Daniel Eggers
Executive Vice President and Chief Financial Officer at CEG
Executive
About Daniel Eggers
Daniel L. Eggers (age 49) is Executive Vice President and Chief Financial Officer of Constellation Energy (CEG), a role he has held since the 2022 spin from Exelon; he previously served as CFO of Exelon Generation and held senior finance and investor relations roles at Exelon (2016–2021). Under the current leadership team, Constellation delivered a cumulative TSR of 362.61% from separation through Dec 31, 2024 (one-year TSR 92.73%), and reported 2024 revenue of $23.568B with Adjusted Operating Earnings of $2.735B, aligning pay outcomes to strong shareholder value creation and cash flow execution .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Constellation Energy | EVP & CFO | 2022–Present | Principal financial officer post-spin; oversight of reporting, controls, capital allocation |
| Exelon Generation Company, LLC | EVP & CFO | 2021–2022 | Led finance for Exelon’s generation subsidiary ahead of separation |
| Exelon | SVP, Corporate Finance | 2018–2021 | Corporate finance leadership across the consolidated enterprise |
| Exelon | SVP, Investor Relations | 2016–2018 | Led investor relations during portfolio and regulatory transitions |
External Roles
- None disclosed in company filings for Daniel Eggers .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary ($) | 663,316 | 702,101 | 730,294 |
| Target bonus (% of base) | 90% (set at spin) | — | 95% |
| Actual AIP payout ($) | 788,386 | 1,246,962 | 1,172,223 (168.85% of target) |
Notes:
- 2024 AIP corporate metric mix and weights: Operating net income (70%) plus operational KPIs (customer satisfaction 10%, fleetwide capacity factor 10%, dispatch match 7%, renewable capture 3%); formulaic payout 168.85% with no discretion applied .
Performance Compensation
2024 Long-Term Incentive Award (granted Feb 5, 2024)
| Instrument | Shares/Units | Grant-date fair value ($) | Vesting / Performance | Metrics |
|---|---|---|---|---|
| RSUs | 7,274 | 924,016 | Ratable vesting over 3 years; dividend equivalents reinvested | Time-based |
| Performance Shares (2024–2026) | 14,769 | 1,876,106 | Earned over 3 years, 50–200% payout; settled in stock/cash per ownership guideline status | Free Cash Flow before Growth; Relative TSR vs custom peer set; Credit ratings modifier |
- LTIP mix and design: 67% PShares / 33% RSUs; PShares measured on three-year performance; RSUs time-vest; both accrue dividend equivalents subject to vesting .
- 2022–2024 PShare cycle (vested Feb 10, 2025): Payout at 200%; Daniel Eggers earned 46,230 shares .
Annual Incentive Plan (AIP) – 2024 results by metric (company-wide design)
- Operating net income (70%) and operational KPIs (customer satisfaction 10%, fleetwide capacity factor 10%, dispatch match 7%, renewable capture 3%) drove a 168.85% payout factor for all NEOs; no discretionary adjustment was applied .
Equity Ownership & Alignment
| Category (as of 12/31/24 unless noted) | Daniel Eggers |
|---|---|
| Beneficially owned shares | 40,303 |
| Unvested RSUs (market value at $223.71) | 17,419 units; $3,896,804 |
| Unearned PShares (target, shown at 200% cap for presentation) (market value at $223.71) | 113,702 units; $25,436,274 |
| Ownership guideline | 3x base salary for NEOs; all NEOs in compliance |
| Hedging/pledging | Prohibited for officers and directors |
Vesting rhythm and potential selling pressure: RSUs vest annually over three years (one-third on each vesting milestone tied to the Compensation Committee’s first regular meeting of the year), which for 2023–2027 creates recurring February vesting events that can contribute to seasonal sell-to-cover activity; PShares vest at the end of each 3-year cycle with settlement per policy .
Employment Terms
- Severance (non-CIC): 24 months base salary; target annual incentive for the 24‑month “Severance Period” plus pro‑rata current year AIP; RSUs/PShares pro‑rated or accelerated depending on retiree eligibility; health/welfare continuation; SMRP enhancement; outplacement and financial planning .
- Change-in-control (CIC) (double trigger within 90 days before to 24 months after): Cash severance of 2.99x base salary and target annual incentive; unvested RSUs vest; PShares vest based on performance through the performance period; benefits continuation; SMRP enhancements; no excise tax gross-ups (plan includes cutback as needed) .
- Clawbacks: SEC/Nasdaq-compliant recoupment for Section 16 officers, plus broader misconduct-based clawback covering all incentive participants .
- Hedging/pledging prohibitions: Yes (see above) .
- Related party transactions: None identified in 2024 .
Estimated potential payouts for Daniel Eggers (as of 12/31/24):
| Scenario | Cash Payment ($) | Retirement benefit enhancement ($) | Unvested equity value ($) | Health/welfare continuation ($) | Perqs/Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| Retirement | 1,172,000 | — | — | — | — | 1,172,000 |
| Death/Disability | 1,172,000 | — | 21,786,000 | — | — | 22,958,000 |
| Involuntary (non‑CIC) | 4,038,000 | 229,000 | 16,172,000 | 44,000 | 40,000 | 20,523,000 |
| Qualifying termination post‑CIC | 5,457,000 | 419,000 | 21,786,000 | 65,000 | 40,000 | 27,767,000 |
Performance & Track Record
- Shareholder value: TSR of 362.61% since Feb 2022 separation (outperforming S&P 500 and peer average); one-year TSR 92.73% through 12/31/24, evidencing strong equity alignment for performance shares .
- Scale and earnings: 2024 revenue $23.568B; Adjusted Operating Earnings $2.735B provide the financial foundation for the CFO’s incentive metrics (FCF before growth and balance sheet/credit) .
- Certifications and controls: As principal financial officer, Eggers has executed Sarbanes‑Oxley certifications across CEG and Constellation Energy Generation entities, underscoring responsibility for controls and disclosure .
Compensation Committee Analysis
- Committee composition and independence: All Compensation Committee members are independent directors; the Board’s committee structure and membership are disclosed and refreshed periodically .
- Independent consultant: Meridian Compensation Partners advises the Compensation Committee; assessed as independent with no conflicts; scope includes peer group design, market benchmarking, trend analysis, and CD&A review .
- Pay positioning and risk: Program targets market‑competitive pay, emphasizes at‑risk equity, uses multi‑metric AIP and PShares with caps/modifiers; 2024 risk assessment concluded compensation practices are not reasonably likely to have a material adverse effect .
Say‑on‑Pay & Shareholder Feedback
- The Board seeks an annual advisory Say‑on‑Pay vote; 2024/2025 shareholder engagement indicated generally supportive views of compensation and governance structure .
Equity Ownership & Alignment Policies
- Stock ownership: CEO 6x base salary; other NEOs 3x; all NEOs compliant as of proxy reporting .
- Hedging/pledging: Prohibited for directors, officers, and related persons .
Investment Implications
- Alignment and leverage to performance: Eggers’ compensation emphasizes multi‑year PShares tied to free cash flow before growth, relative TSR, and credit ratings, directly linking realizable pay to shareholder returns and balance sheet discipline .
- Retention risk vs. selling pressure: Significant unvested equity (RSUs and in‑flight PShares) and recurring February vesting cadence support retention but can create periodic sell‑to‑cover activity; large realized payout on the 2022–2024 PShare cycle (200%) further aligns incentives to sustained performance .
- Downside protection and governance: No CIC excise tax gross‑ups, robust clawbacks, and prohibitions on hedging/pledging mitigate governance risk while double‑trigger CIC provisions follow best practice .