Tamla Olivier
EXELONAbout Tamla Olivier
Tamla A. Olivier is President and Chief Executive Officer of Baltimore Gas and Electric Company (BGE), effective May 1, 2025, after serving as Chief Operating Officer of Pepco Holdings (PHI) since 2021 . She is 52 years old, a graduate of Cornell University’s School of Industrial and Labor Relations, and previously led BGE’s Customer Operations as SVP and Constellation’s BGE Home as President & CEO . Under her leadership track at PHI, utilities achieved record reliability and delivered major infrastructure upgrades; early BGE tenure focused on customer-centered strategy and equitable access to programs . In BGE’s latest reported quarter, GAAP net income rose to $82 million from $45 million year over year, reflecting updated recovery of investments and lower storm costs—indicative of operational and regulatory execution tailwinds she now inherits as CEO . At the Exelon enterprise level, executive incentives are tied to rigorous AIP and LTIP metrics; 2024 AIP achieved a 136.64% payout factor and the 2022–2024 LTIP cycle paid out 83.76% after a negative TSR modifier versus UTY, contextualizing pay-for-performance alignment during her executive tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pepco Holdings (PHI: Pepco, DPL, ACE) | Senior Vice President & Chief Operating Officer | 2021–2025 | Led overall operations; achieved record reliability; delivered Pepco Waterfront substation and Delmarva Indian River transmission project . |
| BGE | Senior Vice President, Customer Operations & Chief Customer Officer | 2020–2021 | Executed customer-centered strategy and equitable access initiatives across Exelon utilities . |
| Constellation NewEnergy/BGE Home | President & CEO, BGE Home; Senior leadership roles | ~2016–2020 | Led one of the largest home energy service operations; expanded services and customer support . |
| Constellation | Executive Director, Human Resources | 2010 onward (earlier career) | Senior HR leadership enabling talent strategy . |
| T. Rowe Price; United Defense; Wells Fargo | HR and organizational development roles | Pre-2010 | Built foundational expertise in HR and organizational leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| MedStar Health | Board Member; QSPAC and Finance Committees | Current | Health system board and committee service . |
| Century Aluminum | Board Member | Current | Public company directorship (noted in DEF 14A reference via Equilar) . |
| Baltimore’s Promise | Board Member | Current | Community impact organization . |
| Catholic Charities of Maryland | Vice-Chair; Executive/Nominating/Steering Committees | Current | Regional civic leadership . |
Fixed Compensation
- Exelon executive program structure: base salary plus performance-based annual and long-term incentives; perquisites are limited but include personal financial planning, physical exams, corporate aircraft personal use (CEO capped at lesser of 100 hours or $300,000 in 2024), company cars/driver services, and relocation benefits; hedging and pledging of company stock are prohibited .
- Market-competitive salary reviews occur annually; TMCC approved 3–7% salary increases for NEOs in Jan 2024; CEO compensation approved by independent directors; non-CEO executive compensation recommended by CEO and approved by TMCC .
Note: Ms. Olivier’s individual base salary and perquisite amounts are not disclosed in Exelon’s DEF 14A; BGE CEO compensation is not itemized among Exelon NEOs. Program terms above govern executive roles at Exelon companies .
Performance Compensation
Annual Incentive Program (AIP) – Enterprise Design and 2024 Results
| Metric | Weight | Target | Actual | Payout Factor Contribution |
|---|---|---|---|---|
| Adjusted (non-GAAP) Operating EPS ($/share) | 60% | $2.45 | $2.50 | 96.67% |
| SAIDI (minutes) | 15% | 43 | 44 | 14.76% |
| SAIFI (events) | 15% | 0.54 | 0.51 | 17.81% |
| Customer Satisfaction Index (score) | 10% | 8.02 | 7.89 | 7.40% |
| Responsible Business Modifier | ±10% | n/a | 100% applied (no adjustment) | 0% change |
| Final AIP Performance Factor | — | — | — | 136.64% |
Design: AIP metrics and weights apply to Exelon executive officers; payouts range 0–200% of target; targets set with rigor aligned to guidance and top quartile operational standards . Note: Ms. Olivier’s individual AIP payout is not disclosed; the above reflects Exelon’s 2024 enterprise AIP results .
Long-Term Incentive Program (LTIP) – 2022–2024 Cycle
| LTIP Metric | Threshold (50%) | Target (100%) | Distinguished (150%) | Actual | Performance vs Target | Weight |
|---|---|---|---|---|---|---|
| Utility Earned ROE (%) | 8.3% | 9.2% | 10.1% | 9.3% | 103.96% | 33.3% |
| Utility Net Income ($M) | 6,457 | 7,174 | 7,891 | 7,123 | 96.45% | 33.3% |
| Exelon CFO/Debt (%) | ≥12.0–<12.5 | ≥13.0–<14.0 | ≥15.0 | 12.9% | 75.00% | 33.4% |
| 3-Year TSR Modifier vs UTY | — | — | — | EXC 1.78%; UTY 10.52% | Modifier = −8.74% | Applied to total |
| Final Performance Factor | — | — | — | 91.79% | After TSR modifier: 83.76% | — |
Payouts settled 50% in stock and 50% in cash, with 100% in cash for executives exceeding 200% ownership requirement as of June 30, 2024; beginning with the 2024–2026 cycle, PSUs will be paid entirely in shares .
LTIP Structure and Vesting
- LTIP mix: 67% Performance Share Units (PSUs); 33% Restricted Stock Units (RSUs). RSUs vest one-third per year over three years; PSUs measured over three years on Utility Earned ROE, Exelon Net Income (adjusted), and Exelon CFO/Debt, subject to TSR modifier vs UTY .
- RSU dividend equivalents accrue and reinvest, subject to RSU vesting; representative RSU tranches vest at TMCC’s first regular meeting dates annually (e.g., Jan 29, 2024 for 2021–2023 grant tranches) .
Equity Ownership & Alignment
| Topic | Policy/Status |
|---|---|
| Stock ownership guidelines | Executives VP+ must own multiples of salary (e.g., CEO 6x; CFO 3x; others typically 3x) within 5 years; ownership types counted include RSUs, shares held in plans, and directly/indirectly owned shares; PSUs do not count toward requirement . |
| Hedging and pledging | Hedging, pledging, short sales, and derivatives involving Exelon stock are prohibited for directors and employees (including officers) . |
| Options | No stock options outstanding and none granted since 2012 . |
| Beneficial ownership | Directors and executive officers as a group own <1% of shares; none pledged . |
Note: Ms. Olivier’s individual share ownership and guideline compliance status are not listed in the proxy’s NEO table; she is included within the “directors and executive officers as a group” disclosure .
Employment Terms
- Employment status: At-will; no guaranteed minimum AIP or LTIP payouts; no excise tax gross-ups; double-trigger change-in-control; no option repricing/buyouts; clawback policy applies to incentive compensation .
- Severance (Senior Management Severance Plan, SMSP): Upon involuntary termination (other than for cause) or resignation for good reason, executives receive continued payment of base salary and target AIP for 24 months, plus prorated AIP for year of termination; health and welfare continuation; outplacement/financial planning; equity treatment per table (RSUs prorated vest; PSUs prorated based on actual performance) .
- Change in control (CIC): If terminated without cause or resign for good reason within 90 days pre- or 24 months post-CIC, continued payment of base salary and target AIP for 2.99 years, health and welfare coverage, SMRP enhancements if eligible, and vesting of unvested RSUs and PSUs based on actual or deemed performance; payments are double-trigger (no single-trigger benefits) .
- Equity award treatment at termination: Detailed treatment for RSUs/PSUs across retirement, disability, death, voluntary, involuntary, and CIC scenarios as outlined in proxy tables .
Note: Terms above reflect Exelon executive policies applicable to officers; Ms. Olivier’s role as BGE CEO is subject to these frameworks. Her specific severance multiples are per SMSP/CIC program terms (24 months; 2.99 years under CIC) .
Investment Implications
- Pay-for-performance alignment: Executive incentives tightly link to enterprise EPS, reliability (SAIDI/SAIFI), customer satisfaction, and multi-year utility ROE, net income, and CFO/Debt—supporting regulated utility value drivers and credit quality. The 2024 AIP factor of 136.64% and 2022–2024 LTIP payout of 83.76% (with negative TSR modifier vs UTY) demonstrate rigor and balanced outcomes across financial and operational metrics .
- Alignment and risk: Strong ownership requirements, prohibition on hedging/pledging, clawback policies, and double-trigger CIC reduce misalignment risks; absence of stock options removes repricing risk; no tax gross-ups align with shareholder-friendly governance .
- Retention and succession: SMSP/CIC frameworks provide retention while limiting single-trigger payouts; Olivier’s operational track record at PHI and customer-centric focus at BGE lowers execution risk for reliability and rate base growth initiatives amid Exelon’s $38B four-year investment plan and 5–7% EPS growth outlook through 2028 .
- Near-term signals: BGE’s Y/Y net income increase and approved transmission/gas rate structures underpin earnings trajectory; insider pledging risk is minimal per group disclosure; monitor future proxies for Olivier-specific compensation, ownership compliance, and Form 4 activity to assess selling pressure .