8-KLeadership ChangesExhibits & Filings

EXELON CORP 8-K Report, Executive Changes (Feb 14, 2023)

Filed February 14, 2023For Securities:EXC

Summary

Exelon Corporation (EXC) filed an 8-K on February 14, 2023, primarily announcing changes to its Board of Directors. Notably, Paul Joskow will retire from the Board effective at the 2023 annual meeting of shareholders due to reaching the mandatory retirement age. Additionally, directors Ann Berzin and Carlos Gutierrez will not seek reelection at the upcoming annual meeting. These departures will result in a reduction of the Board's size from nine to eight directors. In connection with these changes, Exelon intends to nominate Charisse R. Lillie and Matthew C. Rogers for election to the Board at the 2023 annual meeting. Both nominees have been determined to be independent under Nasdaq and Exelon's standards. Investors should note that committee assignments for the new directors are yet to be determined and will be disclosed later. This filing does not contain significant financial updates but focuses on corporate governance and board composition.

Key Highlights

  • 1Paul Joskow retiring from the Board of Directors at the 2023 annual meeting.
  • 2Ann Berzin and Carlos Gutierrez not standing for reelection at the 2023 annual meeting.
  • 3Board size to decrease from nine to eight directors following the annual meeting.
  • 4Nomination of Charisse R. Lillie and Matthew C. Rogers for election to the Board.
  • 5Both nominees, Lillie and Rogers, determined to be independent under Nasdaq and Exelon's standards.
  • 6Committee assignments for new directors to be disclosed at a later date.
  • 7Filing includes a press release and XBRL data as exhibits.

Frequently Asked Questions

Director Paul Joskow is retiring due to reaching Exelon's mandatory retirement age. Directors Ann Berzin and Carlos Gutierrez have informed the Board that they will not stand for reelection when their terms expire.

The Board of Directors will decrease in size from nine to eight members following the 2023 annual meeting of shareholders. This reduction is a result of the departures of the aforementioned directors and the intended nomination of two new directors.

Exelon intends to nominate Charisse R. Lillie and Matthew C. Rogers for election to the Board at the 2023 annual meeting. Both have been confirmed as independent according to Nasdaq and Exelon's director independence standards.

This filing (8-K) primarily concerns changes in the Board of Directors and corporate governance. It does not contain specific financial statements or updates on the company's financial performance. Such information would typically be found in a 10-Q or 10-K filing.