunity of 49.5% for the time-vested restricted stock rights component of the LTIPs, which is anticipated to be granted following the end of the respective performance periods to Mr. Tarry. Mr. Tarry, age 51, joined the Company in 1996. Prior to his position as Senior Vice President and Chief Financial Officer, Mr. Tarry held the role of Vice President, Controller and Treasurer. Mr. Tarry is a Certified Public Accountant in the State of New Mexico.
Also effective May 21, 2022, Elisabeth A. Eden, the Company’s Vice President and Treasurer, was promoted to the position of Senior Vice President, Chief Financial Officer and Treasurer of the Company. In connection with her appointment, the Compensation Committee approved a base salary of $375,000 and a target bonus under the AIP equal to 60% of Ms. Eden’s annual base salary. The Board also approved award opportunities, on pro-rata basis, for Ms. Eden consistent with those of the Company’s other Senior Vice Presidents under the LTIPs. Ms. Eden, age 55, joined the Company in 2001. Prior to her position as Vice President and Treasurer, Ms. Eden held the role of Vice President and Chief Information Officer; Vice President and Treasurer; and Vice President, Human Resources.