John Kenney
About John Kenney
John Kenney (year of birth: 1965) serves as President of the Allspring Utilities & High Income Fund (“ERH”) since 2025 and is also President of Allspring Funds Management, LLC since 2025; prior roles include Head of Strategic Initiatives at Allspring Global Investments (2022–2025), Independent Board Member for the Principal Funds (2020–2022), and senior strategy leadership roles at Legg Mason Global Asset Management (2014–2020) . ERH’s proxy states that the Fund’s principal executive officers (including the President) received no compensation or expense reimbursement from the Fund for the fiscal year ended August 31, 2025; officer pay is borne by Allspring Funds Management or its affiliates . Kenney executed ERH’s Form N‑PX as President on August 21, 2025, confirming his current role .
Past Roles
| Organization | Role | Years | Strategic Impact / Focus |
|---|---|---|---|
| Allspring Utilities & High Income Fund (ERH) | President | 2025–present | Chief executive officer of the Trust; general supervision of business and officers (per by‑laws) . |
| Allspring Funds Management, LLC | President | 2025–present | Executive leadership of the adviser to ERH . |
| Allspring Global Investments | Head of Strategic Initiatives | 2022–2025 | Led firm-level strategic initiatives . |
| Principal Funds | Independent Board Member | 2020–2022 | Governance oversight as an independent director . |
| Legg Mason Global Asset Management | EVP & Global Head of Affiliate Strategic Initiatives | 2015–2020 | Strategy across affiliate businesses . |
| Legg Mason Global Asset Management | Managing Director, Corporate Strategy & Business Development | 2014–2015 | Corporate strategy and BD leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Allspring Funds Management, LLC | President | 2025–present | Adviser to ERH . |
| Principal Funds | Independent Board Member | 2020–2022 | Independent director role . |
Fixed Compensation
| Component | FY Ended 8/31/2025 | Notes |
|---|---|---|
| Compensation paid by ERH (cash and equity) | $0 | The Fund’s principal executive officers received no compensation or expense reimbursement from ERH; officer pay borne by Allspring Funds Management or affiliates . |
The proxy does not disclose base salary, target bonus, or equity award details for Kenney at the adviser; these would reside with Allspring Funds Management’s policies, not ERH .
Performance Compensation
- Not disclosed at the ERH level; any incentive metrics (e.g., revenue growth, EBITDA, TSR, ESG goals) and payouts would be determined and paid by Allspring Funds Management, not the Fund .
Equity Ownership & Alignment
| Item | Detail | As of |
|---|---|---|
| Officers and Trustees (as a group) beneficial ownership of ERH shares | Less than 1% of outstanding Shares | 10/01/2025 |
| 5%+ Beneficial owners on Fund books/records | None | 10/01/2025 |
| Record holder concentration | Depository Trust Company owned of record approximately 100% of outstanding Shares | 10/01/2025 |
The proxy aggregates officer/trustee ownership and does not provide an individual line for Kenney; pledging/hedging policies or individual vested/unvested holdings are not detailed in ERH’s proxy .
Employment Terms
| Term/Clause | Disclosure | Implication |
|---|---|---|
| Appointment and tenure | Officers are chosen by the Trustees and serve at the pleasure of the Trustees; subordinate officers may be appointed; any number of offices may be held by the same person . | At‑will service under Board authority; flexible role configuration. |
| President’s authority | President is the chief executive officer, with general supervision, direction, and control of the Trust’s business and officers; presides at shareholder meetings or by designee . | Central operating authority and accountability. |
| Removal | Any officer may be removed, with or without cause, by the Trustees or by an authorized officer . | Low formal barriers to separation. |
| Resignation | Officers may resign via written notice; effective upon receipt or stated later time . | Standard resignation mechanics. |
| Post‑termination compensation | Except if expressly provided in a written agreement with the Trust, a resigning or removed officer has no right to compensation for periods after removal/resignation, nor to damages . | No automatic severance/change‑of‑control economics at the Fund level absent a separate agreement. |
Investment Implications
- Pay-for-performance transparency at ERH is limited: the Fund pays $0 to principal executive officers (including the President), with compensation borne by the adviser. This reduces direct visibility into Kenney’s salary/bonus/equity metrics from ERH filings and shifts alignment analysis to adviser-level policies .
- Ownership alignment at the Fund appears modest at the governance level (officers and trustees as a group own <1% of Shares), and the proxy lists no 5% beneficial owners on Fund books; DTC is record holder for ~100%, consistent with street name holdings. This constrains assessment of Kenney-specific “skin in the game” at ERH from public disclosure .
- Retention risk looks structurally at‑will at the Fund level: officers serve at the Board’s pleasure, can be removed without cause, and have no right to post‑termination pay absent a written agreement—suggesting minimal Fund‑level severance or change‑of‑control protection unless separately negotiated .
- Trading signal/vesting overhang: ERH filings do not disclose Kenney’s individual equity awards, vesting schedules, or 10b5‑1/Section 16 activity; the only recent Section 16 excerpt in the document set pertains to another person (a portfolio manager), limiting any read‑through on near‑term selling pressure specific to Kenney from Fund disclosures .
- Operational execution background is strategy‑heavy (Allspring/Legg Mason strategic initiatives; prior independent directorship), aligning with governance and corporate development skill sets pertinent to a closed‑end fund structure .