In a recent filing with the Securities and Exchange Commission (SEC), Alliant Energy (NASDAQ:LNT) Corporation, along with its subsidiaries Interstate Power and Light Company and Wisconsin Power and Light Company, disclosed the planned retirement of John O. Larsen, the Executive Chairman and Chairman of the Board of Directors of the companies. Larsen has communicated his intention to retire from his executive role by January 1, 2025.
Following his retirement, Larsen will continue to serve as the non-employee Chairman of the Board for the companies. He will be compensated in accordance with the non-employee director compensation practices detailed in Alliant Energy’s Definitive Proxy Statement, which was filed with the SEC on April 2, 2024. Moreover, he will receive an extra annual cash retainer of $200,000 for his role as Board Chairman.
The transition plan for Larsen’s retirement is part of the company's ongoing leadership succession planning. The Board of Directors has confirmed the appointment of Larsen as non-employee Chairman effective upon his executive retirement, ensuring continuity in the company's leadership.
Alliant Energy Corporation, headquartered in Madison, Wisconsin, is a provider of electric and other services. It operates through various subsidiaries, including Interstate Power and Light Company in Iowa and Wisconsin Power and Light Company. The company's common stock is traded on the Nasdaq Global Select Market under the symbol LNT.
The information in this article is based on the SEC filing by Alliant Energy Corporation and its subsidiaries. This filing is a formal disclosure of significant corporate events that may be of interest to shareholders and the investing public.
In other recent news, Alliant Energy Corp and its subsidiary, Interstate Power and Light Company (IPL), are set to record a one-time charge of approximately $60 million due to a settlement agreement related to IPL's retail electric rate review.
This financial adjustment, which will impact the company's earnings, is expected to be reflected in the financial results for the three and six months ending June 30, 2024. Alliant Energy has also priced a private offering of $375 million in senior unsecured notes due 2027 through its fully owned subsidiary, Alliant Energy Finance, LLC, with the proceeds planned for repaying outstanding commercial paper and for general corporate purposes.
In terms of earnings, Alliant Energy reported earnings of $0.62 per share for the first quarter of 2024, reaffirming its 2024 earnings guidance range of $2.99 to $3.13 per share. As part of recent developments, Alliant Energy has expanded its renewable energy portfolio, becoming the largest owner-operator of solar generation in Wisconsin.
The company has also issued a $300 million green bond and has plans to refinance $800 million in debt. These developments reflect Alliant Energy's commitment to both financial stability and renewable energy.
Alliant Energy's forward-looking statements regarding the asset valuation charge and other financial matters are subject to risks and uncertainties, including final regulatory approvals and valuations. The company has emphasized that there can be no guarantee the offering will be completed as anticipated or at all.
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