Summary
Southern Company (SO) filed an 8-K on December 10, 2012, reporting a change in its Board of Directors. Larry D. Thompson resigned from the Board and the Audit Committee, effective December 10, 2012. The company stated that Mr. Thompson's resignation was not due to any disagreement, which is a common and reassuring disclosure for investors. In conjunction with this departure, the Board elected David J. Grain as a new director, also effective December 10, 2012. Mr. Grain brings experience as the Founder and Managing Partner of Grain Management, LLC and CEO of Grain Communications Group, Inc. Importantly, he has also been appointed to the Audit Committee, filling the vacancy. Investors can view his compensation as standard for non-employee directors, detailed in the company's April 13, 2012 proxy statement.
Key Highlights
- 1Director Larry D. Thompson resigned from the Board and Audit Committee, effective December 10, 2012.
- 2The resignation of Mr. Thompson was stated to be without disagreement with the Company.
- 3David J. Grain was elected as a new member of the Board of Directors, effective December 10, 2012.
- 4Mr. Grain brings executive experience from Grain Management, LLC and Grain Communications Group, Inc.
- 5David J. Grain has been appointed to the Audit Committee, replacing the outgoing director.
- 6Mr. Grain will receive standard compensation for non-employee directors.