Summary
This Form 8-K filing from American Electric Power Company, Inc. (AEP) on September 23, 2009, primarily announces a significant change in its Board of Directors. The company has elected James F. Cordes as a new director, effective September 22, 2009, with his term extending until the 2010 annual shareholder meeting. Mr. Cordes brings a wealth of experience in the energy sector, having previously held executive positions at The Coastal Corp., American Natural Resources Co., and ANR Pipeline Co. His appointment is considered to strengthen the board's expertise and oversight capabilities. Investors should note that Mr. Cordes has been deemed an independent director by the company, aligning with NYSE and SEC requirements, which is a positive indicator for corporate governance. He will also serve on the Policy Committee. His background as a director for other public companies, including Comerica Inc. and Northeast Utilities, suggests a broad understanding of corporate governance and financial oversight, which is beneficial for AEP's strategic direction.
Key Highlights
- 1James F. Cordes elected as a new director to the Board of Directors.
- 2Mr. Cordes' initial term as director will continue until the 2010 annual meeting of shareholders.
- 3Mr. Cordes appointed to the Policy Committee of the Board.
- 4Mr. Cordes has significant prior executive experience in the energy industry, including leadership roles at The Coastal Corp., American Natural Resources Co., and ANR Pipeline Co.
- 5The Board has determined that Mr. Cordes meets the independence requirements set by AEP's Corporate Governance guidelines, the NYSE, and the SEC.
- 6As a non-employee director, Mr. Cordes will receive standard compensation as outlined in the Company's 2009 Proxy Statement.
- 7There are no undisclosed arrangements or material transactions between Mr. Cordes and the Company or its subsidiaries.