Who is Theodore F. Craver, Jr. and what is his background?

Theodore F. Craver, Jr. is a newly appointed member of Duke Energy's Board of Directors, effective March 1, 2017. He previously served as Chairman, President, and CEO of Edison International, a major utility holding company, from 2008 until his retirement in 2016. His extensive experience in the utility industry is expected to be valuable to Duke Energy.

Is Mr. Craver considered an independent director?

Yes, the Duke Energy Board of Directors has determined that Mr. Craver has no material relationship with Duke Energy and is therefore considered independent under the listing standards of the New York Stock Exchange and SEC regulations.

How will Mr. Craver be compensated as a director?

As a non-employee director, Mr. Craver will receive a pro-rated annual retainer (cash and stock), meeting fees, and will be eligible for the Directors' Savings Plan. He is also subject to the company's stock ownership guidelines for outside directors, which require him to own Duke Energy stock valued at least five times the annual cash retainer or retain a portion of his equity retainer until this level is met.

Duke Energy CORP 8-K: Leadership Changes

Q: On which committees will Mr. Craver serve?

Effective March 1, 2017, Mr. Craver has been appointed to the Finance and Risk Management Committee and the Regulatory Policy and Operations Committee of the Board.

Summary

Duke Energy Corporation (DUK) announced on February 23, 2017, a significant addition to its Board of Directors with the appointment of Theodore F. Craver, Jr., effective March 1, 2017. Mr. Craver brings extensive experience in the utility sector, having served as Chairman, President, and CEO of Edison International until his retirement in 2016. His appointment is expected to bolster the board's expertise, particularly in areas critical to Duke Energy's operations and strategic direction. The Board has affirmatively determined that Mr. Craver meets all independence requirements under NYSE and SEC regulations, ensuring objective oversight. He has been appointed to two key committees: the Finance and Risk Management Committee and the Regulatory Policy and Operations Committee. This dual committee assignment suggests a focus on strengthening financial oversight, risk mitigation strategies, and navigating the complex regulatory landscape Duke Energy operates within. Mr. Craver's compensation will be consistent with Duke Energy's non-employee director compensation program, including stock ownership guidelines designed to align director interests with those of shareholders.

Key Highlights

1Theodore F. Craver, Jr. appointed to Duke Energy's Board of Directors, effective March 1, 2017.
2Mr. Craver brings substantial experience from his former leadership role at Edison International.
3The Board has determined Mr. Craver is independent according to NYSE and SEC standards.
4Appointment to the Finance and Risk Management Committee and the Regulatory Policy and Operations Committee.
5Non-employee director compensation will include a pro-rated retainer, meeting fees, and eligibility for the Directors' Savings Plan.
6Mr. Craver is subject to Duke Energy's stock ownership guidelines for outside directors.

Duke Energy CORP 8-K Report, Executive Changes (Feb 23, 2017)

Summary

Key Highlights

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