Summary
EXPAND ENERGY Corp (EXE) filed an 8-K on December 2, 2016, detailing changes in its Board of Directors. Notably, independent director Kimberly K. Querrey resigned from the Board on November 29, 2016. The company stated that Ms. Querrey's departure was not due to any disagreements regarding the Company's operations, policies, or practices, which is a positive signal to investors regarding internal stability. Following Ms. Querrey's resignation, the Board appointed Gloria R. Boyland as a new director on November 30, 2016. Ms. Boyland will serve on the Audit Committee. Her appointment is accompanied by standard compensation for non-employee directors, including a $100,000 annual retainer and restricted stock units valued at approximately $250,000. These compensation details are important for understanding the cost of board governance and potential dilution from stock awards.
Key Highlights
- 1Independent Director Kimberly K. Querrey resigned from the Board of Directors.
- 2Ms. Querrey's resignation was not due to any disagreements with the Company.
- 3Gloria R. Boyland was appointed to the Board of Directors.
- 4Ms. Boyland will serve on the Audit Committee.
- 5Ms. Boyland will receive standard compensation for non-employee directors.
- 6Annual compensation for Ms. Boyland includes a $100,000 retainer and approximately $250,000 in restricted stock units.
- 7No undisclosed arrangements or reportable transactions exist between Ms. Boyland and the Company.