Alex Glenn
Duke EnergyAbout Alex Glenn
R. Alexander “Alex” Glenn is Executive Vice President and Chief Legal Officer (CLO) of Duke Energy, responsible for legal, ethics, compliance and corporate audit; he assumed the CLO role effective July 1, 2025 after serving as EVP and CEO of Duke Energy Florida and Midwest since May 2021 . He has been with Duke Energy and predecessors since 1996, previously holding roles including state president for Florida and general counsel for Florida operations; he earned his B.A. (magna cum laude, Phi Beta Kappa) and J.D. (with honors) from the University of Connecticut and is a member of the Connecticut, D.C., and Florida bars . In 2024, Duke delivered adjusted EPS within its original guidance range but below the STI plan target, and posted TSR of 15.5% versus 20.9% for the UTY benchmark—context for pay–performance alignment heading into his current role .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Duke Energy | EVP & Chief Legal Officer | Jul 2025–present | Leads Office of the General Counsel (legal, ethics, compliance, corporate audit) . |
| Duke Energy | EVP & CEO, Florida and Midwest Utilities | May 2021–Jun 2025 | Oversaw regulatory/legislative affairs, strategy and P&L for regulated utilities in FL, IN, OH, KY . |
| Duke Energy | SVP, State & Federal Regulatory Legal Support | pre–May 2021 | Advanced rate/regulatory initiatives; advised on state and federal regulatory matters . |
| Duke Energy (and predecessors) | State President (Florida); General Counsel (Florida) | since 1996 (various) | Led Florida operations and legal strategy in prior assignments . |
| Morgan, Lewis & Bockius LLP | Energy law attorney | pre-1996 | Practiced energy law in Washington, D.C. . |
Fixed Compensation
- Mr. Glenn’s specific 2025 base salary, target bonus and actual bonus have not been disclosed in the 2025 proxy (which covers 2024 NEOs and does not include Mr. Glenn) or in the May 2, 2025 leadership 8-K; expect disclosure in the next proxy cycle .
Performance Compensation
Duke Energy’s enterprise executive incentive design (applicable to NEOs in 2024) emphasizes pay-for-performance via STI and LTI. While Mr. Glenn’s individual targets are not disclosed, the company’s framework and 2024 outcomes inform incentive alignment.
- Long-term incentives: 70% performance shares, 30% RSUs; PSUs measured on 3-year Cumulative Adjusted EPS, Relative TSR and safety; RSUs vest ratably over three years .
- Short-term incentives (2024): metrics, weights, targets and results below; an EPS “circuit breaker” capped payouts on other measures at 84% because adjusted EPS did not exceed $5.90 .
| Objective (2024 STI) | Weight | Threshold | Target | Maximum | Result | Payout |
|---|---|---|---|---|---|---|
| Adjusted EPS ($) | 50% | 5.78 | 5.98 | 6.13 | 5.90 | 70% (capped effect) |
| O&M Expense ($M) | 5% | 4,755 | 4,605 | 4,455 | 4,561 | 122% (pre-cap) |
| TICR – Employees | 2.5% | 0.48 | 0.36 | 0.30 | 0.32 | 150% (pre-cap) |
| Environmental Events (count) | 2.5% | 8 | 4 | 0 | 0 | 175% (pre-cap) |
| Reliability Index | 5% | 25 | 100 | 175 | 162.95 | 162.95% (pre-cap) |
| Customer Satisfaction | 10% | 42 | 46 | 50 | 46.1 | 101.88% (pre-cap) |
| Energy Modernization (Non-emitting MW) | 10% | 800 | 1,200 | 1,600 | 867 | 37.56% (pre-cap) |
Notes: 2024 STI included individual performance goal modifier (±25%) and a circuit breaker at EPS $5.90; non-EPS metrics paid at 103.76% in aggregate pre-cap, but were capped at 84% due to EPS .
Equity Ownership & Alignment
- Beneficial ownership: Mr. Glenn is not individually listed in the 2025 proxy’s beneficial ownership table; directors and executive officers as a group (25) owned 1,049,318 shares (<1% of outstanding) as of March 3, 2025 .
- Hedging/pledging: Company policy prohibits hedging and pledging of Duke Energy securities by directors, officers and employees, reducing forced-selling/margin-call risk signal .
- Stock ownership and retention: Policy requires significant stock ownership (CEO 6x base salary; other NEOs 3x) and retention requirements; dividend equivalents are not paid on unearned performance shares .
| Holder | Shares Beneficially Owned | % of Class |
|---|---|---|
| Directors and executive officers as a group (25) | 1,049,318 | <1% |
Vesting terms (typical for executive awards):
- RSUs: vest in equal installments on first three anniversaries; prorated or continued vesting for retirement; double-trigger vesting if terminated in connection with a change in control .
- Performance shares: vest based on 3-year actual performance; retirement and double-trigger treatment similar to RSUs .
Employment Terms
- Insider trading, hedging/pledging, clawbacks:
- Prohibition on hedging and pledging; insider trading policy in effect .
- Clawback policy applies to equity and cash incentives; minimum one-year vesting for equity (limited exceptions) .
- Severance/CIC constructs (company framework; Glenn-specific agreements not disclosed):
- Executive Severance Plan for Tier I participants (includes NEOs): 2x base salary + target bonus cash, pro-rata bonus at actuals, 2 years of medical/dental (cash equivalent), life insurance value, 1-year outplacement, and 2 years of additional vesting, subject to confidentiality/non-compete and release .
- Change-in-control agreements (for NEOs): double-trigger; 2x base salary + target bonus cash, pro-rata target bonus, 2 years of medical/dental (or cash), pension/savings plan contributions for two years, enhanced equity vesting; no excise tax gross-ups (cutback if more favorable after-tax) .
- 2025 CEO transition example: Sideris’s CIC multiple amended to 2.99x upon becoming CEO (illustrative of market alignment for top roles) .
- No 8-K disclosing compensatory arrangements for Mr. Glenn’s CLO appointment was found in the May 2, 2025 leadership announcement; specific contract terms for Mr. Glenn were not included in the 2025 proxy and were not otherwise disclosed in the filings reviewed .
Investment Implications
- Alignment and retention: Multi-year PSU/RSU vesting with double-trigger CIC and a robust clawback/ownership framework align the CLO’s incentives with long-term shareholder value and reduce near-term selling pressure via hedging/pledging prohibitions .
- Pay-for-performance sensitivity: 2024 STI outcomes show financial rigor (EPS circuit breaker reduced non-EPS payouts), signaling discipline that will carry into leadership’s 2025–2027 incentive cycles (relevant to the CLO’s team and peers) .
- Governance/controls emphasis: The CLO role spans legal, ethics, compliance and audit—areas highlighted by the Board’s oversight and frequent cybersecurity briefings; stability here supports risk management and regulatory execution amid Duke’s large capex plan .
- Disclosure gap watch: Mr. Glenn’s compensation specifics (salary, target bonus, LTI grant values) were not disclosed in the 2025 proxy or related 8-Ks; monitor the next proxy for full terms to assess pay mix shifts, performance metric calibration, and any CIC/severance provisions specific to the CLO role .
Sources: Duke Energy 2025 Proxy (March 14, 2025) for incentive design, policies and 2024 outcomes ; Duke Energy 8-K/Press Release (May 2, 2025) announcing Glenn’s CLO appointment and prior role ; Duke Energy leadership bio (accessed July 1, 2025) for background and education .