Summary
CMS Energy Corporation (CMS) filed an 8-K report on January 22, 2015, announcing the election of two new independent directors to its Board of Directors and the Board of its principal subsidiary, Consumers Energy Company. Ms. Deborah Butler, Executive Vice President of Planning and CIO of Norfolk Southern Corporation, and Ms. Myrna Soto, Senior Vice President and Chief Infrastructure and Information Security Officer of Comcast Corporation, were appointed to fill newly created directorships, increasing the board size from eleven to thirteen members. This move is presented as part of the companies' ongoing succession planning efforts. Both Ms. Butler and Ms. Soto bring significant executive experience in planning, information technology, and information security, which are crucial areas for a utility company. Their appointments are expected to enhance the board's oversight and strategic guidance. The new directors will participate in the company's standard director compensation plans, including receiving restricted stock grants that vest over three years, and will enter into director indemnification agreements.
Key Highlights
- 1CMS Energy and Consumers Energy elected two new independent directors, Deborah Butler and Myrna Soto, to their respective Boards.
- 2The election of new directors increases the size of both Boards from eleven to thirteen members.
- 3These appointments are part of the companies' ongoing succession planning initiatives.
- 4Deborah Butler brings expertise as EVP of Planning and CIO of Norfolk Southern.
- 5Myrna Soto brings expertise as SVP and Chief Infrastructure and Information Security Officer of Comcast.
- 6The new directors will receive restricted stock grants vesting over three years and enter into director indemnification agreements.
- 7There are no prior relationships or specific arrangements between the new directors and CMS Energy/Consumers Energy.