Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 15, 2009
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Commission |
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Registrant; State of Incorporation; |
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I.R.S. Employer |
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Address; and Telephone Number
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333-21011 |
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FIRSTENERGY CORP. |
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34-1843785 |
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(An Ohio Corporation) |
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76 South Main Street |
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Akron, OH 44308 |
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Telephone (800)736-3402 |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
As previously reported, the Board of Directors approved base salary reductions for its named executive officers (NEOs) in response to the economic downturn, among other factors. On September 15, 2009, the Board approved reinstating the base salary levels for the NEOs in conjunction with management’s decision to reinstate the base
salary levels for all affected employees.
At his request, the base salary of Mr. Anthony J. Alexander, President and Chief Executive Officer, will not be reinstated.
The remaining NEOs’ salaries will be adjusted as follows:
Mr. Mark T. Clark, Executive Vice President & Chief Financial Officer, from $424,000 to $530,000,
Mr. Gary R. Leidich, Executive Vice President & President, FE Generation, from $520,000 to $650,000,
Mr. Richard R. Grigg, Executive Vice President & President, FE Utilities, from $600,000 to $750,000, and
Ms. Leila L. Vespoli, Executive Vice President & General Counsel, from $424,000 to $530,000.
Also, the Board approved a base salary increase for Mr. Mark T. Clark to $650,000, effective September 27, 2009, as a result of his promotion on May 1, 2009, to Executive Vice President & Chief Financial Officer, in addition to his previously held responsibilities.
Forward-Looking Statements: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations
regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “believe,” “estimate” and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Actual results may differ materially due to the speed and nature of increased competition in the electric utility industry and legislative and regulatory changes affecting how generation rates will be determined following the expiration of existing rate plans in Pennsylvania, the impact of the Public Utilities Commission of Ohio’s regulatory process on the Ohio Companies associated with the distribution rate case, economic or weather
conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices and availability, replacement power costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities to collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than anticipated, other legislative and regulatory changes, revised environmental requirements, including possible
greenhouse gas emission regulations, the potential impacts of the U.S. Court of Appeals’ July 11, 2008 decision requiring revisions to the Clean Air Interstate Rules and the scope of any laws, rules or regulations that may ultimately take their place, the uncertainty of the timing and amounts of the capital expenditures needed to, among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than anticipated or that certain generating units may need to be shut
down) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation or other similar potential regulatory initiatives or actions, adverse regulatory or legal decisions and outcomes (including, but not limited to, the revocation of necessary licenses or operating permits and oversight) by the Nuclear Regulatory Commission, Metropolitan Edison Company’s and Pennsylvania Electric Company’s transmission service charge filings with the Pennsylvania Public Utility
Commission, the continuing availability of generating units and their ability to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards, the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives), the ability to improve electric commodity margins and to experience growth in the distribution business, the changing market conditions that could affect the value of assets held in FirstEnergy’s
nuclear decommissioning trusts, pension trusts and other trust funds, and cause it to make additional contributions sooner, or in an amount that is larger than currently anticipated, the ability to access the public securities and other capital and credit markets in accordance with FirstEnergy’s financing plan and the cost of such capital, changes in general economic conditions affecting the Registrant, the state of the capital and credit markets affecting the Registrant, interest rates and any actions
taken by credit rating agencies that could negatively affect FirstEnergy’s access to financing or its costs or increase its requirements to post additional collateral to support outstanding commodity positions, letters of credit and other financial guarantees, the continuing decline of the national and regional economy and its impact on the registrant’s major industrial and commercial customers, issues concerning the soundness of financial institutions and counterparties with which FirstEnergy
does business, and the risks and other factors discussed from time to time in the Registrant’s Securities and Exchange Commission filings, and other similar factors. The foregoing review of factors should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy’s business or the extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any forward-looking statements. The Registrant expressly disclaims any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized.
September 17, 2009
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FIRSTENERGY CORP. |
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Registrant |
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By: |
/s/ Harvey L. Wagner |
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Harvey L. Wagner
Vice President, Controller and
Chief Accounting Officer |