DTE Energy (NYSE: DTE) today announced the composition of the Board
of Directors for DT Midstream, the new independent, publicly traded
company that is expected to be formed through the planned spin-off
of DTE Energy’s non-utility natural gas pipeline, storage and
gathering business. DTE Energy expects that the spin-off will be
completed in July 2021.
The DT Midstream Board will consist of seven directors,
including five independent directors:
- Robert Skaggs, Jr., executive chair of the DT Midstream Board,
former chairman and CEO of Columbia Pipeline Group, Inc. and former
president and CEO of NiSource, Inc.
- David Slater, president and CEO of DT Midstream, currently
president and COO of DTE Midstream
- Stephen Baker, owner, president and CEO, Rondeau Energy
Consulting Inc.
- Wright Lassiter III, lead independent director of the DT
Midstream Board and president and CEO of Henry Ford Health System
Inc.
- Elaine Pickle, senior audit partner, Ernst & Young LLP,
retiring June 30, 2021
- Peter Tumminello, former group president of commercial
businesses, Southern Company Gas
- Dwayne Wilson, former senior vice president, Fluor
Corporation
An infographic with more information about the DT Midstream
Board’s composition and these directors can be found at DTE Energy
Newsroom and dtemidstream.com.
“DT Midstream will be a premier independent, natural gas
midstream company, and we are pleased to assemble an outstanding
group of directors to help guide it forward,” said Skaggs. “Our
diverse Board will include seasoned executives with significant
energy, midstream, natural gas and local market experience, as well
as financial and regulatory expertise. I am confident that we will
have the right skill sets to drive growth and value creation at the
new DT Midstream."
In addition, DT Midstream has filed the Form 10 registration
statement with the Securities and Exchange Commission in connection
with the planned spin-off. Completion of the spin-off is subject to
final approval by DTE Energy’s Board of Directors, the Form 10
registration statement being declared effective by the Securities
and Exchange Commission, regulatory approvals and satisfaction of
other conditions. Under the separation plan, DTE Energy
shareholders will retain their shares of DTE Energy stock and
receive a pro-rata dividend of shares of DT Midstream stock.
The separation transaction is expected to be tax-free to DTE
Energy and its shareholders for U.S. federal income tax purposes. A
copy of the Form 10 registration statement, including subsequent
amendments, is available on the Investor Relations page of DTE
Energy’s website: dteenergy.com.
About Stephen Baker
Baker has more than 30 years of senior executive experience in
the energy industry, including in the natural gas storage
distribution and transmission field.
Baker is owner, president and CEO of Rondeau Energy Consulting
Inc., a company established in 2019 focused on energy related and
merger and acquisition engagements. Baker served as president of
Union Gas, Limited from 2017 to 2019 as part of Enbridge Inc. Baker
also served as president and chairman of Union Gas as part of
Spectra Energy Corp. from 2012 to 2017. Over the course of his
three-decade career with Union Gas, Baker held senior executive
roles in finance, business development and marketing. Baker also
held the role of vice president and treasurer of Spectra Energy
Corp. from 2010 to 2012, where he led all treasury, capital markets
and financing strategies.
Baker has served on the board of Ontario’s Independent
Electricity System Operator (IESO) since 2019 and is currently
chair of the markets committee and a member of the human resources
and governance committee. Baker is also on the Advisory Board of
the MaRS Discovery District Energy Board and MyHEAT. He previously
chaired or served as a board member of a number of professional and
community organizations, including the Canadian Gas Association,
Ontario Energy Association and Union Gas, as well as the Children’s
Treatment Centre of Chatham-Kent and the Chatham-Kent Community
Leaders’ Cabinet.
Baker earned a Bachelor of Arts degree in honours chartered
accountancy studies and a Master of Accounting degree from the
University of Waterloo. Baker is a Certified Professional
Accountant (Ontario/Canada) and holds an ICD.D directors
certification from the Institute of Corporate Directors.
About Wright Lassiter III
Lassiter, who will serve as lead independent director for DT
Midstream, has more than 30 years of experience leading large,
complex healthcare systems.
Currently, Lassiter is president and CEO of Henry Ford Health
System Inc., overseeing a $7 billion healthcare system comprised of
six hospitals, a health plan and a wide range of ambulatory and
retail and related health services. He has served as president
since 2014 and as CEO since 2016. Prior to this, Lassiter served as
CEO of Alameda Health System, an integrated public healthcare
system in Oakland, California, and senior vice president of
operations of JPS Health Network, a hospital district in Fort
Worth, Texas.
Lassiter serves on the board of Quest Diagnostics, Inc. He also
serves as the board vice chair for the Federal Reserve Bank of
Chicago and chairs its governance and nominating committee and
serves on the audit committee. He also serves on the boards of Le
Moyne College, the Detroit Regional Chamber of Commerce, the
Detroit Children’s Fund and the Detroit Regional Partnership.
Lassiter earned a Bachelor of Science degree in chemistry from
Le Moyne College and a Master’s degree in healthcare administration
from Indiana University.
About Elaine Pickle
Pickle has extensive knowledge of the energy industry having
served upstream, midstream and energy services companies in the
U.S. and internationally.
Pickle is currently a senior audit partner at Ernst & Young
LLP, having served as an audit partner since 2002, and will be
retiring after a 35 year career with Ernst & Young, effective
June 30, 2021. She will be appointed to the DT Midstream Board no
earlier than July 1, 2021. Pickle served as a National Professional
Practice partner from 2014 to 2018, during which time she evaluated
and oversaw technical accounting, auditing and SEC reporting
matters as well as quality initiatives in the Southwest region.
Pickle has served on the board and development committee of
Theatre Under the Stars (TUTS) since 2018.
Pickle earned her Bachelor of Business Administration in
accounting, summa cum laude, from Texas Tech University in 1986.
Pickle is a certified public accountant and member of the American
Institute of Certified Public Accountants.
About Robert Skaggs, Jr.
Skaggs, who will serve as executive chair of DT Midstream, has
over 35 years of experience in the energy industry, including
leading companies in the midstream, pipeline and regulated utility
sectors.
Skaggs also currently serves as an independent director on the
board of DTE Energy, where he has been a director since 2017, and
is a member of its nuclear oversight, organization and compensation
and finance committees. In addition, Skaggs currently serves on the
board of Team, Inc., a global provider of specialized industrial
services, where he has served as a director since 2019. He
previously served as a director for Cloud Peak Energy, Inc., a coal
mining company, from 2015 to 2019. He also is past chairman of the
American Gas Association’s board of directors and has served in
leadership roles for a variety of charitable, community and civic
efforts.
Prior to joining DTE Energy’s Board, Skaggs served as president
and CEO of NiSource, Inc., a Fortune 500 energy holding company
engaged in natural gas and electric utilities and the gas storage
and pipeline business, from 2005 to 2015 and executed its
successful separation of Columbia Pipeline Group, Inc., a natural
gas pipeline and underground storage system company , in mid-2015.
Earlier in 2015, Skaggs executed the successful IPO of Columbia
Pipeline Partners. Skaggs served as chairman and CEO of Columbia
Pipeline Group, Inc. and Columbia Pipeline Partners from 2015 to
2016.
Skaggs joined the law department of Columbia Gas Transmission in
1981 and served in various management roles until 1996, when he
became president of Columbia Gas of Ohio and Columbia Gas of
Kentucky. Effective with the 2000 merger of NiSource, Inc. and
Columbia Energy Group, Skaggs became the president of Bay State Gas
and Northern Utilities. In December 2001, his role was expanded to
include the duties of president and CEO of the Columbia companies
in Pennsylvania, Virginia and Maryland. Skaggs was promoted to
executive vice president, regulated revenue of NiSource, Inc.
in2003.
Skaggs earned a Bachelor of Arts degree in economics from
Davidson College, a Juris Doctorate from West Virginia University
and a Master’s degree in Business Administration from Tulane
University.
About David Slater
Slater, who will serve as the president and CEO of DT Midstream,
has over 30 years of experience in the energy industry, and has
worked in both commercial business development and operational
roles.
Currently, Slater is president and COO of DTE Midstream and has
been a member of DTE Energy’s executive leadership team since 2015.
Slater joined DTE Energy in 2011 as senior vice president of DTE
Gas Storage & Pipelines Company and DTE Pipeline Company and
was promoted to executive vice president of DTE Midstream /
GS&P in 2014.
Prior to joining DTE Energy, Slater held various senior
management positions at Goldman Sachs, Nexen Marketing USA Inc., a
top 10 North American energy merchant, Engage Energy US, L.P., an
energy merchant, and Union Gas Ltd., a gas utility in Ontario.
Slater is a member of the boards of directors for the Millennium
Pipeline, the Vector Pipeline and the NEXUS Gas Transmission
Pipeline and is the elected chair of the Interstate Natural Gas
Association of America.
Slater earned a Master’s degree in Business Administration and
an honors degree in business commerce from the University of
Windsor.
About Peter Tumminello
Tumminello has more than 30 years of experience in the energy
industry, including overseeing wholesale services, retail energy
and midstream businesses, including pipeline investments and gas
storage, as well as finance, planning and project evaluation.
Tumminello was most recently group president of commercial
businesses for Southern Company Gas, a natural gas utility and
energy services company and a subsidiary of Southern Company, a gas
and electric utility company headquartered in Atlanta, Georgia. He
served in this most recent role since 2016 prior to retiring on
April 30, 2021. In this role, he was responsible for all operations
outside of the regulated entities, including wholesale services,
retail energy and all midstream businesses, including pipeline
investments and gas storage. In addition, he served on the Board of
the Southern Company Gas Foundation and was a member of the
Southern Company Gas management council.
Prior to joining Southern Company Gas in 2003, Tumminello was
vice president of energy supply for Green Mountain Energy Company,
a renewable energy company. Earlier in his career, he worked for
TPC Corporation, a midstream energy company, and ARCO Oil and Gas
Company, a provider of oil and natural gas, in various capacities
in energy marketing, storage and transportation asset management,
petroleum engineering, finance and planning, mergers and
acquisitions and project evaluation.
Tumminello was recently vice chair at the Interstate Natural Gas
Association of America where he served as the board chair of the
climate policy committee. He is an advisory board member at Cristo
Rey Jesuit College Preparatory School of Houston. He also serves as
a director of CareerSpring.
Tumminello earned a Bachelor of Science degree in petroleum
engineering from Louisiana Tech University and Master’s degree in
Business Administration from the University of Southwestern
Louisiana.
About Dwayne Wilson
Wilson has over 36 years of executive experience in the
engineering, procurement and construction industry, serving energy,
industrial, infrastructure, mining, manufacturing and power
generation companies.
Wilson also currently sits on the boards of Crown Holdings,
Inc., a leading global supplier of packaging products, Sterling
Construction Company, Inc., a publicly traded heavy civil
construction company, and Ingredion, Inc., a leading global
ingredients solutions company, where he previously chaired the
compensation committee. From 2017 to 2020, he served on the board
of AK Steel Holding Corporation, a leading producer of flat-rolled
carbon, stainless and electrical steel products and carbon and
stainless tubular products, where he served on the public and
environmental affairs committee, as well as the nominating and
corporate governance committee.
Previously, Wilson was senior vice president of Fluor
Corporation, a publicly traded multinational engineering and
construction firm, serving in the role from 2014 to 2016. From 1980
until 2011, he served in roles of increasing executive
responsibility with Fluor Corporation, including as group president
of industrial & infrastructure, president of mining and metals,
president of commercial & institutional and vice president of
manufacturing and life sciences. From 2011 until 2014, he served as
president and CEO of Savannah River Nuclear Solutions, a joint
venture between Fluor Corporation, Honeywell International Inc. and
Newport News Nuclear, Inc.
Wilson earned a Bachelor of Science degree in civil engineering
from Loyola Marymount University.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy
company involved in the development and management of
energy-related businesses and services nationwide. Its operating
units include an electric company serving 2.2 million customers in
Southeast Michigan and a natural gas company serving 1.3 million
customers in Michigan. The DTE portfolio includes energy businesses
focused on power and industrial projects; renewable natural gas;
natural gas pipelines, gathering and storage; and energy marketing
and trading. As an environmental leader, DTE utility operations
will reduce carbon dioxide and methane emissions by more than 80
percent by 2040 to produce cleaner energy while
keeping it safe, reliable and affordable. DTE Electric and Gas
aspires to achieve net zero carbon and greenhouse
gas emissions by 2050. DTE is committed to serving
with its energy through volunteerism, education and employment
initiatives, philanthropy and economic progress.
Information about DTE is available
at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
Forward looking statement
The information contained herein is as of the date of this
release. DTE Energy expressly disclaims any current intention to
update any forward-looking statements contained in this release as
a result of new information or future events or developments. Words
such as “anticipate,” “believe,” “expect,” “may,” “could,”
“projected,” “aspiration,” “plans” and “goals” signify
forward-looking statements.
Forward-looking statements are not guarantees of future results
and conditions but rather are subject to various assumptions, risks
and uncertainties. This release contains forward-looking statements
about DTE Energy’s and DT Midstream’s financial results and
estimates of future prospects, and actual results may differ
materially. This release contains forward-looking statements about
DTE Energy’s intent to spin-off DT Midstream and DTE Energy’s
preliminary strategic, operational and financial considerations
related thereto. The statements with respect to the separation
transaction are preliminary in nature and subject to change as
additional information becomes available. The separation
transaction will be subject to the satisfaction of a number of
conditions, including the final approval of DTE Energy’s Board of
Directors, and there is no assurance that such separation
transaction will in fact occur. Many factors
impact forward-looking statements including, but not limited to,
the following: risks related to the spinoff of DT Midstream,
including that the process of exploring the transaction and
potentially completing the transaction could disrupt or adversely
affect the consolidated or separate businesses, results of
operations and financial condition, that the transaction may not
achieve some or all of any anticipated benefits with respect to
either business, and that the transaction may not be completed in
accordance with DTE Energy’s expected plans or anticipated
timelines, or at all; the duration and impact of the COVID-19
pandemic on DTE Energy and customers, impact of regulation by the
EPA, the EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the
CFTC and CARB, as well as other applicable governmental proceedings
and regulations, including any associated impact on rate
structures; the amount and timing of cost recovery allowed as a
result of regulatory proceedings, related appeals, or new
legislation, including legislative amendments and retail access
programs; economic conditions and population changes in our
geographic area resulting in changes in demand, customer
conservation, and thefts of electricity and, for DTE Energy,
natural gas; the operational failure of electric or gas
distribution systems or infrastructure; impact of volatility of
prices in the oil and gas markets on DTE Energy’s gas storage and
pipelines operations and the volatility in the short-term natural
gas storage markets impacting third-party storage revenues related
to DTE Energy; impact of volatility in prices in the international
steel markets on DTE Energy’s power and industrial projects
operations; the risk of a major safety incident; environmental
issues, laws, regulations, and the increasing costs of remediation
and compliance, including actual and potential new federal and
state requirements; the cost of protecting assets against, or
damage due to, cyber incidents and terrorism; health, safety,
financial, environmental, and regulatory risks associated with
ownership and operation of nuclear facilities; volatility in
commodity markets, deviations in weather, and related risks
impacting the results of DTE Energy’s energy trading operations;
changes in the cost and availability of coal and other raw
materials, purchased power, and natural gas; advances in technology
that produce power, store power or reduce power consumption;
changes in the financial condition of significant customers and
strategic partners; the potential for losses on investments,
including nuclear decommissioning and benefit plan assets and the
related increases in future expense and contributions; access to
capital markets and the results of other financing efforts which
can be affected by credit agency ratings; instability in capital
markets which could impact availability of short and long-term
financing; the timing and extent of changes in interest rates; the
level of borrowings; the potential for increased costs or delays in
completion of significant capital projects; changes in, and
application of, federal, state, and local tax laws and their
interpretations, including the Internal Revenue Code, regulations,
rulings, court proceedings, and audits; the effects of weather and
other natural phenomena on operations and sales to customers, and
purchases from suppliers; unplanned outages; employee relations and
the impact of collective bargaining agreements; the availability,
cost, coverage, and terms of insurance and stability of insurance
providers; cost reduction efforts and the maximization of plant and
distribution system performance; the effects of competition;
changes in and application of accounting standards and financial
reporting regulations; changes in federal or state laws and their
interpretation with respect to regulation, energy policy, and other
business issues; contract disputes, binding arbitration,
litigation, and related appeals; and the risks discussed in DTE
Energy’s public filings with the Securities and Exchange
Commission. New factors emerge from time to time. We cannot predict
what factors may arise or how such factors may cause results to
differ materially from those contained in any forward-looking
statement. Any
forward-looking statements speak only as of the date on which
such statements are made. We undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. This document should also be
read in conjunction with the Forward-Looking Statements section of
the joint DTE Energy and DTE Electric 2020 Form 10-K and 2021 Form
10-Q (which sections are incorporated by reference herein), and in
conjunction with other SEC reports filed by DTE Energy and DTE
Electric.
For further information, members of the media may
call:
Pete Ternes, DTE Energy, 313.235.5555
DTE Energy (NYSE:DTE)
Historical Stock Chart
From Aug 2024 to Sep 2024
DTE Energy (NYSE:DTE)
Historical Stock Chart
From Sep 2023 to Sep 2024