Who is Marya M. Rose and what is her background?

Marya M. Rose is the Vice President - Chief Administrative Officer of Cummins Inc., where she oversees communications, marketing, government relations, ethics and compliance, enterprise risk management, facilities, security, corporate responsibility, and shared services. Previously, she served as Vice President - General Counsel and Corporate Secretary at Cummins. She also has experience as an attorney and a senior aide to Indiana Governors.

Is Ms. Rose considered an independent director?

Yes, the Duke Energy Board of Directors has determined that Ms. Rose is independent, based on Duke Energy’s own standards, the listing standards of the New York Stock Exchange, and SEC regulations. This determination considered transactions between Duke Energy and Cummins, which were found to be immaterial.

How will Ms. Rose be compensated as a director?

Ms. Rose will receive a pro-rated payment of the cash and stock annual retainer, and will be eligible for other retainers as per Duke Energy’s Director Compensation Program. She will also be eligible to participate in the Directors' Savings Plan. Additionally, she must adhere to the company's Stock Ownership Guidelines.

What is the significance of the transactions between Duke Energy and Cummins?

In 2018, Duke Energy purchased approximately $390,000 worth of products from Cummins. The Board reviewed these transactions and concluded they were not material to either company, that Ms. Rose had no material interest in them, and that they were conducted in the ordinary course of business on an arm's length basis, aligning with shareholder interests.

Duke Energy CORP 8-K: Leadership Changes

Summary

Duke Energy Corporation (DUK) announced the appointment of Marya M. Rose to its Board of Directors, effective March 1, 2019. Ms. Rose, currently the Vice President - Chief Administrative Officer of Cummins Inc., brings extensive experience in areas such as legal, government relations, and corporate responsibility. Her appointment is expected to bring valuable insights to the Board, particularly given her leadership roles at a large industrial company. The Board has determined Ms. Rose to be independent, following a review of transactions between Duke Energy and Cummins. The reported $390,000 in purchases of Cummins products by Duke Energy in 2018 were deemed immaterial to both companies. Ms. Rose will receive standard director compensation and is subject to the company's stock ownership guidelines. Her directorship will be subject to shareholder approval at the next annual meeting.

Key Highlights

1Marya M. Rose appointed to Duke Energy's Board of Directors, effective March 1, 2019.
2Ms. Rose will serve on the Board's Compensation Committee and Regulatory Policy and Operations Committee.
3Ms. Rose has significant executive experience from Cummins Inc., including roles as Chief Administrative Officer, General Counsel, and Corporate Secretary.
4The Board has determined Ms. Rose to be an independent director under NYSE and SEC standards.
5Duke Energy purchased approximately $390,000 of Cummins products in 2018; these were deemed immaterial to both companies and Ms. Rose had no material interest.
6Ms. Rose will be compensated according to Duke Energy's standard Director Compensation Program.
7Ms. Rose is subject to Duke Energy's Stock Ownership Guidelines for outside directors.

Duke Energy CORP 8-K Report, Executive Changes (Feb 28, 2019)

Summary

Key Highlights

Frequently Asked Questions