RICHMOND, Va., Nov. 3, 2023
/PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today
announced that Ronald W. Jibson and
Michael E. Szymanczyk will retire
from the company's board of directors, continuing to serve the
company on the board until the 2024 Annual Meeting of
Shareholders.
Jibson was elected to the board in 2016 after the completion of
the combination of Dominion Energy and Questar Corporation, where
he was chairman, president, and chief executive officer. He serves
on the Finance and Risk Oversight and Sustainability and Corporate
Responsibility Committees.
Szymanczyk was elected in 2012 after serving as chairman and
chief executive officer of Richmond,
Va.-based Altria Group, Inc. He chairs the Compensation and
Talent Development Committee and serves on the Sustainability and
Corporate Responsibility Committee.
"Ron and Mike have served Dominion Energy's shareholders with
distinction," said Robert M. Blue,
chair, president and chief executive officer. "Ron's knowledge of
the U.S. natural gas industry has been particularly useful in our
gas operations and management over the past seven years, and Mike's
unique leadership and problem-solving skills have been foundational
for our Finance and Risk Oversight Committee and the new strategic
direction in which Dominion Energy is heading."
The company also announced that the board of directors has
elected two new independent directors, Vanessa L. Allen Sutherland and Paul M. Dabbar. Those elections are effective
Dec. 1, 2023, and part of the
company's ongoing commitment to strong corporate governance and
regular board refreshment of its board of directors.
Together, Sutherland and Dabbar bring leadership, industry
(including nuclear), corporate governance, environmental,
government, public policy and legal, as well as technology
expertise to the board.
Said Blue:
"Vanessa and Paul are proven, independent leaders in their
fields with a wide breadth and depth of experience in the private
and public sector and on boards of public corporations. The
appointments of Vanessa and Paul are indicative of our
long-standing commitment to continuously evaluate and enhance the
board with independent individuals with diverse backgrounds,
expertise, and skillsets. I am proud of Dominion Energy's
commitment to refresh its board. With the addition of Paul and
Vanessa, and retirement of Ron and Mike, we will have added six new
directors since 2019 and reduced the average board tenure to six
years. We will lean on the experience of Vanessa and Paul as we
emerge from the business review as a more financially sound company
focused on its core mission to provide reliable, affordable, and
increasingly clean power to our customers every day. I want to
thank Mike and Ron, for their faithful, exceptional, and dedicated
service to our company and shareholders. We will continue the
strong legacy of governance that Mike and Ron are leaving
behind."
Sutherland is Executive Vice President, Government Affairs,
General Counsel and Corporate Secretary at Houston-based Phillips 66, where she is a member of the executive
leadership team. Prior to her role at Phillips 66, Sutherland was Executive Vice
President and Chief Legal Officer for Norfolk Southern Corporation.
In addition, Sutherland brings substantial knowledge of the public
sector, having served as Chairperson and Chief Executive Officer of
the U.S. Chemical Safety and Hazard Investigation Board and as
Chief Counsel at the U.S. Department of Transportation's Pipeline
and Hazardous Materials Safety Administration. She also previously
served in senior legal counsel roles for Altria Group, Inc. and
Digex, Inc.
Sutherland's corporate board experience includes previous
service as a director of Southern Company Gas and Eastman Chemical
Company. She serves on the Virginia Symphony Orchestra Board in
Norfolk, Va., and served as a
member of the Board of Trustees of The Woodruff Arts Center in
Atlanta, Ga. She earned a
bachelor's degree from Drew University
and a J.D. and MBA from American
University.
"I am excited to be joining Dominion Energy's board at this
point in the evolution of the business. The company's ongoing
review to best position itself for long-term value creation has set
the groundwork for Paul and me to help further execute on the
company's strategic vision," said Sutherland.
Dabbar is co-Founder and Chief Executive Officer of Bohr Quantum
Technology Corp., which develops and deploys quantum information
technologies for the emerging quantum internet. He is also a
Senior Research Scholar at Columbia
University's Center on Global Energy Policy. Previously, he
was a U.S. Department of Energy (DOE) Under Secretary, serving
as Under Secretary of Energy for Science. Prior to his role at
the DOE, Dabbar was a senior investment banker at J.P. Morgan with
significant transaction experience across all energy sectors,
including solar, wind, geothermal, distributed-generation, utility,
nuclear, LNG, pipeline, oil & gas, trading, and energy
technologies. In addition, he had a senior leadership role for the
company's commodity trading business, including power, oil, and
gas. In addition, Dabbar was a U.S. Navy nuclear submarine officer aboard the USS
Pintado.
Dabbar serves on the boards of Bohr and Power & Digital
Infrastructure Acquisition II Corp. He is a member of the U.S.
Council on Foreign Relations and served on the DOE's Research and
Technology Investment Committee and the boards of the National
Science and Technology Council, the Manhattan Project National
Park, the Energy Storage Grand Challenge, and the DOE's
Environmental Management Board. Dabbar is a graduate of the
U.S. Naval Academy and of the U.S.
Navy's Nuclear Power and Engineers
programs. He earned an MBA from Columbia
University.
"To join Dominion Energy's board at this juncture is
particularly energizing. I look forward to working collaboratively
with Vanessa and the rest of the board to evaluate and execute the
highest value-creating opportunities for shareholders," said
Dabbar.
About Dominion Energy
About 7 million customers in 15 states energize their homes
and businesses with electricity or natural gas from Dominion Energy
(NYSE: D), headquartered in Richmond, Va. The company is
committed to providing reliable, affordable, and increasingly
clean energy every day and to achieving Net Zero emissions by
2050. Please visit DominionEnergy.com to learn
more.
Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including the company's ongoing commitment to regular board
refreshment, strategic priorities and ability to deliver long-term
shareholder value which are subject to various risks and
uncertainties. Factors that could cause actual results to differ
include, but are not limited to: the direct and indirect impacts of
implementing recommendations resulting from the business review
announced in November 2022; unusual
weather conditions and their effect on energy sales to customers
and energy commodity prices; extreme weather events and other
natural disasters; extraordinary external events, such as the
current pandemic health event resulting from COVID-19; federal,
state and local legislative and regulatory developments; changes to
regulated rates collected by Dominion Energy; timing and receipt of
regulatory approvals necessary for planned construction or
expansion projects and compliance with conditions associated with
such regulatory approvals; the inability to complete planned
construction projects within time frames initially anticipated;
risks and uncertainties that may impact the ability to develop and
construct the Coastal Virginia Offshore Wind (CVOW) Commercial
Project within the currently proposed timeline, or at all, and
consistent with current cost estimates along with the ability to
recover such costs from customers; changes to federal, state and
local environmental laws and regulations, including those related
to climate change; cost of environmental strategy and compliance,
including cost related to climate change; changes in implementation
and enforcement practices of regulators relating to environmental
standards and litigation exposure for remedial activities; changes
in operating, maintenance and construction costs; additional
competition in Dominion Energy's industries; changes in demand for
Dominion Energy's services; receipt of approvals for, and timing
of, closing dates for acquisitions and divestitures; impacts of
acquisitions, divestitures, transfers of assets by Dominion Energy
to joint ventures, and retirements of assets based on asset
portfolio reviews; the expected timing and likelihood of the
completion of the proposed sales of The East Ohio Gas Company,
Public Service Company of North
Carolina, Incorporated, Questar Gas Company and Wexpro
Company, and their consolidated subsidiaries, as applicable,
including the ability to obtain the requisite regulatory approvals
and the terms and conditions of such approvals; adverse outcomes in
litigation matters or regulatory proceedings; fluctuations in
interest rates; the effectiveness to which existing economic
hedging instruments mitigate fluctuations in currency exchange
rates of the Euro and Danish Krone associated with certain fixed
price contracts for the major offshore construction and equipment
components of the CVOW Commercial Project; changes in rating agency
requirements or credit ratings and their effect on availability and
cost of capital; and capital market conditions, including the
availability of credit and the ability to obtain financing on
reasonable terms. Other risk factors are detailed from time to time
in Dominion Energy's quarterly reports on Form 10-Q and most recent
annual report on Form 10-K filed with the U.S. Securities and
Exchange Commission.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dominion-energy-announces-retirements-of-two-directors-election-of-two-new-independent-directors-as-part-of-continuing-board-refreshment-301977070.html
SOURCE Dominion Energy