8-KLeadership ChangesExhibits & Filings

DTE ENERGY CO 8-K Report, Executive Changes (Dec 4, 2020)

Filed December 4, 2020For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Company (DTE) announced a modification to the compensation of its Executive Chairman, Gerard M. Anderson, effective January 1, 2021. While Mr. Anderson will continue in his role as Executive Chairman, advising on business strategy, board-management communication, and external relations, his participation in the Company's Annual Incentive Plan and Long-Term Incentive Plan will cease. His new annual compensation will be a fixed $1,000,000, a change from his previous compensation structure which included these incentive plans. This announcement is part of an ongoing review of Mr. Anderson's remuneration following his transition to Executive Chairman on July 1, 2019. Investors should note that this change impacts the variable component of his compensation, moving towards a more fixed salary structure for his executive advisory and external-facing responsibilities. His role remains full-time, focusing on key strategic and community initiatives.

Key Highlights

  • 1Effective January 1, 2021, Executive Chairman Gerard M. Anderson's compensation will be modified.
  • 2Mr. Anderson will no longer participate in the Company's Annual Incentive Plan or Long-Term Incentive Plan.
  • 3His new annual compensation will be a fixed $1,000,000.
  • 4Mr. Anderson will remain a full-time employee and continue in his role as Executive Chairman.
  • 5His responsibilities include advising on business issues, facilitating board-management communication, assisting with long-term strategy, presiding at meetings, and focusing on community, political, and industry roles.
  • 6The compensation modification follows an ongoing review of the Executive Chairman's remuneration.
  • 7This filing does not contain new financial statements or exhibits beyond the standard cover page interactive data file.

Frequently Asked Questions

The main change is that effective January 1, 2021, Gerard M. Anderson, Executive Chairman, will no longer participate in DTE Energy's Annual Incentive Plan or Long-Term Incentive Plan. His annual compensation will be a fixed $1,000,000, while he continues his full-time role focusing on strategic advisory and external relations.

Yes, Mr. Anderson will remain a full-time employee and continue in his role as Executive Chairman. His responsibilities include advising on business issues, facilitating communication between the board and management, assisting in long-term business strategy, presiding at shareholder and board meetings, and focusing on DTE's community, political, and broader industry roles.

The modification is in connection with an ongoing review of the Executive Chairman's remuneration, following his transition to the Executive Chairman role in July 2019.

This 8-K filing specifically addresses a change in executive compensation and does not provide updated financial statements or commentary on the company's financial performance or outlook. Investors should refer to other filings, such as quarterly earnings reports, for information on financial results.