Maria Rigatti
EDISON INTERNATIONALAbout Maria Rigatti
Executive Vice President and Chief Financial Officer (CFO) of Edison International since September 30, 2016; previously CFO of Southern California Edison (2014–2016) and Edison Mission Energy (2011–2014) . Finance background includes roles at PIRA Energy Group, Gas Energy (KeySpan/National Grid), and Chase Manhattan Bank; education: BS Finance (Manhattan College, honors) and MBA Finance (NYU) . As of 2016 8‑K, age 52 . Performance context: EIX’s 3‑year TSR (2021–2023) ranked 74th percentile vs PHLX Utility peers; 2021 TSR PSUs paid 195% of target and EPS PSUs averaged 113% of target; EIX 2023 core EPS was $4.76 vs $4.63 in 2022 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Southern California Edison (SCE) | Senior VP & CFO | 2014–2016 | Led utility financial management (planning, treasury, accounting, tax, risk); positioned succession to EIX CFO |
| Edison Mission Energy (EME) | Senior VP & CFO; VP, CFO & Treasurer; President, EME Reorg Trust | 2010–2014 | Managed competitive generation finance; actively involved in sale of substantially all EME assets to NRG Energy in 2014 |
| PIRA Energy Group | Director | Prior to EME | Energy market analytics and consulting |
| Gas Energy (KeySpan/National Grid) | Vice President | Prior to EME | Unregulated energy affiliate finance/operations |
| The Chase Manhattan Bank | Associate | Early career | Corporate finance experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Segerstrom Center for the Arts | Board member | Current | Community leadership |
| Discovery Cube Orange County; Orange County United Way | Board member | Past | Prior nonprofit governance roles |
Fixed Compensation
Multi-year reported compensation (SEC Summary Compensation Table):
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 732,115 | 765,962 | 796,557 |
| Stock Awards (RSUs/PSUs, grant-date fair value) | 1,433,324 | 1,530,412 | 1,650,138 |
| Option Awards (grant-date fair value) | 477,757 | 510,137 | 550,004 |
| Non-Equity Incentive (annual bonus paid) | 761,570 | 741,549 | 742,900 |
| Change in Pension Value & Non-Qualified Deferred Comp Earnings | 22,486 | 1,129,358 | 736,833 |
| All Other Compensation | 18,300 | 19,800 | 20,700 |
| Total Compensation | 3,445,552 | 4,697,218 | 4,497,132 |
Annual incentive targets and payouts:
| Annual Incentive (EICP) | Target as % of Salary | Corporate Performance Factor | Individual Performance Factor | Award as % of Salary | Award as % of Target |
|---|---|---|---|---|---|
| 2023 | 85% | 103% | 110% (adjusted) | 96% | 113% |
| 2024 | 85% | 95% | 115% | 93% | 109% |
Performance Compensation
Long-term incentive program structure and 2024 grants:
- 2024 LTI mix: 50% performance shares (TSR and Core EPS, 25% each), 25% stock options, 25% RSUs; 75% of LTI is performance-based . Options vest ratably (recent grants over 3 years; 2021 and prior over 4 years); RSUs vest after 3 years .
- 2024 LTI grant values and quantities (grant date 3/1/2024):
| Instrument | Weighting | Shares/Units | Exercise Price | Grant-date Fair Value ($) |
|---|---|---|---|---|
| TSR Performance Shares | 25% | Threshold 1,752; Target 7,009; Max 14,018 | N/A | 550,066 |
| EPS Performance Shares | 25% | Threshold 2,066; Target 8,265; Max 16,530 | N/A | 550,036 |
| Stock Options | 25% | 41,416 | $66.55 | 550,004 |
| RSUs | 25% | 8,265 | N/A | 550,036 |
Performance metrics and realized payouts (most recent completed cycle):
| Metric | Weight | Target | Actual | Payout Multiple | Vesting |
|---|---|---|---|---|---|
| Relative TSR (2021–2023) | 50% | 50th percentile = 1.0x | 74th percentile | 1.95x (195% of target) | 3 years; paid in stock |
| Core EPS (2021–2023 average) | 50% | 100% of annual target = 1.0x | 2021: 106%; 2022: 100%; 2023: 103% | 1.13x (113% of target) | 3 years; paid in stock |
2024 corporate performance context affecting LTI/retention: January 7 fires significantly reduced intrinsic value of outstanding equity awards (~three‑fourths decline Jan 6 to Feb 28, 2025), increasing sensitivity of equity to stock recovery .
Equity Ownership & Alignment
Beneficial ownership and outstanding awards:
| Ownership detail | As of Mar 4, 2024 | As of Mar 6, 2025 |
|---|---|---|
| Stock options (right to acquire) | 568,882 | 620,478 |
| Common shares | 57,323 (includes 5,533 shared voting) | 77,494 |
| Total beneficially owned | 626,205 | 697,972 |
| Ownership % of class | <1% | <1% |
Outstanding equity awards (selected details):
- Options outstanding: 2024 end unexercisable 41,416 (exp. 1/3/2034, $66.55); 2023 end unexercisable 40,327 (exp. 1/3/2033, $64.59); 2022 end unexercisable 16,118 (exp. 1/2/2032, $63.65) .
- RSUs/PSUs unearned/unvested: 2024 end 14,518 (2023 grant) and 15,758 (2024 grant) unearned PSUs; market/payout values $1,159,146 and $1,258,107, respectively .
- Option exercises/vesting realized in 2024: 18,386 options exercised ($301,898 value) and 58,445 stock awards vested ($4,597,018 value) .
- Retirement‑vested RSUs: 25,492 units deemed vested for retirement provisions (2022–2024 grants), reported as registrant contributions; value $2,035,307 at 12/31/2024 .
Ownership policies and alignment:
- Stock ownership guideline for EIX CFO: 3× base salary; expected within 5 years; all NEOs in compliance as of March 3, 2025; sale restrictions apply if below guideline .
- Hedging/derivatives prohibited; pledging of company securities prohibited for executive officers .
Deferred compensation and pensions:
| Plan | Aggregate Balance at 12/31/2024 |
|---|---|
| Executive Deferred Compensation Plan (EDCP) | $1,252,000 |
| Retirement‑vested RSUs (deferred) | $2,035,307 |
| Pension PVAB – SCE Retirement Plan | $971,813 |
| Pension PVAB – Executive Retirement Plan | $6,720,396; payments during year $21,315 |
Employment Terms
- Appointment and tenure: Elected EIX EVP & CFO effective Sept 30, 2016 (age 52 at election); previously SCE CFO (2014–2016) .
- Retirement eligibility: Became retirement‑eligible during 2024 (unreduced early retirement benefit available age 61–64) .
- Severance and change‑in‑control economics (estimated as of 12/31/2024):
| Scenario | Lump sum cash | Retirement plan benefits | Equity acceleration | Other |
|---|---|---|---|---|
| Severance (involuntary, no CIC) | $1,480,000 | $324,787 | — (vests due to retirement) | Outplacement/educational: $30,000 |
| Enhanced CIC severance (double‑trigger or award termination) | $4,440,000 | $974,205 | — (vests due to retirement) | Outplacement/educational: $60,000 |
- Change‑in‑control policy: Equity acceleration only if awards are terminated or upon qualifying termination in connection with CIC; enhanced cash multiple reduced from 3.0× to 2.99× effective Jan 1, 2025; shareholder cap policy implemented for cash severance >2.99× without shareholder ratification .
- Clawbacks/misconduct: Incentive compensation recoupment (accounting restatements) and separate misconduct recoupment provisions; no excise tax gross‑ups; no employment contracts; no perquisites; pledging prohibited .
Investment Implications
- Pay-for-performance alignment: Heavy performance-based equity (75% of LTI) tied to relative TSR and Core EPS creates strong linkage to shareholder outcomes; 2021–2023 TSR and EPS PSU payouts (1.95x and 1.13x) demonstrate alignment .
- Retention risk and selling pressure: Retirement eligibility in 2024 and retirement‑vested RSUs ($2.0M credited) reduce equity acceleration dependence but could increase flexibility for exits; 2025 fire-related drawdown (~75% loss of intrinsic value in outstanding equity to Feb 28, 2025) heightens sensitivity to stock recovery and may temper near-term option exercises .
- Governance safeguards: Strong ownership guidelines (CFO 3× salary), hedging/pledging prohibitions, double‑trigger CIC equity, and 2.99× cap policy collectively mitigate misalignment and excessive severance risk .
- Compensation levels: Total 2024 reported compensation $4.50M with balanced cash/equity mix and modest annual bonus variability (2022–2024 bonus ~$0.74–$0.76M), suggesting stability amid regulatory utility context .
Citations embedded per cell/line:
- 8-K appointment/age: SEC 8-K (May 25, 2016).
- Biography/education/roles: Edison International leadership page.
- All compensation, grants, ownership, pension, severance: 2025 and 2024 DEF 14A sections cited above.