Many investors found the impending retirement of FPL CEO Eric Silagy, 57, 'rushed' and difficult to separate from recent controversies
It was during that conversation when NextEra executives disclosed to the bank analysts some of the terms of Silagy's exit, which they had not previously shared in public statements. In addition to the multi-year"claw back on compensation for any legal wrongdoing," Silagy will receive his full compensation for 2022 and had to agree to a two-year non-compete clause that"limits Silagy’s ability to position himself at an adjacent utility.
"Management overall described the separation agreement as positive and showing that the Board of Directors had a high degree of comfort in signing off on the deal," the report said."For shares to recover ... management will have to continue explaining the fact pattern around Silagy’s retirement ...," the analysts wrote.
The Bank of America report described the agreement between Silagy and the company as a"mutual separation/retirement." Silagy's annual base salary was $1.4 million, with millions more available depending upon the company's performance. It's unclear how much of his 2022 compensation would be subject to the potential claw back or what his compensation from that year will ultimately be; the company will file a new proxy statement at its annual shareholder meeting this spring.
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