Hyun Park
Senior Vice President, Chief Legal Officer at FE
Executive
About Hyun Park
Hyun Park is Senior Vice President and Chief Legal Officer at FirstEnergy, overseeing Legal, Internal Audit, and Ethics & Compliance; he joined FirstEnergy on January 11, 2021 after senior legal roles at PG&E, Allegheny Energy, Sithe Energies, LimNexus, and Latham & Watkins, and holds a JD from Harvard, an Oxford graduate degree in economics, and a BA from Columbia . GlobalData lists his age as 62 . During his tenure, FE’s long-term incentives use Operating EPS and Relative TSR; the 2022–2024 LTIP paid at 77% with Relative TSR at the 37th percentile and absolute TSR positive, indicating measured alignment to shareholder returns . Company milestones in 2024 included derisking 83% of rate base and an annual revenue increase of nearly $450 million from approved rate cases, supporting financial performance and capital plans .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FirstEnergy | SVP & Chief Legal Officer | 2021–present | Leads Legal, Internal Audit, Ethics & Compliance; governance and compliance strengthening post HB6 |
| LimNexus LLP | Partner & General Counsel | 2019–2020 | Crisis management, litigation, corporate transactions advisory |
| Latham & Watkins | Of Counsel (earlier Partner) | 2017–2019 (partner earlier) | Corporate governance, transactions; formative legal training and partnership |
| PG&E Corporation | SVP & General Counsel | 2006–2017 | Led all legal affairs including governance, SEC disclosure, litigation, regulatory matters |
| Allegheny Energy, Inc. | VP, General Counsel & Secretary | Prior to 2006 | Senior utility legal leadership |
| Sithe Energies, Inc. | SVP, General Counsel & Secretary | Prior to 2006 | Independent power producer legal leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| San Francisco–Marin Food Bank | Board Director | Prior years (listed) | Non-profit board service |
| Council of Korean Americans (CKA) | Member | Member since 2011 | Professional network membership |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Base) | Target Bonus ($) | Actual STIP Paid ($) |
|---|---|---|---|---|
| 2024 target schedule | $730,000 | 75% | $547,500 | n/a |
| 2024 actual reported | $735,616 | — | — | $0 (STIP pool not funded) |
| 2025 target schedule | $766,500 | 75% | $574,875 | n/a |
Performance Compensation
STIP Design and 2024 Outcomes
| Metric | Weight | Target | Actual | Payout Impact |
|---|---|---|---|---|
| Operating (non-GAAP) Earnings | 35% | $1,558mm | $1,514mm | Below threshold; gate not met → 0% STIP |
| Baseline O&M | 25% | $1,350mm | $1,287mm (stretch) | Met stretch but no payout due to gate |
| Operations Index (SAIDI/TOF/ECR/Env./EFOR) | 15% | 5.00 | 3.43 | Between threshold & target (no payout due to gate) |
| Safety – DART | 7.5% | 0.35 | 0.78 | Below threshold |
| Safety – LCE | 7.5% | 0 LCE = 200% / 1 LCE = 0% | 1 LCE | 0% |
| Human Capital & Inclusion Index | 10% | 2.00 | 2.78 | Between target & stretch (no payout due to gate) |
Result: 2024 STIP payout for Park = $0; Operating Earnings threshold not met . Ethics & Compliance modifier applies only as downward adjustment when warranted .
LTIP Structure and Park’s Awards
| LTIP Cycle | KPI | Weight | Goal Range | Outcome | Payout/Units |
|---|---|---|---|---|---|
| 2024–2026 | Cumulative Operating EPS | 65% | $8.16 / $8.73 / $9.03 (T/S) | In progress | Awards granted Mar 1, 2024 |
| 2024–2026 | Relative TSR vs S&P 500 Utilities | 35% | 25th / 50th / 85th percentile (T/S) | In progress | Absolute TSR cap at 100% if negative |
| 2022–2024 | Cumulative Operating EPS | 65% | $7.11 / $7.72 / $8.06 | $7.60 (85%) | Contributed to 77% overall payout |
| 2022–2024 | Relative TSR vs S&P 500 Utilities | 35% | 25th / 50th / 85th percentile | 37th percentile (61%) | 77% overall payout; absolute TSR cap not triggered |
Park’s realized LTIP vestings:
- 2021 RSUs vested in 2024: 61,828 shares; cash-based value $1,122,321; stock-based value $2,244,666 .
- 2022–2024 cycle paid in 2025: 21,993 shares and $421,760 to Park .
Park’s 2024 LTIP grants (grant date March 1, 2024):
| Component | Threshold Units | Target Units | Max Units | Grant-date Fair Value ($) |
|---|---|---|---|---|
| Performance-adjusted RSUs – Stock | 7,541 | 30,162 | 60,324 | $1,089,930 |
| Performance-adjusted RSUs – Cash | 3,770 | 15,081 | 30,161 | $544,949 |
2025 LTIP design change: 60% performance-based stock RSUs and 40% time-based stock RSUs; metrics remain 65% Core EPS and 35% Relative TSR; absolute TSR cap retained; cash-settlement eliminated .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 67,452 FE shares; <1% of class |
| Stock ownership guideline | 3x base salary for Park |
| Compliance status & deadline | Not yet met; deadline January 11, 2026 |
| Anti-hedging/anti-pledging | No executive hedging or pledging permitted |
| Deferred comp status | No EDCP balance as of 12/31/2024 |
Outstanding equity awards at 12/31/2024 (unvested/unearned):
| Grant Type | Units Not Vested (#) | Market Value ($) | Unearned Units (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 2022 RSUs – Stock | 21,752 | $865,295 | — | — |
| 2022 RSUs – Cash | 10,876 | $432,647 | — | — |
| 2023 RSUs – Stock | — | — | 30,267 | $1,204,021 |
| 2023 RSUs – Cash | — | — | 15,134 | $602,031 |
| 2024 RSUs – Stock | — | — | 31,088 | $1,236,681 |
| 2024 RSUs – Cash | — | — | 15,544 | $618,340 |
Employment Terms
| Term | Provision |
|---|---|
| Start date | January 11, 2021 |
| Employment agreements | None; company does not use executive employment agreements |
| Severance plan (involuntary) | Executive Severance Plan: 3 weeks of base pay per year of service; min 52 weeks, max 104 weeks. Lump sum for Park would have been $730,000 at 12/31/2024 . |
| Change-in-control (CIC) economics | Double trigger; 2x base salary + target STIP; for Park: $2,555,000; accelerated vesting of equity per plan; no excise tax gross-up; 2-year non-compete if CIC benefits accepted; health coverage 2 years; outplacement up to $30,000 . |
| LTIP and other awards under termination | Estimated LTIP/other award values payable under scenarios for Park: Involuntary separation $3,210,914; Death $3,210,914; Disability $3,210,914; CIC termination $3,210,914 (proration/target assumptions per table) . |
| Clawbacks | Two clawback policies: mandatory recoupment for financial restatements for current/former Section 16 officers; and provisions for financial/reputational harm and detrimental activity covering time- and performance-based awards . |
| Ownership guidelines compliance window | Park has until January 11, 2026 to meet 3x salary guideline . |
| Perquisites | 2024 perqs for Park: 401(k) match, health contribution, charitable match, liability and life insurance; no personal aircraft usage reported; total $14,775 . New 2025 perqs approved: Executive Physical and Executive Wealth Services . |
| Deferred compensation | EDCP available; Park had no contributions/balance in 2024 . |
| Pension | Present value of accumulated benefit $339,350 (qualified + cash balance restoration); additional $275,000 credit to Cash Balance Restoration Plan after five years of continuous employment (retention feature) . |
Investment Implications
- Pay-for-performance is enforced: Park’s 2024 STIP paid 0% for all NEOs due to Operating Earnings below threshold, despite strong O&M performance—lower near-term cash comp reduces selling pressure and underscores discipline .
- Equity alignment with retention: Significant unvested performance-based RSUs and new 2025 addition of time-based stock RSUs increase holding power; anti-hedging/anti-pledging policy eliminates misalignment risk .
- CIC/severance risk bounded: CIC cash multiple fixed at 2x salary+target STIP with double-trigger and no gross-up, and a 2-year non-compete, limiting change-of-control windfalls; involuntary severance capped by policy and shareholder-approved limit (≤2.99x cash severance policy) .
- Ownership guideline not yet met: Park must reach 3x base salary by January 11, 2026; current beneficial ownership is 67,452 shares (<1% of class), with additional unvested awards pending—monitor for Form 4 activity around vesting dates (March cycles) .
- Compliance and governance experience: Background in crisis management and utility regulation aligns with FE’s post-HB6 governance enhancements and legal resolutions, reducing execution risk in compliance domains .