Summary
Dominion Energy, Inc. (D) filed an 8-K report on November 4, 2020, announcing significant changes to its Board of Directors. Effective November 5, 2020, Mr. John W. Harris will retire from the Board, with his departure not attributed to any disagreements with the company. This change precipitates a leadership transition within the Board. In a related move, Mr. Robert H. Spilman, Jr. has been elected as the new Lead Director, succeeding Mr. Harris. Furthermore, the Board has elected Mr. Robert M. Blue, currently the President and CEO of Dominion Energy, to join the Board of Directors. Mr. Blue will serve until the next annual election and will not receive additional compensation for this role. The filing also disclosed a potential related-party transaction due to Mr. Blue's brother being a partner at a law firm that Dominion Energy retains for legal services, with approximately $156,000 paid year-to-date in 2020.
Key Highlights
- 1Mr. John W. Harris is retiring from the Dominion Energy Board of Directors, effective November 5, 2020.
- 2Mr. Harris's resignation is not due to any disagreements with the company.
- 3Mr. Robert H. Spilman, Jr. has been appointed as the new Lead Director of the Board.
- 4Mr. Robert M. Blue, the current President and CEO, has been elected to the Board of Directors.
- 5Mr. Blue will serve on the Board until the next annual election without additional compensation.
- 6A potential related-party transaction was disclosed: Mr. Blue's brother is a partner at a law firm that Dominion Energy uses.
- 7Dominion Energy has paid approximately $156,000 year-to-date in 2020 to the law firm where Mr. Blue's brother is a partner.