Armando Pimentel, Jr.
President and Chief Executive Officer, Florida Power & Light Company at NEE
Executive
About Armando Pimentel, Jr.
President and CEO of Florida Power & Light (FPL) since February 15, 2023; rejoined NextEra Energy (NEE) on January 25, 2023. Previously NEER CEO (2011–2019), NEE EVP & CFO (2008–2011), President/Director at NextEra Energy Partners; earlier a Deloitte & Touche partner and SEC Office of the Chief Accountant fellow. Education: B.S. in Accounting, Florida State University; served as a public company director at Ameriprise Financial (director since 2022). NEE’s compensation program benchmarks to adjusted EPS growth and adjusted ROE; 2024 results included adjusted earnings $7.063B, adjusted EPS $3.43, adjusted ROE 14.7%, and 10-year TSR of 248%, providing context for performance-linked pay and long-term incentives during his tenure at FPL .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NextEra Energy Resources (NEER) | President & CEO | Oct 2011–Mar 2019 | Led largest three-year capex/recycling programs, doubled renewables backlog; core track record in origination and execution . |
| NextEra Energy (NEE) | EVP, Finance & CFO | May 2008–Oct 2011 | Financial leadership, capital markets, risk oversight across NEE/FPL . |
| NextEra Energy Partners (NEP) | President; Director | Jun 2014–Mar 2019 | Governance and operations at yieldco; long-term cash flow focus . |
| Deloitte & Touche | Partner | Prior to NEE | Public-company audit leadership; controls and disclosure expertise . |
| U.S. SEC (Office of Chief Accountant) | Accounting Fellow | Prior to NEE | Policy and standards exposure; strengthens technical accounting rigor . |
External Roles
| Organization | Role | Years | Committees/Scope |
|---|---|---|---|
| Ameriprise Financial (AMP) | Independent Director | Since 2022 | Audit & Risk; Compensation & Benefits; governance and finance oversight . |
| Energy Insurance Mutual | Director | 2016–2020 | Insurance governance for energy sector risks . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 896,154 | 1,000,000 |
| Non-Equity Incentive (Annual Bonus) ($) | 1,840,000 | 1,970,000 |
| All Other Compensation ($) | 235,316 | 289,155 |
| Change in Pension Value ($) | 117,429 | 359,127 |
| Total Compensation ($) | 10,563,407 | 11,351,157 |
Notes:
- No separate “bonus” line item reported for 2023–2024; annual incentive is paid as Non-Equity Incentive Compensation .
- 2024 base salaries held flat company-wide for NEOs; Pimentel’s 2024 base set at $1,000,000 .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual 2024 | Payout |
|---|---|---|---|---|---|
| Annual Incentive | Financial: Adjusted ROE | 25% of total (half of 50% financial) | Top-tricile vs S&P 500 Utilities 10-yr averages | 14.7% (top-tricile) | 2.00 factor; contributes to 181% total payout |
| Annual Incentive | Financial: Adjusted EPS Growth | 25% of total (half of 50% financial) | Top-tricile vs S&P 500 Utilities 10-yr averages | 8.2% (top-tricile) | Included in 181% total payout |
| Annual Incentive | Operational (FPL/NEER blend) | 50% total | Industry top-decile targets | FPL 1.65; NEER 1.59; blended 1.62 | Included in 181% total payout |
| Performance Share Awards (PSAs) 2022–2024 | 3-yr Adjusted ROE & Adjusted EPS Growth | 80% | Above industry median over 10-yr comp window | Top-tricile achieved | 2.00 factor before TSR modifier |
| PSAs 2022–2024 | Operational (safety, nuclear, outage, reliability) | 20% | Industry-leading outcomes | 1.90 factor | Contributes to base factor |
| PSAs 2022–2024 | TSR Modifier | ±20% | Relative TSR vs top ten power cos by market cap | 25th percentile → -20% | Final PSA payout 158% |
Vesting and award design:
- PSAs: 3-year performance period; vest after three years, modified by relative TSR .
- Performance-based restricted stock: vests ratably over 3 years, contingent annually on adjusted earnings goal .
- Stock options: 10-year term; minimum full vesting period generally three years .
Equity Ownership & Alignment
| Category | Value | As Of |
|---|---|---|
| Shares Owned | 173,110 | Mar 25, 2025 |
| Shares Acquirable Within 60 Days (Options/rights) | 541,552 | Mar 25, 2025 |
| Total Beneficial Ownership | 714,662 | Mar 25, 2025 |
| Phantom/Deferred Shares (SERP) | 2,226 | Mar 25, 2025 |
| Shares Pledged as Collateral | None (Company-wide statement) | Mar 25, 2025 |
Ownership policies:
- Stock ownership guidelines: CEO 7x salary; senior executives 3x salary; directors 7x cash retainer .
- Anti-hedging and anti-pledging policies; short sales and margin accounts prohibited .
- Required post-vesting retention: NEOs must hold both NEE and XPLR performance-based restricted stock for two years after vesting; unvested equity does not count toward ownership requirements .
Employment Terms
| Term | Detail |
|---|---|
| Current Role Start | Rejoined NEE Jan 25, 2023; appointed FPL CEO Feb 15, 2023 . |
| Trading Policy | NEOs required to use Rule 10b5-1 plans with minimum waiting periods for trades; robust insider trading compliance . |
| Clawback | Recoupment policy aligned with NYSE rules; recovery of certain executive pay . |
| Non-Compete/Non-Solicit | All equity award agreements include non-solicitation and non-compete provisions during employment and for two years post-termination; non-disparagement included . |
| Severance Plan | If involuntarily terminated without Cause (outside retention agreements) → cash severance equal to 2x base salary + 2x target annual incentive (paid over two years); pro rata vesting of outstanding equity payable at end of performance periods; outplacement benefits; capped at 6x average of last 3 years’ base + annual incentive; requires release and Non-Competition Agreement . |
| Change-in-Control Practices | No single-trigger CIC provisions in agreements entered into since 2021; no excise tax gross-ups; equity typically double-trigger based on plan terms . |
Potential severance amounts (illustrative, as of 12/31/2024):
| Payment Type | Armando Pimentel ($) |
|---|---|
| Cash Severance | 4,000,000 |
| Performance Share Awards | 4,149,060 |
| Restricted Stock Awards | 1,394,660 |
| Stock Option Awards | 820,920 |
| Executive Transition Awards | — (none) |
| Outplacement/Perquisites | 35,000 |
| Total | 10,399,640 |
Retirement eligibility note:
- As of 12/31/2024, Pimentel was of an age eligible for consideration for an approved early retirement, but the Compensation Committee did not approve early retirement; if approved, certain awards would continue to vest or vest per terms; illustrative continuing/vesting values cited in proxy .
Investment Implications
- Pay-for-performance alignment: Majority of compensation is equity and performance-based, with rigorous financial (adjusted ROE, EPS growth) and operational metrics; 2024 annual incentive paid at 181%, and 2022–2024 PSAs at 158% after TSR modifier, indicating upside tied to execution and relative performance .
- Retention risk: Retirement eligibility flagged but not approved; severance plan includes robust non-compete/non-solicit covenants and pro rata vesting, reducing immediate exit incentives while securing post-termination protections .
- Insider selling pressure: Large “acquirable within 60 days” balance (541,552) could create episodic selling over time, but 10b5-1 plan requirements, anti-hedging/pledging policies, and two-year post-vesting holding requirements mitigate near-term pressure and encourage alignment .
- Governance quality: No single-trigger CIC, no excise tax gross-ups, strong clawback and ownership guidelines, independent compensation consultant (FW Cook) and peer benchmarking support disciplined incentives and lower red-flag risk .
- Performance context: FPL operational metrics were top-tier in 2024; NEE multi-year TSR and adjusted ROE/EPS growth underpin the incentive architecture. However, 3-year TSR lagged indices (negative), which appropriately reduced long-term payouts via the TSR modifier—demonstrating balance in outcomes .