Summary
American Electric Power Company, Inc. (AEP) filed an 8-K on January 22, 2013, to report the election of Oliver G. Richard, III as a new director to its Board. Mr. Richard's appointment is effective immediately and will continue until the 2013 annual meeting of shareholders. He brings significant experience in the energy and management industries, having previously served as Chairman, President, and CEO of Columbia Energy Group and currently holding leadership roles at CleanfuelUSA and Empire of the Seed LLC. This election signifies a change in the Board's composition. Mr. Richard has been deemed an independent director by the Company, meeting NYSE and SEC independence standards. He will serve on the Human Resources Committee, Nuclear Committee, and Policy Committee. His compensation as a non-employee director aligns with the company's existing policies for other independent board members, including an annual cash retainer, stock unit award, and a committee service retainer.
Key Highlights
- 1Oliver G. Richard, III was elected to the Board of Directors, effective January 22, 2013.
- 2Mr. Richard's term will extend until the 2013 annual meeting of shareholders.
- 3He has been appointed to the Human Resources Committee, the Nuclear Committee, and the Policy Committee.
- 4Mr. Richard is considered an independent director, meeting NYSE and SEC requirements.
- 5His prior experience includes leadership roles at Columbia Energy Group, CleanfuelUSA, and Empire of the Seed LLC.
- 6As a non-employee director, his compensation includes an annual cash retainer of $92,000, an annual stock unit award of $138,000, and a $10,000 retainer for the Human Resources Committee.