Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of President of Idaho Power Company
On September 19, 2019, the Boards of Directors of Idaho Power Company (Idaho Power) and its parent company IDACORP, Inc. (IDACORP), appointed Lisa A. Grow, 54, as the President of Idaho Power effective as of October 1, 2019. Ms. Grow has served as Senior Vice President and Chief Operating Officer of Idaho Power since April 2016. In January 2016, Ms. Grow was named Senior Vice President of Operations of Idaho Power. From 2009 to 2015, Ms. Grow served as Senior Vice President - Power Supply of Idaho Power. Darrel T. Anderson will continue to serve in the role of Chief Executive Officer of Idaho Power and President and Chief Executive Officer of IDACORP.
Effective October 1, 2019, Ms. Grow’s annual base salary will increase from $500,000 to $590,000. In connection with her promotion to the position of Idaho Power’s President, Ms. Grow’s target award under IDACORP's short-term incentive plan will increase from 70-percent to 90-percent of her base salary, which increase will be effective October 1, 2019 and prorated for the remainder of the 2019 performance period under the terms of the short-term incentive plan. The Compensation Committee and the Board of Directors have authorized an increase in Ms. Grow's 2020 target award under IDACORP's long-term incentive plan from 130-percent to 160-percent of her base salary, subject to final approval of the award by the Compensation Committee and the Board of Directors in early 2020.
Appointment of Chief Operating Officer of Idaho Power
On September 19, 2019, the Boards of Directors of Idaho Power and IDACORP appointed Adam Richins, 41, to serve as Senior Vice President and Chief Operating Officer of Idaho Power, effective October 1, 2019. Mr. Richins previously served as Vice President of Customer Operations and Business Development of Idaho Power since March 2017, and from January 2014 to February 2017, Mr. Richins served as General Manager of Customer Operations, Engineering and Construction of Idaho Power.
Effective October 1, 2019, Mr. Richins’ base salary will increase from $305,000 to $350,000. Considering the breadth of responsibilities that accompany his role as Chief Operating Officer, the Compensation Committee and the Board of Directors have authorized an increase in Mr. Richins’ 2020 target award under IDACORP's long-term incentive plan from 70-percent to 110-percent of his base salary, subject to final approval of the award by the Compensation Committee and the Board of Directors in early 2020. No changes were made to Mr. Richins’ target short-term incentive plan compensation percentage in connection with his promotion.
IDACORP's short-term and long-term incentive plans pay out based on Idaho Power's and IDACORP's levels of achievement of performance criteria during the performance periods. Awards for Ms. Grow and Mr. Richins under the incentive plans are based in part on base salaries during the performance period. Actual incentive compensation likely will differ due to actual performance during the performance periods, any additional changes in salary, and any plan and award changes approved by IDACORP's and Idaho Power's Compensation Committee and Board of Directors. Descriptions of IDACORP's and Idaho Power’s incentive compensation plans and other benefits available to Ms. Grow and Mr. Richins are contained in IDACORP’s proxy statement filed with the Securities and Exchange Commission on April 1, 2019 and are incorporated herein by reference.
There are no family relationships between Ms. Grow or Mr. Richins and any director or executive officer of IDACORP or Idaho Power. There are no related person transactions between Ms. Grow or Mr. Richins and IDACORP or Idaho Power.