Summary
American Electric Power Company, Inc. (AEP) announced a key addition to its Board of Directors with the election of Art Garcia, effective September 17, 2019. Mr. Garcia brings extensive financial expertise, having served as Executive Vice-President and Chief Financial Officer of Ryder System, Inc. for nearly nine years prior to his retirement in April 2019. His appointment is significant as it strengthens the Board's oversight capabilities, particularly with his inclusion on critical committees like the Audit Committee, Finance Committee, and Corporate Governance Committee.
Key Highlights
- 1Art Garcia elected to the Board of Directors, effective September 17, 2019.
- 2Mr. Garcia's term as director extends until the 2020 annual shareholder meeting.
- 3Appointment to key committees: Audit, Directors and Corporate Governance, Finance, and Policy.
- 4Mr. Garcia brings substantial financial experience from his role as EVP and CFO at Ryder System, Inc.
- 5The Board has determined Mr. Garcia meets all independence requirements (NYSE, SEC, and AEP's standards).
- 6As a non-employee director, Mr. Garcia will receive standard compensation for AEP's directors.
Frequently Asked Questions
Art Garcia's appointment is significant as it brings a seasoned executive with extensive financial experience, particularly from his CFO role at Ryder System, Inc. His inclusion on critical committees like Audit and Finance enhances the Board's oversight and governance capabilities.
Yes, the Board of Directors has determined that Mr. Garcia is an independent director under AEP's corporate governance principles, New York Stock Exchange listing standards, and SEC regulations.
As a non-employee director, Mr. Garcia will receive the same compensation as other non-employee directors of AEP, following the compensation policies and procedures previously approved by the Board.
Mr. Garcia's initial term as a director will continue until the company's 2020 annual meeting of shareholders.