ALBUQUERQUE, NM - TXNM Energy Inc. (NYSE:TXNM), an electric services provider with a market capitalization of $4.47 billion, announced significant governance and executive compensation changes on Monday, according to its latest SEC filing.
The company, which has demonstrated strong momentum with a 31% return over the past six months according to InvestingPro, has expanded its board from ten to eleven members and appointed Joseph D. Tarry as the newest director.
Joseph D. Tarry, 53, currently the President and Chief Operating Officer of TXNM, joined the board effective Tuesday. Tarry will not receive additional compensation for his board role, as he is an employee of the company. The filing clarified that there are no undisclosed arrangements between Tarry and any other individuals concerning his directorship, nor does he have any material interest in transactions that would necessitate disclosure under SEC regulations.
Concurrently, the Compensation and Human Capital Committee approved a salary increase for Tarry to $725,000, with his target annual cash incentive award opportunity rising to 90% of his base salary. Further adjustments include an enhancement of Tarry's long-term incentive compensation.
His time-vested restricted stock rights award opportunity under TXNM's 2022 Long-Term Incentive Plan will now correspond to 67.5% of his annual base salary, with his total target annual long-term incentive award under the 2023 and 2024 Long-Term Incentive Plans reaching 225% of his annual base salary.
In other recent news, TXNM Energy has signaled growth by raising its annual dividend by 5.2% to an annual rate of $1.63 per share. The company also reported its second quarter 2024 earnings per share at $0.60, affirming its annual guidance range of $2.65 to $2.75 per share. In terms of investment, TXNM Energy revealed a $600 million infrastructure investment plan to enhance its distribution system.
In the field of analyst upgrades and downgrades, Mizuho (NYSE:MFG) Securities and Evercore ISI raised TXNM Energy's stock price target, while Scotiabank (TSX:BNS) and Jefferies initiated coverage on the company's shares. In other company news, TXNM Energy announced the retirement of its CFO, Elisabeth A. Eden, no sooner than March 15, 2025, and the appointment of Brian G. Iverson as the new General Counsel.
Furthermore, TXNM Energy's subsidiary, Texas-New Mexico Power, reached a settlement in its System Resiliency Plan, reflecting a significant investment in energy infrastructure.
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