Summary
Xcel Energy Inc. (XEL) announced a change to its Board of Directors on August 18, 2020. The Board elected Patricia Kampling as a new director, effective immediately, with her term extending until the 2021 annual shareholders meeting. Ms. Kampling's appointment is significant as it brings new expertise to the Board's Finance and Governance, Compensation and Nominating Committees.
Key Highlights
- 1Xcel Energy Inc. added Patricia Kampling to its Board of Directors on August 18, 2020.
- 2Ms. Kampling's appointment is effective immediately and her term runs until the 2021 annual shareholders meeting.
- 3She will serve on the Finance Committee.
- 4She will also serve on the Governance, Compensation and Nominating Committee.
- 5Ms. Kampling will receive compensation for her board service consistent with other non-employee directors.
- 6The company issued a press release announcing this directorship change, which is attached as an exhibit.
Frequently Asked Questions
The filing does not provide biographical details for Ms. Kampling. However, her appointment suggests the Board seeks to leverage her experience, particularly within the Finance and Governance, Compensation and Nominating Committees.
Ms. Kampling will be compensated for her board service in line with the company's standard compensation practices for non-employee directors, prorated for her service period. Details of this compensation were previously disclosed in the company's April 8, 2020 proxy statement.
Direct financial implications are minimal and relate to the prorated compensation for Ms. Kampling's board service. Her expertise in finance, however, could indirectly benefit the company through her contributions to the Finance Committee.