01—Abstract
Summary
Summary of the 8-K filed December 18, 2006. Cited figures are marked; the original filing is the authoritative source.
Xcel Energy Inc. (XEL) announced a significant change to its Board of Directors through an 8-K filing on December 18, 2006.
Effective February 1, 2007, the company elected two new directors: David A. Westerlund and Timothy V. Wolf.
These appointments are intended to bring new expertise to the board, with Mr. Westerlund joining the Governance, Compensation and Nominating Committee and the Operations, Nuclear and Environmental Committee, and Mr. Wolf serving on the Audit Committee and Finance Committee. Both new directors are seasoned executives with relevant experience.
Mr. Westerlund's background includes his role as Executive Vice President, Administration and Corporate Secretary at Ball Corporation, while Mr. Wolf is the Vice President and Global Chief Financial Officer at Molson Coors Brewing Company. Their compensation for board service will align with that of existing non-employee directors, including an annual retainer and stock equivalent units, with an additional retainer for Mr. Wolf's audit committee role.
02—Key points
Key Highlights
- Xcel Energy Inc. elected two new directors, David A. Westerlund and Timothy V. Wolf, to its Board of Directors.
- The new directors' appointments are effective February 1, 2007.
- David A. Westerlund will serve on the Governance, Compensation and Nominating Committee and the Operations, Nuclear and Environmental Committee.
- Timothy V. Wolf will serve on the Audit Committee and the Finance Committee.
- Mr. Westerlund is Executive Vice President, Administration and Corporate Secretary of Ball Corporation.
- Mr. Wolf is Vice President and Global Chief Financial Officer of Molson Coors Brewing Company.
- New directors will receive compensation consistent with existing non-employee directors, including annual retainers and stock equivalent units.
03—Questions
Frequently Asked Questions
Why did Xcel Energy Inc. add new directors to its Board?
The company elected two new directors, David A. Westerlund and Timothy V. Wolf, to enhance the board's expertise. Mr. Westerlund brings experience from his executive role at Ball Corporation, and Mr. Wolf provides financial leadership from his position at Molson Coors Brewing Company, particularly relevant for the Audit and Finance Committees.
What will be the compensation for the new directors?
The new directors will receive compensation in line with Xcel Energy's other non-employee directors. This includes an annual retainer of $40,000, a pro-rated award of stock equivalent units, and for Mr. Wolf, an additional $5,000 annual retainer for his service on the Audit Committee.
When will these changes take effect?
The election of David A. Westerlund and Timothy V. Wolf to the board of directors is effective February 1, 2007.
04—Continue