Monica Karuturi
CENTERPOINT ENERGYAbout Monica Karuturi
Executive Vice President and General Counsel of CenterPoint Energy since January 2022; previously SVP & General Counsel (2020–2022), SVP & Deputy General Counsel (2019–2020), VP & Associate GC – Corporate & Securities (2015–2019), Associate GC – Corporate (2014–2015). Age 46 as of February 10, 2025; education: BA (Brown), MS in Health Policy & Management (Columbia), JD (Georgetown). Oversees legal, governance and cybersecurity/data privacy risk management, with the CISO and CECO reporting to her. Company-level performance highlights during her current tenure include 2024 Adjusted EPS of $1.62 and cumulative TSR since 2019 equating to $133.6 on a $100 base; 2022–2024 PSUs paid at 149% driven by above-target cumulative Adjusted EPS, carbon reduction, and target-level TSR.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CenterPoint Energy | EVP & General Counsel | 2022–present | Leads legal and governance; oversees cybersecurity and data privacy programs; chairs risk oversight processes with regular reporting to Audit Committee. |
| CenterPoint Energy | SVP & General Counsel | 2020–2022 | Led legal function through strategic execution, including capital plan support. |
| CenterPoint Energy | SVP & Deputy General Counsel | 2019–2020 | Senior legal leadership across corporate matters. |
| CenterPoint Energy | VP & Associate GC – Corporate & Securities | 2015–2019 | Corporate and securities counsel; supported financing and governance. |
| CenterPoint Energy | Associate GC – Corporate | 2014–2015 | Corporate legal counsel. |
| LyondellBasell Industries | Counsel, corporate/finance/strategic transactions | — | Transactional counsel prior to joining CNP. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Texas Access to Justice Commission | Commissioner | 2015–2021 | Appointed by Texas Supreme Court. |
| Houston Bar Foundation | Chair | 2021–Dec 2024 | Led the foundation; governance of legal philanthropy. |
| Houston Zoo | Board of Directors | Current | Director-level oversight. |
| Tahirih Justice Center | Advisory Council | — | Advisory role supporting legal services. |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) | Change in Pension Value ($) |
|---|---|---|---|
| 2022 | 552,462 | 71,527 | 9,454 |
| 2023 | 695,385 | 91,667 | 64,802 |
| 2024 | 718,270 | 189,449 (incl. $62,208 temporary home security; $13,000 charity match) | 42,968 |
Perquisites in 2024 included temporary security personnel at her residence ($62,208) and company charitable match ($13,000). Qualified savings plan contributions ($20,700) and nonqualified savings restoration accruals ($87,196) were also included.
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Short-Term Incentive (Adjusted EPS) | 100% | $1.61 | $1.62 | $1.63 | $1.62 | 125% of target; paid $725,000 in 2024 |
| Long-Term Incentive Component | Weight | Target description | Payout scale | Vesting | Notes |
|---|---|---|---|---|---|
| Relative TSR PSUs | 35% | TSR vs 18-company peer group; P/E top quartile modifier guarantees 75% minimum | 33%–200% of target (linear) | 3-year cliff (2024–2026) | Peer group disclosed; P/E modifier incentivizes premium valuation. |
| Cumulative Adjusted EPS PSUs | 35% | 3-year cumulative Adjusted EPS; growth path: Threshold 7%/5.5%/5.5%, Target 8%/6%/6%, Max 8.5%/8%/8% (2024–2026) from 2023 base | 50%–200% of target | 3-year cliff | Aligns with long-term earnings plan. |
| Carbon Reduction PSUs | 5% | Scope 1+2 cumulative reduction: Threshold 10%, Target 46%, Max 65%; Scope 3: Threshold 3.5%, Target 4%, Max 6% vs 2021 baseline | 50%–200% of target | 3-year cliff | Supports net zero roadmap. |
2022–2024 PSU payout was 149% of target: TSR 10th position (100%), cumulative Adjusted EPS $4.50 (200%), Scope 1+2 50% payout at 121%, Scope 3 200% payout at 15%.
2024 Grants (Monica Karuturi)
| Award | Threshold (#) | Target (#) | Maximum (#) | Grant date fair value ($) |
|---|---|---|---|---|
| RSUs (3-year graded) | — | 16,909 | — | 471,254 |
| PSUs – TSR | 7,812 | 23,672 | 47,344 | 659,739 |
| PSUs – Cumulative Adjusted EPS | 11,836 | 23,672 | 47,344 | 659,739 |
| PSUs – Carbon | 1,691 | 3,382 | 6,764 | 94,256 |
RSUs vest one-third annually over 3 years, subject to positive operating income in the year preceding each vest date. PSUs vest at end of 3-year cycle based on performance.
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (2/28/2025) | 133,752 shares; <1% of outstanding | As disclosed; percent shown as “less than one percent.” |
| Unvested RSUs (12/31/2024) | 42,774 units ($1,357,219) | Scheduled vest dates across 2025–2027 grants. |
| Unvested PSUs (12/31/2024) | 127,263 units ($4,038,055) | Mix of 2023 and 2024 cycles; target achievement basis shown. |
| Executive stock ownership guideline | 3× base salary for EVPs | Includes owned shares, savings-plan equivalents, unvested RSUs; PSUs excluded. Retain ≥50% after-tax shares until compliant. |
| Hedging/pledging | Prohibited | Anti-hedging and anti-pledging under Insider Trading Policy. |
Employment Terms
| Provision | Term |
|---|---|
| Employment agreements | None for NEOs; market-benchmarked pay with at-risk mix. |
| Change-in-control plan | Double-trigger; EVP multiple = 2× base salary + target STI; severance includes prorated STI (if not retirement-eligible), welfare benefits, legal fee reimbursement, outplacement. No excise tax gross-up; automatic cut-down if economically beneficial. |
| CIC equity treatment | Double-trigger on RSUs/PSUs if not continued/assumed or upon covered termination; PSUs settle at target on acceleration. |
| Non-compete / non-solicit | One year post-termination; 50-mile radius; restrictions on hiring/soliciting employees and customers. |
| Clawbacks | Dodd-Frank compliant recovery of incentive comp upon restatement (3-year lookback), plus broader recoupment for wrongdoing. |
Potential CIC payments (as of 12/31/2024, covered termination): Severance $2,610,000; STI $580,000; PSUs unvested $3,211,000; PSUs vested $1,045,000; unvested RSUs $1,419,000; benefit restoration $409,000; health & welfare $46,000; outplacement $8,000; total $9,328,000.
Deferred and retirement programs: Present value of pension benefits $106,892 (CNP Retirement Plan) and $150,617 (Benefit Restoration) at 12/31/2024; savings restoration plan registrant contributions $87,196 with aggregate balance $361,125.
Investment Implications
- Pay-for-performance alignment is strong: STI paid at 125% solely on Adjusted EPS target achievement; LTI balanced across TSR, cumulative Adjusted EPS, and carbon reduction, with a P/E modifier that encourages premium valuation relative to peers.
- Retention risk appears contained: significant unvested PSUs (127,263) and RSUs (42,774) with multi-year vesting and double-trigger protections; RSU vesting dates may create episodic selling pressure around anniversaries.
- Change-in-control economics are meaningful but shareholder-friendly (no gross-ups), with an estimated total package of ~$9.33M at 12/31/2024; one-year non-compete/non-solicit covenants protect post-departure value.
- Governance and risk signals are positive: anti-hedging/pledging policies, active clawbacks, no related-party transactions in 2024, and strong say-on-pay support (~93.4%).
- Execution track record includes leading negotiation/execution of the sale agreement for Louisiana and Mississippi LDC businesses (earned $100,000 cash bonus), indicating substantive M&A contribution relevant to valuation and strategic focus.