James W. Hunt, III
EVERSOURCE ENERGYAbout James W. Hunt, III
Executive Vice President, Corporate Relations & Sustainability; and Corporate Secretary at Eversource Energy. He has served as EVP since 2021 and Secretary since 2021, and is the signatory and contact for corporate governance filings as corporate Secretary . Year of birth: 1972 . Education includes a J.D. from Suffolk University Law School and a B.A. from the University of Massachusetts Amherst; career started in public-sector energy and environmental roles in Massachusetts and the City of Boston . Company performance context: 2024 Non-GAAP EPS rose 5.3% YoY; the 2022–2024 PSU program paid at 68% of target with bottom-quartile relative TSR, demonstrating pay-for-performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eversource Energy | EVP, Corporate Relations & Sustainability; Secretary | 2021–present | Oversees corporate relations, sustainability strategy; corporate Secretary since July 2021 . |
| Eversource Energy | SVP, Communications, External Affairs & Sustainability | 2019–2021 | Led external affairs and sustainability during portfolio transition . |
| Eversource Energy | SVP, Regulatory Affairs; Chief Communications Officer | 2016–2019 | Led regulatory strategy and communications . |
| Eversource Energy (formerly Northeast Utilities) | VP, Regulatory Affairs & Community Relations | 2012–2016 | Community and regulatory stakeholder engagement . |
| City of Boston | Chief of Environment & Energy | 2005–2012 | Advanced citywide energy policy; green building and code initiatives . |
| MA Executive Office of Environmental Affairs | Assistant Secretary (various) | 1998–2005 | Environmental review, government relations, legislative affairs . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various Greater Boston boards/tasks (selected) | Member/participant | n/a | Regional policy and community engagement in sustainability and energy . |
Fixed Compensation
| Year | Base Salary ($) | Target Annual Incentive ($) | Actual Annual Incentive Paid ($) | Notes |
|---|---|---|---|---|
| 2023 | 636,462 | 321,000 (2023 AIP target) | 368,000 | Committee set 2023 NEO payouts at 94% of target overall; CEO EPS component eliminated . |
Performance Compensation
- Long-Term Incentive structure:
- Performance Shares: 3-year programs measured on average diluted recurring EPS growth (absolute) and relative TSR vs. EEI Index; payout 0–200% of target .
- RSUs: time-based, vest in equal annual installments over 3 years .
- Recent outcomes:
- 2022–2024 PSU program vested at 68% of target (bottom-quartile relative TSR; realized value ~40% of grant-date value due to share price), evidencing downside risk to payouts .
- 2024 Annual Incentive (company-wide design affecting executives):
- Financial goals (70% weight): non-GAAP EPS, dividend growth, strategic/regulatory milestones; weighted financial result assessed at 76% .
- Operational goals (30% weight): reliability (MBI), restoration (SAIDI), safety (DART), gas emergency response, diverse leadership, sustainability ranking, customer initiatives, clean energy execution; weighted operational result 49%; overall 125% .
Detailed 2024 scorecard categories and assessments:
| Category | 2024 Goal | Company Performance | Assessment |
|---|---|---|---|
| Earnings Per Share (Financial 60%) | $4.52 EPS | Non-GAAP $4.57; Committee set payout at 75% acknowledging divestiture-related GAAP losses | 75% |
| Dividend Growth (Financial 10%) | Above industry median | +5.9% to $2.86; above EEI median 5.3% | 160% |
| Strategic/Regulatory (Financial 30%) | Multiple milestones | Offshore wind exit; Aquarion sale agreement; regulatory wins; ESMP approval | 160% |
| Reliability (MBI) | 17.7–19.7 months | 21.2 months; top decile | 190% |
| Restoration (SAIDI) | 62–74 minutes | 63.5 minutes; top decile | 185% |
| Safety (DART) | 0.85–1.30 | 0.76; above target | 170% |
| Gas Emergency Response | 96–98% on time | 98.1% | 175% |
| Sustainability Ranking | 81st–93rd percentile | 73.8%; below target | 70% |
| Enhance Customer Experience | Multiple milestones | AMI, OMNI Phase II, heat pump programs, comms | 140% |
| Clean Energy Execution | Multiple milestones | ESMP approval; geothermal pilot; DER; grants | 150% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (2/28/2024) | 30,304 shares (includes RSUs/deferred shares and 2,337 401(k) plan units) . |
| Unvested RSUs at 12/31/2023 | 4,056 units; vesting schedule included 1,467 on 2/15/2025 and 798 on 2/15/2026 (1,791 vested 2/15/2024) . |
| Unvested Performance Shares at 12/31/2023 | 16,114 target units under open PSU programs . |
| Ownership policy | Officers must meet ownership guidelines (EVPs: 3x base salary) and hold net shares until in compliance; all officers have satisfied or are expected to within timeframe . |
| Hedging/pledging | Prohibited (no hedging, pledging, short sales, margin accounts) . |
Vesting schedule signals: RSU vesting events in mid-February (annual cadence) can create event-driven liquidity/selling windows; Hunt had 1,467 RSUs scheduled for 2/15/2025 and 798 for 2/15/2026 .
Employment Terms
- Corporate Secretary duties: attend board/committee/shareholder meetings, give notice, maintain minutes .
- Severance programs (effective December 4, 2023):
- Change-in-control (double-trigger): for Senior Team executives (applies to EVP roles), 2.0x (salary + target AIP) cash; pro rata target AIP; full acceleration of unvested PSUs at target and RSUs; 2.0x continuation of healthcare benefits; outplacement; subject to a release; no excise tax gross-up .
- Involuntary termination not for cause: for Senior Team, 1.0x base salary cash; 1.0x continuation of healthcare; no AIP; unvested equity forfeited unless retirement-eligible; outplacement; subject to a release .
- Change-in-control structure across Eversource is explicitly double-trigger; broader executive clawback policy implemented in 2023 under SEC rules and expanded plan-level clawbacks for misconduct .
Performance & Track Record
- Capital reallocation and balance sheet: Completed divestiture of offshore wind investments; executed agreement to sell Aquarion water utility, pivoting to a pure-play regulated “pipes and wires” utility .
- Operational excellence: 2024 reliability (MBI) of 21.2 months and SAIDI 63.5 minutes—both top decile results; gas emergency on-time response 98.1% .
- Long-term incentive outcomes align with shareholder returns: 2022–2024 PSU payout 68% with bottom-quartile relative TSR; realized CEO PSU value example at ~40% of grant value underscores program rigor .
- Say-on-Pay support: 85.59% approval at the May 1, 2024 meeting, indicating broad shareholder support for the overall program design used for NEOs (Hunt was an NEO in 2023) .
Eversource revenues and EBITDA (context for performance metrics):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 12,289,336,000 | 11,910,705,000* | 11,900,809,000 |
| EBITDA ($) | 3,612,200,000* | 3,838,075,000* | 4,254,612,000* |
Values with an asterisk are retrieved from S&P Global.
Compensation Structure Analysis
- Mix and risk: Majority of compensation in at-risk equity; PSUs (75% of LTI) tied to EPS growth and relative TSR; RSUs vest over three years, reducing near-term risk but maintaining retention .
- Governance features: Double-trigger CIC; robust clawback; no hedging/pledging; no options repricing; executive share ownership and holding requirements .
- Discretion and calibration: Committee reduced EPS component payouts (e.g., 2024 EPS goal paid at 75%) when GAAP losses impacted shareholders, evidencing downward discretion and alignment .
Investment Implications
- Alignment: Strong ownership requirements (3x salary for EVPs), hold-until-compliant, and anti-hedging/pledging policies support shareholder alignment; no pledging-related overhang .
- Event-driven timing: RSU vesting each February can create modest, predictable selling windows; monitor Form 4s around mid-February for potential supply from vest-related sales (e.g., 2/15/2025 and 2/15/2026 RSU vests) .
- Retention risk: Under CIC, Hunt would be eligible for 2x salary+target bonus and equity acceleration (double-trigger); outside CIC, 1x salary cash only, indicating moderate retention incentives and not excessive golden parachutes .
- Pay-for-performance signal: Sub-target PSU payouts (68% for 2022–2024) and committee discretion on EPS factors indicate compensation is sensitive to shareholder outcomes and regulatory/portfolio transitions .
Sources within Eversource’s 2025 and 2024 Proxy Statements, governance 8-Ks, and company records were used throughout. Where noted, background and education rely on professional profiles.