Vistra Names New CFO
July 21, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Vistra, the parent of several retail suppliers including TXU, announced that its board of directors has appointed Kris Moldovan as its next chief financial officer, effective Aug. 1.
Moldovan assumes the CFO role from Jim Burke, who, as previously reported, will transition to chief executive officer on Aug. 1.
Moldovan has been with Vistra and its predecessor companies since 2006 and, for the past five years, has served as senior vice president and treasurer, where he is responsible for all treasury-related activities, including financing activities and assuring availability of liquidity and cash resources, among other responsibilities. Moldovan originally joined the company as senior counsel, where much of his work focused on finance and mergers and acquisitions.
In an 8-K, Vistra said, "In connection with his appointment, the Company entered into an employment agreement (the 'Employment Agreement') with Mr. Moldovan effective as of the Effective Date. The Employment Agreement has an initial term that ends on August 1, 2025, which will extend for additional one-year terms unless either party provides at least sixty days written notice prior to the expiration of such term. Pursuant to the Employment Agreement, Mr. Moldovan will receive an annual base salary of $615,000 and will also have the opportunity to earn an annual cash bonus under the Company’s Executive Annual Incentive Plan. Mr. Moldovan’s target annual bonus opportunity is 80% of his base salary. The Employment Agreement also provides Mr. Moldovan the opportunity to receive equity compensation under the Company’s Amended and Restated 2016 Omnibus Incentive Plan. Mr. Moldovan will receive an initial grant of $1,000,000 in restricted stock units on the Effective Date, which will vest ratably over three years."