01—Abstract
Summary
Summary of the 8-K filed February 16, 2024. Cited figures are marked; the original filing is the authoritative source.
FirstEnergy Corp. announced a change to its Board of Directors, appointing Heidi Boyd as a new director effective February 16, 2024.
This appointment fulfills a commitment under a Common Stock Purchase Agreement with Blackstone Infrastructure Partners L.P., following the resignation of Blackstone's previous nominee. Ms. Boyd brings extensive experience in infrastructure investments, particularly within the utilities and transportation sectors, and holds significant roles at Blackstone, Inc. and other companies. Notably, Ms. Boyd will not receive compensation for her board service, reflecting the arrangement with Blackstone.
Her committee assignments are yet to be determined and will be disclosed in an amendment to this filing. The company also entered into a standard Director and Officer Indemnification Agreement with Ms. Boyd. This appointment is a direct result of a prior agreement and suggests continued engagement with a key financial stakeholder.
02—Key points
Key Highlights
- Appointment of Heidi Boyd as a new independent director, effective February 16, 2024.
- Ms. Boyd is a Senior Managing Director at Blackstone, Inc., focusing on utilities and transportation infrastructure investments.
- Her appointment is pursuant to a prior agreement with Blackstone Infrastructure Partners L.P.
- Ms. Boyd replaces Sean Klimczak, Blackstone's previous director nominee.
- She will serve until the 2024 Annual Meeting of Shareholders.
- Ms. Boyd will not receive compensation for her board service.
- Her board committee assignments are pending and will be disclosed later.
03—Questions
Frequently Asked Questions
Who is Heidi Boyd and why was she appointed to the board?
Heidi Boyd is a Senior Managing Director at Blackstone, Inc., specializing in infrastructure investments within the utilities and transportation sectors. She was appointed to FirstEnergy's Board of Directors effective February 16, 2024, as per a prior agreement with Blackstone Infrastructure Partners L.P., and to fill the vacancy left by Blackstone's previous nominee.
What is Ms. Boyd's background and experience?
Ms. Boyd has nearly 15 years of experience as a private equity investor in infrastructure. She has held positions at Boston Consulting Group and Macquarie Infrastructure and Real Assets before joining Blackstone. She also serves on the boards of other companies, including Carrix, Inc., where she chairs the Audit Committee.
Will Ms. Boyd be compensated for her board service?
No, Ms. Boyd will not receive any compensation for her service on FirstEnergy's Board of Directors. This is part of the arrangement with her and Blackstone.
Which board committees will Ms. Boyd serve on?
As of the filing date, Ms. Boyd's board committee assignments have not yet been determined. FirstEnergy intends to file an amendment to this report to provide this information once it is available.
04—Continue