8-KLeadership ChangesExhibits & Filings

DTE ENERGY CO 8-K Report, Executive Changes (Oct 27, 2023)

Filed October 27, 2023For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Company (DTE) announced the election of Nicholas K. Akins as a new director, effective December 4, 2023. Mr. Akins brings significant experience to the board, having retired from his roles as Executive Chair and former Chief Executive Officer of American Electric Power Company, Inc. The Board has determined that Mr. Akins meets the independence requirements under NYSE listing standards and the Company's own independence criteria, ensuring continued governance oversight. His appointment is part of the standard director compensation structure, which includes an award of 1,000 restricted shares vesting over three years, aligning his interests with those of shareholders. Investors can view the full press release detailing this appointment as Exhibit 99.1 to the filing for further context.

Key Highlights

  • 1DTE Energy has elected Nicholas K. Akins as a new director, effective December 4, 2023.
  • 2Mr. Akins is the retired Executive Chair and former CEO of American Electric Power Company, Inc., bringing extensive industry leadership experience.
  • 3The Board has confirmed Mr. Akins' independence according to NYSE and DTE Energy's standards.
  • 4There are no special arrangements concerning Mr. Akins' selection, and he is not involved in any reportable transactions with the company.
  • 5Mr. Akins will receive 1,000 restricted shares as compensation, vesting three years from his effective date of service.
  • 6He will also participate in the company's standard compensation and benefit programs for non-employee directors.

Frequently Asked Questions

Nicholas K. Akins is the retired Executive Chair and former Chief Executive Officer of American Electric Power Company, Inc. His election to the DTE Energy Board of Directors, effective December 4, 2023, is intended to enhance the board's expertise and provide valuable industry leadership experience.

Yes, the DTE Energy Board of Directors has determined that Mr. Akins is an independent director, meeting the criteria set forth by the New York Stock Exchange listing standards and the Company's own Categorical Standards for Director Independence.

Upon commencing his service on December 4, 2023, Mr. Akins will receive 1,000 shares of restricted stock under the Company's Long-Term Incentive Plan. These shares will vest three years from the grant date. He will also participate in the standard compensation and benefit programs for non-employee directors.

According to the filing, there are no arrangements between Mr. Akins and any other person regarding his selection as a director, nor is he a party to any transactions requiring disclosure under Section 404(a) of Regulation S-K involving DTE Energy or its subsidiaries.