Summary
Exelon Corporation (EXC) filed an 8-K on January 29, 2020, to announce the departure of Admiral Richard W. Mies from its Board of Directors. This departure is effective immediately prior to the company's 2020 annual shareholder meeting on April 28, 2020, and is due to reaching the mandatory retirement age of 75 as stipulated in Exelon's Corporate Governance Principles. The Board has accepted his notice of retirement. This change will result in a reduction of the Board's size from 14 to 12 directors. Investors should note that this is a routine event driven by established governance policies and not indicative of any performance issues or strategic shifts. The company has also included standard XBRL exhibits with the filing.
Key Highlights
- 1Admiral Richard W. Mies is retiring from Exelon's Board of Directors.
- 2The retirement is effective immediately prior to the 2020 annual meeting of shareholders on April 28, 2020.
- 3The retirement is due to reaching the mandatory retirement age of 75, as per company policy.
- 4The size of the Board of Directors will be reduced from 14 to 12 members.
- 5This change is a routine governance matter based on established retirement age policies.