Summary
This Form 8-K filing by DTE Energy Company on June 25, 2010, reports a change in its Board of Directors. Specifically, David A. Brandon was elected as a new director, increasing the board size from 14 to 15 members. Mr. Brandon, who is the Director of Intercollegiate Athletics at the University of Michigan, was also appointed to the Finance Committee. Investors should note that Mr. Brandon has been deemed an independent director by the company, aligning with NYSE listing standards and DTE's own independence criteria. His election comes with an award of 1,000 shares of restricted stock, vesting over three years, and he will participate in the company's standard compensation and benefit programs for non-employee directors. This addition to the board is primarily an administrative update with no immediate significant financial implications disclosed in this report.
Key Highlights
- 1DTE Energy Company elected David A. Brandon as a new director, effective June 24, 2010.
- 2The election of Mr. Brandon increased the size of the Board of Directors from 14 to 15 members.
- 3Mr. Brandon was appointed to serve on the company's Finance Committee.
- 4The Board determined that Mr. Brandon qualifies as an independent director.
- 5Mr. Brandon received 1,000 shares of restricted stock as part of his director compensation.
- 6The restricted stock awarded to Mr. Brandon vests over a three-year period.
- 7A press release detailing Mr. Brandon's election was attached as an exhibit.