Lisa Barton
ALLIANT ENERGYAbout Lisa Barton
Lisa M. Barton, 59, is President and Chief Executive Officer of Alliant Energy (since January 2024) and CEO of IPL and WPL (since February 2023), with prior service as President and COO of Alliant Energy from February 2023 to January 2024; she brings extensive utility industry experience from senior roles at American Electric Power (AEP) across operations, utilities, and transmission . Under company performance frameworks relevant to her pay, Alliant’s 2022–2024 TSR ranked below the 40th percentile versus EEI peers (no payout) and three-year cumulative net income produced a 5.3% CAGR (94% payout of target); 2024 EXSTIP funded at 82% reflecting EPS slightly below target and mixed operating metrics . She is also a director of Alliant Energy (since 2024) and serves on the Equity Awards Committee; the Board moved to an independent Chair after the 2025 AGM, maintaining strong independence across key committees and executive sessions each regular meeting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alliant Energy | President & CEO | Jan 2024 – present | Leads strategy and execution across operational, financial, regulatory, and workforce initiatives during leadership transition to independent Board Chair . |
| Alliant Energy | President & COO | Feb 2023 – Jan 2024 | Drove customer-focused operations and performance; prepared CEO succession . |
| IPL and WPL | Chief Executive Officer | Feb 2023 – present | Oversees regulated utility subsidiaries, aligning reliability, safety, and environmental goals . |
| American Electric Power (AEP) | EVP & COO | Jan 2021 – Nov 2022 | Led utility operations with emphasis on reliability, safety, and transformation . |
| American Electric Power (AEP) | EVP — Utilities | Jan 2020 – Dec 2020 | Directed utility segment strategy and customer service metrics . |
| American Electric Power (AEP) | EVP — Transmission | 2011 – 2019 | Managed grid infrastructure and transmission growth initiatives . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Commercial Metals Company | Director | 2020 – present | Board oversight at steel manufacturer; enhances industrial/regulatory insight relevant to energy customers . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $825,000 | $1,075,000 (30.3% increase on promotion to CEO) |
| Target Annual Bonus (% of Salary) | 120% (as President/COO in 2023 context; see EXSTIP framework) | 125% (set upon CEO promotion) |
| Actual Annual Incentive ($) | $638,138 (paid for 2023 services) | $1,101,875 (paid for 2024 services; 82% pool) |
| Total CEO Reported Comp ($) | $5,712,727 (includes $1.7M sign-on) | $6,971,735 |
Notes: 2023 included a $1.7M cash signing bonus subject to three-year repayment if Barton terminates employment (recruitment/relocation, foregone compensation) .
Performance Compensation
Annual Incentive (EXSTIP) – 2024
| Metric | Weight | Target | Actual | Payout Contribution |
|---|---|---|---|---|
| Consolidated EPS (Adjusted) | 70% | Threshold $2.99 / Target $3.06 / Max $3.14 | $3.04 | 52% |
| Customer Interaction Survey | 5% | 8.61 | 8.51 | 4% |
| SAIDI (Reliability – Duration) | 5% | 84.2 | 85.3 | 5% |
| SAIFI (Reliability – Frequency) | 5% | 0.81 | 0.93 | 0% |
| Environmental (GHG progress) | 5% | 31% | 39% | 10% |
| Workforce Engagement – Succession | 2.5% | 75% | 77% | 4% |
| Workforce – Inclusive Slates | 2.5% | 75% | 74% | 2% |
| Safety – TRIR | 1.7% | 2.54 | 2.17 | 3% |
| Safety – LTIR | 1.7% | 0.48 | 0.53 | 0% |
| Safety – Timely Injury Reporting | 1.6% | 95% | 95% | 2% |
| Total Company Payout Pool | 100% | — | — | 82% |
Policies: EPS must meet threshold to fund any EXSTIP payout; maximum plan payout capped at 200% of target .
Long-Term Incentives (Granted 2024; 75% performance-based, 25% time-based)
| Grant Type | Grant Date | Threshold Units | Target Units | Max Units | Vesting/Performance |
|---|---|---|---|---|---|
| Performance Shares – TSR | Feb 15, 2024 | 16,325 | 32,650 | 65,300 | 3-year TSR vs EEI Stock Index; 0% below 40th percentile; 200% at 90th percentile . |
| Performance Shares – Net Income | Feb 15, 2024 | 16,325 | 32,650 | 65,300 | 3-year cumulative net income; target equals $2,483.7M total; 5.5% CAGR required for target . |
| Performance Shares – Workforce Composition | Feb 15, 2024 | 1,166 | 4,664 | 9,328 | 3-year targets for women and people of color representation; 200% cap; dividend equivalents paid only upon vesting . |
| Restricted Stock Units (time-based) | Feb 15, 2024 | — | 23,321 | — | Single installment after 3 years; double-trigger acceleration on CIC; dividend equivalents only upon vesting . |
Prior outcomes: 2022–2024 TSR award forfeited (below threshold); 2022–2024 net income award paid at 94%; workforce composition paid at 118% .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Direct/Indirect Shares) | 1,100 shares |
| Unvested RSUs | 56,610 units (counted separately from “beneficially owned” under SEC rules) |
| Total Economic Exposure | 57,710 (shares + RSUs) |
| Shares Outstanding (3/10/2025) | 256,866,523 |
| Ownership % of Outstanding | ~0.0004% (1,100 / 256,866,523) |
| Pledged Shares | None pledged |
| Insider Hedging/Pledging Policy | Hedging and pledging prohibited for insiders |
| Executive Ownership Guidelines | CEO: 6x base salary; five years to comply; retain 100% of after-tax vested equity until compliant |
| Compliance Status | On track for executives in role <5 years; current executives ≥5 years compliant |
As of 12/31/2024, outstanding unvested equity included multiple 2023 and 2024 performance and RSU grants with payout values calculated at $59.14 per share for reporting; no stock options outstanding .
Employment Terms
| Provision | Terms |
|---|---|
| Role Start Dates | CEO: Jan 1, 2024; CEO of IPL/WPL: Feb 2023; Director since 2024 . |
| Clawback | SEC/Nasdaq-compliant mandatory clawback for erroneously awarded incentive comp (3-year lookback); legacy clawback for restatements tied to misconduct; both apply to current/former executive officers . |
| Change-in-Control (KEESA) | Double-trigger; CEO cash termination payment = 2.99x (base + target bonus); equity vests per plan; life/medical/dental continuation up to two years; outplacement up to 10% of salary; no 280G tax gross-ups (better-of cutback vs full) . |
| Non-Compete/Confidentiality | Post-termination non-compete for 1 year; confidentiality for 5 years; waivable by CEO/Board per KEESA . |
| Executive Severance (non-CIC) | One year base salary; up to 18 months COBRA/retiree medical (6 months paid); outplacement/tuition up to $10,000; EAP access . |
| Deferred Compensation | AEDCP contributions in 2024: Exec $112,920; Company $31,115; balance $176,538; above-market interest $24 . |
| Perquisites (2024) | Annual physical, financial planning, LTD insurance; total $13,291 . |
Illustrative potential payouts for CEO as of 12/31/2024: CIC + termination total pre-tax $10,916,111; involuntary termination without cause $4,623,196; death/disability $8,684,354; components include cash termination payment $7,232,063 and equity acceleration as shown .
Board Governance
- Board Service: Director since 2024; term expires 2027; member of the Equity Awards Committee; the Equity Awards Committee has authority to approve certain limited equity issuances to employees other than executive officers, and Barton is the sole member .
- Independence and Leadership: At least 75% of Board members are independent; key committees (Audit, Compensation & Personnel, Nominating & Governance) consist solely of independent directors; independent Board Chair designated effective after the 2025 AGM; independent directors meet in executive session at every regular Board meeting .
- Meetings and Attendance: Seven Board meetings held in 2024; each director attended at least 75% of Board and committee meetings during their tenure; all directors present at the 2024 AGM .
Director Compensation
- As an employee-director, Barton received no additional director compensation; director fee schedule applies to non-employee directors only .
Compensation Peer Group and Say-on-Pay
- Compensation peer data blends general industry and utility companies; 20 utility peers used for 2024 benchmarking (e.g., CMS Energy, NiSource, WEC Energy, Pinnacle West, Evergy, Atmos, etc.) with mid-range financial scope positioning for Alliant Energy .
- 2024 Say-on-Pay approval exceeded 95%, with ongoing committee review to align with shareholder interests .
Equity Award Structure and Vesting Schedules
| Award | Vesting Schedule | Notes |
|---|---|---|
| Performance Shares (TSR, Net Income, Workforce) | 3-year performance period (2024–2026); payouts capped at 200% | Dividend equivalents accrue and are paid only upon vesting . |
| Restricted Stock Units | Single installment after 3 years (e.g., 2024 grant vests Dec 31, 2026) | Double-trigger CIC acceleration; dividends paid only upon vesting . |
| Outstanding 2023 Grants | Performance periods/vesting dates end Dec 31, 2025 (PRSU and PS tranches); RSUs vest Dec 31, 2025 | Values reported using $59.14 per share on 12/31/2024 . |
Investment Implications
- Alignment and Retention: Strong stock ownership requirements (CEO 6x salary), clawback policies, prohibition on hedging/pledging, and double-trigger CIC provisions all promote long-term alignment and prudent risk-taking; Barton holds modest direct shares (1,100) but significant unvested equity, with five-year runway to ownership compliance and retention levers through three-year vesting cycles .
- Performance Sensitivity: 2024 EXSTIP funded at 82% due to EPS modestly below target and mixed reliability metrics; 2022–2024 TSR forfeiture signals relative underperformance versus EEI utilities, while three-year net income growth was near target (94% payout), balancing financial trajectory with investor expectations .
- Selling Pressure: Upcoming vesting events in Dec 2025 and Dec 2026 for RSUs and performance shares could create periodic liquidity; insider trading policy and ownership retention requirements mitigate near-term selling risk; no pledged shares reduce forced-sale risk .
- Change-of-Control Economics: CEO CIC cash multiple of 2.99x base + target bonus and equity acceleration represent material payouts; double-trigger structure and absence of tax gross-ups are governance-friendly, but remain meaningful transaction incentives to factor into M&A scenarios and event risk pricing .
- Governance Safeguards: Independent Chair and fully independent key committees, plus executive sessions, mitigate dual-role concerns from CEO-director status; Barton’s Equity Awards Committee role is limited to non-executive equity issuances, reducing potential conflicts around named executive grants .
Pay-for-performance remains balanced but sensitive to EPS and relative TSR outcomes; monitor EEI peer-relative TSR trajectory, EXSTIP operational metrics (reliability, safety), and net income growth pacing to anticipate incentive realizations and potential share supply from vesting windows .