8-KLeadership Changes

Duke Energy CORP 8-K Report, Executive Changes (Sep 22, 2015)

Filed September 22, 2015For Securities:DUKDUKBDUK-PA

Summary

Duke Energy Corporation announced a significant change to its Board of Directors with the appointment of Michael J. Angelakis, effective October 1, 2015. Mr. Angelakis brings extensive financial and executive leadership experience, having previously served as Vice Chairman and Chief Financial Officer at Comcast Corporation. His appointment adds valuable expertise to the Board, particularly given his new role leading a strategic investment company formed with Comcast, focused on growth-oriented businesses. Mr. Angelakis's role on the Board will include participation in the Finance and Risk Management Committee and the Audit Committee, indicating a focus on financial oversight and strategic risk assessment. As a non-employee director, his compensation will be in line with the Company's established director compensation program, including annual retainers and meeting fees, with specific stock ownership guidelines to align his interests with shareholders.

Key Highlights

  • 1Michael J. Angelakis appointed to Duke Energy's Board of Directors, effective October 1, 2015.
  • 2Mr. Angelakis brings significant financial and executive experience from his tenure as Vice Chairman and CFO of Comcast Corporation.
  • 3He will serve on the Finance and Risk Management Committee and the Audit Committee of the Board.
  • 4Mr. Angelakis is forming a new strategic investment company in partnership with Comcast, focusing on growth-oriented businesses.
  • 5As a non-employee director, his compensation will include pro-rated retainers, meeting fees, and eligibility for the Directors' Savings Plan.
  • 6He is subject to the Company's Stock Ownership Guidelines requiring directors to own stock valued at least five times the annual cash retainer.

Frequently Asked Questions

Michael J. Angelakis is a new appointee to Duke Energy's Board of Directors. He has a strong financial background, having served as Vice Chairman and Chief Financial Officer for Comcast Corporation from March 2007 to July 2015. He is also a Senior Advisor to Comcast's executive management and is set to lead a new investment company in partnership with Comcast.

Mr. Angelakis has been appointed to the Finance and Risk Management Committee and the Audit Committee of Duke Energy's Board of Directors.

As a non-employee director, Mr. Angelakis will receive a pro-rated annual retainer (cash and stock) and meeting fees, consistent with Duke Energy's Director Compensation Program. He will also be eligible for the Directors' Savings Plan and must adhere to the Company's Stock Ownership Guidelines, which require outside directors to hold stock valued at a minimum of $450,000 or retain 50% of their vested equity retainer until this level is met.

Mr. Angelakis's new role leading a strategic company focused on investing in and operating growth-oriented businesses, in partnership with Comcast, suggests a potential for future strategic insights and opportunities for Duke Energy. His experience in identifying and managing growth companies could be valuable to the Board's strategic discussions.