Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 30, 2018, the Boards of Managers (the “Boards”) of each of Cleco Corporate Holdings LLC (“Cleco”) and Cleco Power LLC (“Cleco Power”) (collectively referred to as the “Company”) announced that Terry L. Taylor will step down as Chief Financial Officer (“CFO”) of the Company, effective November 5, 2018, and that the Boards have selected Kazi Hasan to succeed Ms. Taylor as CFO of the Company effective November 5, 2018. Ms. Taylor will continue as an employee assisting the Company with transition matters until her retirement from the Company, effective January 1, 2019. A copy of the press release announcing the Company’s CFO appointment is attached hereto as Exhibit 99.1.
Mr. Hasan, who is 47, served the The AES Corporation (NYSE: AES) (“AES”) as Chief Risk Officer from 2014 to 2018; Chief Financial Officer of AES Asia Pacific Region from 2012 to 2014; and Managing Director of Corporate Finance and Assistant Treasurer from 2007 to 2012. Mr. Hasan currently serves on the board of APR Energy. Mr. Hasan earned a bachelor of engineering degree in electrical and electronics from the Bangladesh University of Engineering and Technology; a master’s degree of business administration from Dhaka University; and an executive master’s degree from Georgetown University, McDonough School of Business.
In connection with Mr. Hasan’s position, the Boards approved an annualized base salary of $400,000, a target Pay for Performance Plan (annual cash bonus) award level of 50% of his annualized base salary, and an annualized target for his long-term incentive compensation of 110% of his annualized base salary. Mr. Hasan will be eligible for long-term incentive awards in 2020. Mr. Hasan’s base salary, annual cash bonus, and long-term incentive compensation will be reviewed at least annually by the Boards.