David Bonenberger
Executive Vice President and Chief Operating Officer-Utilities at PPL
Executive
About David Bonenberger
David J. Bonenberger is Executive Vice President and Chief Operating Officer–Utilities at PPL, effective April 4, 2025, following PPL’s leadership reorganization that split enterprise operations between Utilities COO (Bonenberger) and Engineering, Construction & Generation EVP (Lonnie Bellar) . He is 63 and has been with PPL since 1984 in progressively senior operating roles across distribution, transmission, integration and subsidiary leadership, including President of Rhode Island Energy (RIE) . During 2024, PPL delivered ongoing EPS of $1.69, a >7% dividend increase, and ~20% stock price appreciation, underpinning pay-for-performance structures and long-term incentive payouts tied to TSR, earnings growth (EG), and sustainability (LTS) metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PPL Services | SVP & Chief Operating Officer–Utilities | Mar 2024 – present | Enterprise utility operations and customer service across PA, KY, RI, VA; responsibilities elevated to EVP COO–Utilities effective Apr 4, 2025 |
| Rhode Island Energy (PPL subsidiary) | President | May 2022 – Mar 2024 | Led RIE operations through systems integration; PPL completed TSA exit and integration milestones in 2024 |
| PPL Services | VP – Operations Integration | Apr 2021 – present | Oversaw multi-phase integration program post-RIE acquisition; supported OnePPL operating model |
| PPL Electric Utilities | VP – Transmission & Substations | Jan 2018 – Apr 2021 | Advanced grid modernization, reliability and automation efforts consistent with top-quartile SAIFI targets |
| PPL Electric Utilities | VP – Distribution Operations | Dec 2017 – Jul 2021 | Drove operational excellence initiatives underpinning non-storm reliability goals |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or public company board roles disclosed in executive officer biographies reviewed |
Fixed Compensation
- PPL discloses no individual salary/bonus amounts for Bonenberger in 2024–2025 proxies; he was not a Named Executive Officer (NEO) in those years. Program-level features for executive officers include annual salary review by the People & Compensation Committee (PCC) with market data input and performance/experience considerations .
Performance Compensation
- PPL’s executive incentive framework (NEO-level, which EVP roles are generally aligned to) combines annual cash incentives and long-term equity (80% performance units; 20% RSUs) .
| Component | Metric | Weighting | Target/Measurement | 2023/2024 Outcomes | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (illustrative 2023) | Corporate EPS | 65% (CEO/CFO/COO/CLO) | Target $1.58; actual $1.60; payout factor 116.67% | Company-wide NEO annual cash awards ~134% of target (2023) | 1-year measurement |
| Annual Cash Incentive (illustrative 2023) | TSA Execution (RIE integration) | 15% | 5 critical applications integrated by Dec 2023; achieved by Oct 2023; adjusted attainment 175% | Included in ~134% average payout (2023) | 1-year measurement |
| Annual Cash Incentive (illustrative 2023) | Corporate Operational Goals | 10% | Weighted LKE/PPL Electric/RIE operational KPIs; corporate goal score 139.50% (after -5% discretion) | Included in ~134% average payout (2023) | 1-year measurement |
| LTI Performance Units | Relative TSR | 50% of PU | 3-year TSR vs UTY (2023 awards) and vs compensation peer group (2024 awards) | 2022–2024 TSR PUs paid at 157% of target | 3-year; payout 0–200%; dividends accrue as units |
| LTI Performance Units | Earnings Growth (EG) | 25% of PU | 3-year CAGR vs mid-point of ongoing EPS guidance baseline | 2022–2024 EG PUs paid at 146% of target | 3-year; payout 0–200%; dividends accrue |
| LTI Performance Units | Long-Term Sustainability (LTS) | 25% of PU | 3-year measures incl. safety and building energy reductions | 2022–2024 LTS PUs paid at 196% of target | 3-year; payout 0–200%; dividends accrue |
| LTI RSUs | Time-based | 20% of LTI | 3-year time vesting; dividends accrue as additional RSUs (payable at vest) | Company-level vesting per grants; no options outstanding | 3-year restriction; convert to shares at vest |
Note: Weightings and outcomes shown are company-level disclosures for NEOs; Bonenberger’s individual targets/payouts are not disclosed. Framework applies to executive officers broadly .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Executive equity ownership guidelines | EVP-level executives must hold PPL stock equal to 3× base salary within 5 years at level; retention and sale restrictions apply if below guideline |
| Anti-hedging/anti-pledging | Policy prohibits hedging and pledging of PPL stock by officers and directors |
| Rule 10b5-1 trading plan | Bonenberger adopted a plan on Aug 15, 2024 to sell up to 26,973 shares (plus dividend equivalents), terminating on Aug 8, 2025 or completion; indicates systematic selling cadence that may create modest near-term supply |
| Options | PPL has no options outstanding; no option grants since 2013 (reduces repricing risk) |
| RSU vesting cadence | RSUs vest on 3rd anniversary of grant; dividends accrue as additional RSUs payable at vest |
| Performance unit settlement | PUs settle in shares after PCC certifies 3-year goal achievement; dividends accrue as additional units |
Employment Terms
| Term | Bonenberger-Specific and Company Policy |
|---|---|
| Employment agreement | PPL does not use employment agreements for executive officers |
| Change-in-control (CIC) protection | Bonenberger is party to PPL’s form of CIC Severance Protection Agreement (double trigger; form filed) |
| Severance plan (non-CIC) | Executive Severance Plan governs involuntary terminations not for cause; a 2025 separation agreement for former COO (Sullivan) provided 2 years’ base salary, pro-rata STI, post-termination equity treatment per plan; Bonenberger’s severance terms are not disclosed |
| Clawback | NYSE-compliant compensation recoupment (clawback) policy in place |
| Non-compete/solicit | Not specifically disclosed for Bonenberger; separation agreements include restrictive covenants (e.g., Sullivan’s agreement) |
Performance & Track Record
- Led operations integration at RIE, contributing to PPL’s successful exit from transition services and completion of integration milestones in 2024 .
- Advanced OnePPL operating design and utility-of-the-future initiatives, including grid hardening, smart grid deployment, and digital transformation across utilities .
- Company-level 2024 results: ongoing EPS $1.69, dividend +>7%, stock +~20% (among best-performing regulated utilities), >$3B infrastructure investments, top-quartile reliability; supports strong incentive payouts .
Risk Indicators & Red Flags
- Insider selling pressure: A Rule 10b5-1 plan provides for sales up to 26,973 shares through Aug 2025; indicates scheduled, defensible selling but adds modest overhang .
- Hedging/pledging risk: Prohibited by policy (mitigates alignment concerns) .
- Related-party transactions: None involving directors or executive officers per policy review .
- Section 16 reporting: A technical misfiling in Jan 2024 (filed under subsidiary) was corrected on Mar 5, 2024; Bonenberger was among affected executives (administrative issue) .
Compensation Peer Group & Shareholder Sentiment
- Compensation peer group: Adopted for 2024 (16 regulated utilities); TSR awards aligned to the comp peer group starting in 2024 .
- Say-on-pay: 96% approval for 2023 NEO compensation; indicates strong shareholder support for pay design .
Investment Implications
- Alignment: EVP-level 3× salary ownership guidelines plus prohibited hedging/pledging and performance-heavy LTI structure (TSR/EG/LTS) support pay-for-performance and long-term alignment .
- Selling overhang: The 10b5-1 plan schedules sales into Aug 2025, creating predictable supply; monitor Form 4s and plan execution cadence for near-term pressure around vest dates .
- Retention: No employment agreement and standard double-trigger CIC terms suggest market-standard protections with mobility; continued leadership role in utility operations integral to executing data center load growth and reliability initiatives disclosed by PPL .
- Governance: Strong clawback, anti-hedge/pledge, and PCC oversight with independent consultant reduce compensation risk; high say-on-pay support lowers governance overhang .
Sources: PPL 2025/2024 definitive proxy statements, PPL press releases, 10-K/10-Q exhibits and disclosures as cited above.