TXNM Energy Inc. appoints new General Counsel

TXNM Energy Inc., an electric services company based in Albuquerque, New Mexico, has announced the appointment of Brian G. Iverson as the new General Counsel, Senior Vice President Regulatory and Public Policy, and Corporate Secretary. The company disclosed this development in a recent filing with the Securities and Exchange Commission dated today, Monday.

Iverson, bringing over 20 years of experience from his tenure at Black Hills (NYSE:) Corporation, will assume his new role at TXNM Energy no later than September 16, 2024. His responsibilities will include overseeing the legal team, as well as the Regulatory, Public Policy, and Supply Chain teams.

The transition comes as Patrick Apodaca, the current Senior Vice President and General Counsel, announced his retirement effective the same date Iverson starts. Apodaca’s departure follows a career dedicated to the company, with his retirement date set to ensure a smooth handover.

According to the filing, Iverson will receive an annual base salary of $450,000 and will be eligible for a target annual cash incentive award of 70% of his base salary. He will also have the opportunity for an annual long-term incentive award of 135% of his base salary. In addition to his compensation, Iverson will receive a one-time sign-on cash bonus of $30,000 and a one-time sign-on equity grant of restricted stock rights valued at $400,000. Half of this equity grant will vest immediately, with the remainder vesting on the first anniversary of his start date, contingent upon his continued employment with TXNM Energy.

In other recent news, TXNM Energy, previously PNM Resources, announced a change in its company name, with no significant structural or organizational changes. The company, in its second quarter 2024 earnings call, reported earnings per share of $0.60 and confirmed its guidance range of $2.65 to $2.75 per share for the year. Notably, TXNM Energy is preparing for robust infrastructure investments in Texas and New Mexico, with a resiliency plan estimated at $600 million.

InvestingPro Insights

As TXNM Energy Inc. prepares to welcome Brian G. Iverson into its executive team, the company’s financial health and market performance remain integral to investors. According to InvestingPro data, TXNM Energy has a market capitalization of $3.61 billion, reflecting its substantial presence in the electric services sector. The company’s P/E ratio stands at 42.82, suggesting a higher valuation relative to earnings compared to some industry peers. While the company’s revenue has seen a decline over the last twelve months by 20.8%, its dividend yield is currently at an attractive 3.81%, which is noteworthy for income-focused investors.

Two InvestingPro Tips highlight TXNM’s financial position: the company has maintained dividend payments for 29 consecutive years, signaling a strong commitment to returning value to shareholders. Additionally, analysts predict the company will be profitable this year, which could be a reassuring sign for stakeholders amidst the revenue downturn. For a more comprehensive analysis, including additional InvestingPro Tips, investors can visit InvestingPro TXNM.

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