Michael Browning elected independent lead director of board
Tom Skains named as designee from Piedmont to join board upon completion of Piedmont Natural Gas acquisition
CHARLOTTE, N.C. -- Duke Energy's board of directors has unanimously elected Duke Energy president, CEO and vice chairman Lynn Good as its new board chairman, effective Jan. 1, 2016.
"Lynn is a strong leader with a strategic vision for our company," said Gray. "The board unanimously supports Lynn as chairman and believes this governance structure best serves the company and our shareholders as we navigate an era of remarkable change."
"I am honored to be named chairman of Duke Energy's board and privileged to lead our company forward for our customers, employees and shareholders," said Good. "I want to thank Ann for her guidance and extraordinary leadership as our chairman, and I look forward to her continued contributions to our success."
The combination of the CEO and chairman roles is a common practice among large electric utilities in the U.S. Of the 19 utilities that comprise the New York Stock Exchange's Utility Index, more than two-thirds have the roles combined.
The board also unanimously elected Michael Browning as the Duke Energy board independent lead director.
Browning currently serves on the board's governance, audit, and finance and risk management committees. He is the chairman of Browning Consolidated LLC in Indianapolis and previously served as the chairman and president of Browning Consolidated LLC for over 30 years. He joined the Duke Energy board in 2006.
Browning's lead director responsibilities meet the latest corporate governance standards set by the National Association of Corporate Directors.
Skains named designee to join Duke Energy board
In addition, the board of directors named Piedmont National Gas president, CEO and chairman Tom Skains as the designee to join Duke Energy's board upon the completion of Duke Energy's acquisition of Piedmont Natural Gas. Duke Energy agreed to add a Piedmont Natural Gas board member to its board in connection with the transaction announced on Oct. 26, 2015.
"Tom's 35-year track record of accomplishment in the natural gas industry and his business acumen make him an excellent candidate to join our board," said Gray. "We look forward to working with Tom to successfully complete this transaction."
"I'm delighted at the prospect of joining the board of a company that is so vital to the people and the communities we serve," said Skains. "Until then, I am making sure we keep our focus on delivering the best value possible for our customers."
Skains, 59, was named Piedmont Natural Gas CEO and chairman in 2003. Previously he served as the company's chief operating officer and senior vice president of marketing and supply services.
He served as chair of the American Gas Association in 2009 and chair of the Southern Gas Association in 2006. He currently serves on the board of directors of BB&T Corporation.
The companies expect to close the transaction by the end of 2016, after receiving federal antitrust clearance and approvals from state regulators and Piedmont Natural Gas shareholders.
About Duke Energy
Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 23 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
Media Contact: Tom Williams