- Push-out Score determined
- After around eight years in the position
- Praise, thanks and words of regret for Bassham
- Search for a successor
- Bassham made a lengthy statement and said 247 words
(exechange) — Kansas City, Missouri, August 27, 2020 — Terry Bassham, chief executive of Evergy, leaves. As announced by Evergy Inc. in a news release and in a regulatory filing published on Thursday, August 27, 2020, Terry Bassham leaves his post as chief executive officer at the utility after around eight years in the role.
To ensure a smooth transition, Bassham will continue to serve as Director, President and Chief Executive Officer of Evergy until his successor is appointed.
Evergy will undertake a search for a successor.
“This is the right time”
Terry Bassham’s departure from the CEO post is explained as follows. Bassham said: “Now, with the creation and launch of our five-year Sustainability Transformation Plan, Evergy is well-positioned for its next chapter. As we embark on this new high-performance plan, I believe this is the right time for Evergy to transition to a new CEO who has the career runway to see the plan through from the start.”
Precise information regarding Terry Bassham’s future plans was not immediately available.
Evergy said: “Terry Bassham has informed the Board of Directors (the “Board”) of his decision to retire as President, Chief Executive Officer and a Director of Evergy.”
Evergy further said: “On August 26, 2020, Terry Bassham, Director, President and Chief Executive Officer of the Evergy Companies informed the Boards of Directors of the Evergy Companies of his decision to retire from his positions with the Evergy Companies. In order to ensure a smooth transition, Mr. Bassham will continue to serve as Director, President and Chief Executive Officer of the Evergy Companies until his successor is appointed.”
Share price increase since May 2012
The announcement follows an increase in Evergy Inc.’s share price of 65% since May 2012.
Chaired by Mark Ruelle
Mark Ruelle serves as Evergy Inc.’s Chairman.
Ruelle served as a member of the Board of Directors, President, and Chief Executive Officer, of Westar Energy prior to the merger with Great Plains Energy that resulted in the formation of Evergy.
In the position of CEO since 2012
Terry Bassham became CEO of the Company in 2012.
Bassham is President and Chief Executive Officer of Evergy.
Bassham was Chairman of the Board of Directors (2013-2018), President (2011-2018) and Chief Executive Officer (2012-2018) of Great Plains Energy and Kansas City Power & Light Company (“KCP&L”) prior to the merger with Westar Energy that resulted in the formation of Evergy.
Prior to that, Bassham served in various capacities at Great Plains Energy and KCP&L, including as Chief Operating Officer (2011-2012), Executive Vice President of Finance and Strategic Development and Chief Financial Officer (2005-2010) and KCP&L’s Executive Vice President of Utility Operations (2010-2011).
Before joining KCP&L, Bassham was Executive Vice President, Chief Financial Officer and Chief Administrative Officer for El Paso Electric Company (2001-2005) in Texas, where he oversaw the financial, treasury, regulatory and administrative functions.
He originally joined El Paso Electric Company as General Counsel (1996-2001) with responsibility for legislative affairs, regulatory affairs and corporate governance.
Bassham serves on the Board of Directors of Commerce Bancshares Inc. (NASDAQ: CBSH) (since 2013), a bank holding company based in Kansas City, Missouri, where he serves on the audit and risk committee and compensation and human resources committee.
Additionally, Bassham holds leadership positions at the Electric Power Research Institute and various charitable, non-profit and civic organizations.
Bassham holds a Bachelor of Business Administration degree in accounting from the University of Texas-Arlington and a Juris Doctor degree from St. Mary’s University Law School in San Antonio, Texas, and has completed the Institute of Nuclear Power Operations Nuclear Reactor Technology Course for Executives at the Massachusetts Institute of Technology.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Evergy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2020 ($).