Joseph Dominguez
About Joseph Dominguez
Joseph Dominguez, 62, is President and Chief Executive Officer of Constellation Energy Corporation (CEG) and a non‑independent director since February 2022. He previously served as CEO of ComEd, EVP of Governmental & Regulatory Affairs and Public Policy at Exelon, was a partner at White & Williams LLP, and an Assistant U.S. Attorney in the Eastern District of Pennsylvania . Under his tenure as a stand‑alone company, Constellation delivered a 362.61% TSR since the 2022 separation and 92.73% one‑year TSR in 2024, while generating 2024 revenues of $23.568 billion, GAAP net income of $3,749 million, and Adjusted Operating Earnings of $2,735 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ComEd (Exelon) | Chief Executive Officer | Not disclosed | Led safe, reliable delivery for 4+ million customers, oversight of grid operations . |
| Exelon | EVP, Governmental & Regulatory Affairs and Public Policy | Not disclosed | Led federal, state, and regional policy strategies . |
| White & Williams LLP | Partner | Not disclosed | Broad-based litigation practice counseling corporates and institutions . |
| U.S. Department of Justice | Assistant U.S. Attorney (Eastern District of PA) | Not disclosed | Federal prosecutorial experience and public service . |
External Roles
| Organization | Role | Committee Roles | Notes |
|---|---|---|---|
| KBR, Inc. | Director | Not disclosed | Current public company directorship . |
Board Governance
- Board service: Non‑independent Class I director since February 2022; no committee memberships; attends all committee meetings to provide input as appropriate .
- Independence: All directors other than the CEO are independent under Nasdaq/SEC standards; Board has separated the Chair and CEO roles; Lead Independent Director framework exists if roles combine .
- Committees: Audit & Risk, Compensation, Corporate Governance, and Nuclear Oversight are 100% independent; attendance in 2024 was 100% across Board and committees (aggregate) .
- Dual-role implications: Separation of Chair/CEO mitigates concentration of power; CEO’s presence on the Board adds management’s perspective while independence is preserved at committees and the Board level .
Fixed Compensation
| Metric (CEO) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $1,090,972 | $1,181,944 | $1,363,333 (base earnings); set to $1,400,000 effective Mar 1, 2024 (+16.7% YoY) |
| Target Annual Incentive (% of Salary) | Not disclosed | Not disclosed | 150% |
| Actual AIP Payout ($) | $2,016,404 | $3,309,384 | $3,462,826 (168.85% factor) |
| Stock Awards (Grant-Date Fair Value, $) | $6,699,193 | $10,000,025 | $10,500,172 |
| Change in Pension Value ($) | $385,830 | $471,090 | $519,424 |
| All Other Compensation ($) | $246,683 | $222,942 | $371,209 |
| Total Compensation ($) | $10,439,082 | $15,185,385 | $16,216,964 |
Performance Compensation
Annual Incentive Plan (AIP) — FY 2024
| Metric | Weight | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Operating Net Income | 70% | Not disclosed | Not disclosed | Included in 168.85% aggregate factor | Formulaic payout; no committee discretion . |
| Customer Satisfaction | 10% | Not disclosed | Not disclosed | Included in 168.85% aggregate factor | |
| Fleetwide Capacity Factor | 10% | Not disclosed | Not disclosed | Included in 168.85% aggregate factor | |
| Dispatch Match | 7% | Not disclosed | Not disclosed | Included in 168.85% aggregate factor | |
| Renewable Energy Capture | 3% | Not disclosed | Not disclosed | Included in 168.85% aggregate factor |
- AIP payout factor: 168.85% of target; CEO actual AIP payout: $3,462,826 .
Long-Term Incentive Plan (LTIP) — FY 2024 Grants
| Award Type | Grant Date | Target Units | Grant-Date Fair Value ($) | Vesting / Performance | Settlement |
|---|---|---|---|---|---|
| RSUs | 2/5/2024 | 27,278 | $3,465,124 | Ratable over 3 years; dividend equivalents reinvested; one-third vested on 2/10/2025; remaining at first regular Compensation Committee meetings in 2026 and 2027 | Shares upon vesting . |
| PShares (2024–2026) | 2/5/2024 | 55,381 | $7,035,048 (target); max $14,070,096 | Earn-out over 3 years on Free Cash Flow before Growth and relative TSR, subject to credit ratings modifier; payout range 50%–200%; dividend equivalents reinvested | Cash/stock mix based on ownership guideline attainment . |
Prior Cycle LTI Outcome
| Performance Share Cycle | CEO Target PShares | Payout Factor | PShares Earned |
|---|---|---|---|
| 2022–2024 | 98,647 | 200% | 197,294 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficially Owned Shares (as of 3/1/2025) | 149,825 |
| Shares Outstanding (Record Date) | 313,309,685 |
| Ownership % of Outstanding | ~0.048% (149,825 / 313,309,685) |
| RSUs Not Yet Vested (12/31/2024) | 71,041; Market Value $15,892,582 at $223.71 |
| Performance Shares (Unearned, 12/31/2024) | 472,855; Payout Value $105,782,392 at $223.71 (assumes 200% increased targets presentation per table) |
| Stock Ownership Guideline | CEO: 6× base salary; all NEOs met requirement |
| Hedging/Pledging | Prohibited by insider trading policy |
| Deferred Compensation | 2024 contributions $157,500; company contributions $61,300; year-end balance $578,360 |
| Pension (Present Value, 12/31/2024) | CBPP $749,542; SMRP $2,157,587 |
Note: Company states no employment agreements; hedging/short sales/derivatives/pledging are prohibited; clawbacks adopted both SEC/Nasdaq-compliant and broader discretionary policies .
Employment Terms
- Severance Plan (SMSP): 24 months base salary; target annual incentive for the severance period plus pro‑rated current year AIP; equity (RSUs/PShares) prorated/accelerated per retiree eligibility; SMRP enhancement; health/welfare continuation; outplacement and financial planning; payments scaleback to avoid 280G excise taxes; retiree eligibility for equity at 55+ with 10 years of service .
- Change‑in‑Control (Double Trigger): If terminated without cause or resigns for good reason within 90 days before or 24 months after a change in control, cash severance equals 2.99× base salary; target annual incentive for 2.99 years; RSUs vest; PShares become fully vested and payable based on performance through the period; SMRP adds 2.99 years of age/service; benefits continuation .
- Clawbacks: Mandatory recoupment for Section 16 officers on accounting restatements (3‑year lookback); broader clawback for misconduct or actions causing significant financial loss or reputational harm .
- Tax Gross‑Ups: No excise tax gross‑ups on change‑in‑control; limited tax reimbursements may occur for perquisite‑related imputed income (e.g., spousal travel), CEO 2024 amount $1,936 .
Compensation Structure Notes (Alignment Signals)
- Pay mix emphasizes at‑risk compensation: RSUs (33%) and PShares (67%) of LTI; CEO target total direct compensation set around peer group median, reflecting strong performance and TSR leadership .
- AIP metrics weighted to financial outcomes (Operating Net Income 70%) with key operational KPIs (capacity factor, dispatch match, renewables capture, satisfaction), reinforcing operational excellence in 24/7 clean energy .
- 2022–2024 PShares paid at 200%, consistent with outsized TSR and cash flow delivery; 2024 AIP paid at 168.85% of target .
Perquisites and Other Benefits (Transparency)
| Item | CEO 2024 Value ($) |
|---|---|
| Personal use of corporate aircraft | $209,882 |
| Spousal/family travel (aircraft) | $43,198 |
| Financial planning | $16,840 |
| Company savings plan contributions | $82,000 |
| Executive LTD premiums | $4,535 |
| Tax reimbursements (e.g., spousal travel) | $1,936 |
| Total “All Other Compensation” | $371,209 |
Risk Indicators & Red Flags
- Hedging/pledging prohibited; no option repricing/buyouts without shareholder approval .
- No employment agreements; compensation committee interlocks none; no related person transactions in 2024; committees fully independent .
- Director ownership guidelines: 5× annual cash retainer for non‑employee directors; executive stock ownership guidelines enforced and met .
- Shareholder engagement reported support for compensation structure; no noted material governance changes requested .
Investment Implications
- Alignment: Strong linkage of AIP/LTI to Operating Net Income, free cash flow before growth, and relative TSR—with credit ratings modifier—supports disciplined capital allocation and balance sheet strength while rewarding outperformance; CEO’s 6× salary ownership guideline and prohibition on hedging/pledging enhance alignment .
- Supply risk: Material scheduled vesting remains (e.g., 71,041 RSUs and 472,855 unearned PShares at 12/31/2024), implying potential selling pressure around vest dates in 2026–2027 and at future PShares settlements; monitor vesting calendars and Form 4 activity for timing signals .
- Retention/transition risk: Robust severance and double‑trigger change‑in‑control protections lower abrupt departure risk; absence of employment agreement preserves flexibility, while clawbacks and ownership requirements maintain accountability .
- Performance precedent: 200% PShares payout for 2022–2024 and 168.85% AIP in 2024 reflect strong execution and value creation; investors should watch maintenance of FCF, capacity factor, and credit metrics as Calpine integration proceeds and nuclear restarts/upgrades advance .
Citations:
- Biography, board status, external role: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:23]**
- TSR, CEO pay positioning: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:10]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:47]**
- Revenue: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:7]**
- Net income and Adjusted Operating Earnings: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:68]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:69]**
- Board and committees independence/composition/attendance: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:12]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:32]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:36]**
- Chair/CEO separation and Lead Independent Director framework: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:30]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:31]**
- AIP metrics and weights: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:49]**; AIP payout factor and CEO payout: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:50]**
- 2024 CEO salary change and 2024/2023/2022 salary figures: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:49]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:54]**
- 2024 NEO target comp table (CEO targets): **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:48]**
- 2024 RSU/PShares grants and fair values: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:56]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:55]**
- RSU vesting schedule and dividend equivalents: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:61]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:57]**
- PShares design and metrics: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:61]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:51]**
- 2022–2024 PShares payout and units: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:52]**
- Ownership counts and outstanding shares: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:44]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:79]**
- Unvested RSUs and unearned PShares values at $223.71: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:57]**
- Executive stock ownership guidelines and compliance; hedging/pledging prohibition: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:53]**
- Deferred compensation: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:62]**
- Pension present values: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:61]**
- Severance (SMSP) and retiree eligibility; 280G scaleback: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:63]**
- Change‑in‑control (2.99×, vesting, service additions): **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:64]**
- Clawback policies: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:53]**
- Executive compensation practices: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:10]**
- Perquisites and tax reimbursements: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:55]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:56]**
- No related person transactions; committee independence/interlocks: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:35]** **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:33]**
- Director ownership guidelines: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:43]**
- Shareholder engagement feedback: **[1868275_0001552781-25-000090_e25015_ceg-def14a.htm:13]**