Summary
Quanta Services, Inc. (PWR) announced a change to its Board of Directors through an 8-K filing on March 24, 2016. The company expanded its board from ten to twelve directors and appointed two new members: Doyle N. Beneby and David M. McClanahan. These appointments are effective as of March 23, 2016, and the new directors will serve until the next annual stockholder meeting or until their successors are duly elected. The company did not disclose any specific committee appointments for the new directors at this time. Both Mr. Beneby and Mr. McClanahan will be compensated under the company's standard non-employee director compensation program and will enter into the company's standard indemnification agreement. This expansion of the board suggests a potential growth strategy or a response to evolving governance needs.
Key Highlights
- 1Board size increased from ten to twelve directors.
- 2Doyle N. Beneby and David M. McClanahan were elected as new directors.
- 3New directors will serve until the next annual meeting.
- 4No prior arrangements or understandings were disclosed regarding their election.
- 5No disclosable interest in any transactions under Item 404(a) of Regulation S-K was reported for the new directors.
- 6New directors will receive compensation per the company's non-employee director program.
- 7A press release dated March 23, 2016, was issued to announce these board changes.