Summary
Sempra Energy (SRE) announced significant changes to its Board of Directors and executive leadership in an 8-K filing dated February 27, 2017. The company appointed two new independent directors, Andrés Conesa and Bethany Jean Mayer, to its Board, effective February 23, 2017. These appointments are expected to bring fresh perspectives and expertise to the Board's committees, specifically the Audit Committee and the Environmental, Health, Safety and Technology Committee. Furthermore, Debra L. Reed, already serving as Chairman and CEO, has been appointed President of the Company, effective March 1, 2017. This move follows the retirement of Mark Snell and consolidates significant leadership roles under Ms. Reed, leveraging her extensive experience in utility and energy infrastructure operations. Notably, upon his retirement, Mark Snell will not forfeit a significant portion of his performance-based restricted stock units related to the Cameron Liquefaction project, indicating a smooth transition and recognition of his contributions.
Key Highlights
- 1Sempra Energy appointed two new independent directors, Andrés Conesa and Bethany Jean Mayer, to its Board of Directors.
- 2Andrés Conesa was appointed to the Audit Committee.
- 3Bethany Jean Mayer was appointed to the Environmental, Health, Safety and Technology Committee.
- 4Debra L. Reed, currently CEO and Chairman, has been appointed President, effective March 1, 2017.
- 5The appointment of Ms. Reed as President follows the retirement of Mark Snell.
- 6Mark Snell will retain 75% of his performance-based restricted stock units granted in 2015 for the Cameron Liquefaction project upon his retirement.
- 7New directors will participate in the company's standard compensation program for non-employee directors.